Bluegreen Corporation Completes $20M Timeshare Receivables Facility
Bluegreen Corporation (NYSE: BXG) today announced the completion of a new $20 million timeshare receivables hypothecation facility with National Bank of Arizona and arranged by Ward Financial Company.
The facility provided for an 85% advance on eligible receivables which were pledged under the facility at closing, subject to customary terms and conditions. Amounts borrowed under the facility and interest incurred will be repaid as cash is collected on the pledged receivables, with the remaining balance due in September 2017.
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