Bluegreen Corporation Executes New $20 Million Timeshare Receivables Purchase
Bluegreen Corporation (NYSE: BXG) announced today that it has entered into a new timeshare receivables purchase facility with Quorum Federal Credit Union.
The Quorum facility allows for the sale of timeshare notes receivable on a non-recourse basis, pursuant to the terms of the facility and subject to certain conditions precedent.
Quorum has agreed to purchase eligible timeshare receivables from the Company or certain of its subsidiaries up to an aggregate $20 million purchase price through August 31, 2011 at an 80% advance rate and at a program fee rate of 8% per annum, and at terms to be agreed upon through December 22, 2011.
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