Bluegreen Gets 45-day Extension on Loans
December 28, 2009 — According to a recent SEC filing, Boca Raton, FL-based Bluegreen Corp. has received a 45-day extension on a pair of loans with Wachovia Bank that were due to mature on Dec. 15. The loans comprise a $10.5 million loan on its Patrick Henry Square resort in Williamsburg, Va., and a $15.7 million unsecured line of credit with Wachovia. The extension runs until Jan. 31, 2010.
Bluegreen also said in the report that it entered into a non-binding term sheet with Wachovia, a unit of Wells Fargo Bank, to extend $40.3 million in loans for 48 months.
Bluegreen is working to refinance its debt, but advised in its filing: “There can be no assurance that we will be successful in refinancing the facilities in accordance with the terms and conditions contained in the term sheet, or on terms otherwise favorable to us, if at all.”
For the first nine months of this year, Bluegreen had net income of $14.3 million, or 46 cents a share, on revenue of $283.2 million. In the same period last year, the company had net income of $11.7 million, or 37 cents a share, on revenue of $470.3 million.
Bluegreen Corporation is one of the leading providers of leisure products and services in the US. The company operates through two reportable segments namely: Bluegreen Resorts and Bluegreen Communities. Bluegreen Resorts acquires, develops and distributes vacation ownership interests (VOIs) in its resorts via the Bluegreen Vacation Club. Its vacation products are sold at preview centers at all Bluegreen-owned resorts and at seven off-site locations. Bluegreen Communities specializes in acquiring real estate property that is marketed as home sites on rental basis.
In an apparent attempt to jump start sales at its lagging real estate segment, Bluegreen Communities recently announced a new program called Timeshare For Land, wherein timeshare owners can use the equity from their vacation ownership towards the purchase of land in Bluegreen Communities.
Bluegreen Communities develops residential master-planned communities with 1/3 to 10-acre home sites, and requires no timeframe to build on the land that is purchased. Since 1966, Bluegreen Communities has provided land for sale in Texas, North Carolina, Georgia, and other south central and southeastern states directly to land-buying customers looking for special home sites that support leisure lifestyles.
For more information about the new program, see TimeshareForLand.com Lets Timeshare Owners Convert Equity Into Land
Related posts:
- Bluegreen Corporation Reports 2010 First Quarter Financial Results
- Silverleaf Announces Extension of $106 Million Senior Credit Facility
- Bluegreen Communities Highlights 2009 Accomplishments: Looks Forward to 2010
- Starwood Completes Sale of Timeshare Loans
- Bluegreen Corporation Reports 2009 Third Quarter Financial Results
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