Bluegreen Corporation Announces Timeshare Receivables Purchase Facility

Bluegreen Corporation BXG today announced that it has amended, restated, and extended by one year its existing timeshare receivables purchase facility with Branch Banking and Trust Company. The amended and restated facility provides for the financing of Bluegreen's timeshare receivables at an advance rate of 67.5% through the revolving advance period, which was extended to December 17, 2012, subject to the terms of the facility, eligible collateral and customary terms and conditions. The facility allows for maximum outstanding borrowings of $50.0 million and matures 36 months after the revolving advance period has expired, or earlier as provided under the facility. The facility is non-recourse and is not guaranteed by Bluegreen. As of October 14, 2011, the outstanding balance and availability under the facility were $20.3 million and $29.7 million, respectively.