FORT LAUDERDALE, FL (May 8, 2015) — BBX Capital Corporation (“BBX Capital,” “BBX,” and/or the “Company”) announced that it has paid the remaining balance of $6.1 million to BB&T Corporation (“BB&T”), on the original $285 million preferred interest in the Florida Asset Resolution Group (“FAR”) held by BB&T. As a result, BBX Capital is now the sole owner of FAR which held approximately $94.8 million of assets at March 31, 2015.
As previously disclosed, certain BankAtlantic assets were transferred to BBX Capital in connection with the consummation in July 2012 of the sale of BankAtlantic to BB&T. FAR was formed in connection with the BB&T Transaction when BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates and foreclosed real estate. Upon consummation of the BB&T Transaction, BBX Capital transferred to BB&T a 95% preferred interest in the net cash flows of FAR which were to remain outstanding until such time as BB&T had recovered $285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum on any unpaid preference amount. On May 6, BBX Capital paid the remaining $6.1 million balance and BB&T’s interest in FAR was redeemed. As a result, the Company owns 100% of FAR.
BBX Capital’s Chairman and Chief Executive Officer, Mr. Alan B. Levan, commented, “The original terms of the preferred interest required us to repay a total of $285 million over the course of seven years, in addition to a priority return of LIBOR + 200 basis points per annum on any unpaid preference amount. We believe our ability to monetize the portfolio and repay this debt in less than three years, is a testament to the quality of the ‘Legacy Assets’ and our management team.”
About BBX Capital Corporation:
BBX Capital BBX, -3.44% is involved in the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation (otcqb:BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX and BFC together own 100% of Bluegreen. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 65 owned or managed resorts, and access to more than 4,500 resorts worldwide.
As of December 31, 2014, BBX Capital had total consolidated assets of $392.9 million, shareholders’ equity attributable to BBX Capital of approximately $309.8 million, and total consolidated equity of approximately $311.3 million. BBX Capital’s book value per share at December 31, 2014 was $19.16.
For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corp.: www.BluegreenVacations.com
BBX Sweet Holdings: www.BBXSweetHoldings.com
Renin Corp.: www.ReninCorp.com
BFC Financial Corporation: www.BFCFinancial.com
About BFC Financial Corporation :
BFC (otcqb:BFCF) (otcqb:BFCFB) is a holding company whose principal holdings include an 81% ownership interest in BBX Capital Corporation BBX, -3.44% and its indirect ownership interest in Bluegreen Corporation. BFC owns a 54% equity interest in Woodbridge, the parent company of Bluegreen. BBX Capital owns the remaining 46% equity interest in Woodbridge. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 65 owned or managed resorts, and access to more than 4,500 resorts worldwide. BBX Capital, a New York Stock Exchange listed company, is involved in the acquisition, ownership, management of, joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses.
As of December 31, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders’ equity attributable to BFC of approximately $252.9 million, and total consolidated equity of approximately $446.7 million. BFC’s book value per share at December 31, 2014 was $3.03.
About Bluegreen Corporation:
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (“Bluegreen Vacations”) is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 65 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. For more information, visit www.BluegreenVacations.com.
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and may include words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would” and words and phrases of similar import. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and involve substantial risks and uncertainties. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. BBX Capital cautions that the foregoing factors are not exclusive.
SOURCE: BBX Capital Corporation