SOURCE: BFC Financial Corporation

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April 11, 2016 06:30 ET

Bluegreen Corporation, a BFC Financial Corporation Subsidiary OTCQB: BFCF, Completes $130.5 Million Securitization of Vacation Ownership Receivables

BOCA RATON, FL--(Marketwired - April 11, 2016) - Bluegreen Corporation ("Bluegreen Vacations" or "Bluegreen"), a sales, marketing and management company focused on the vacation ownership industry, announced it had completed a securitization involving the issuance of $130.5 million of investment-grade rated securities. This transaction was completed on March 17, 2016, and was previously disclosed on March 23, 2016 in a Form 8-K filed by BFC Financial Corporation (OTCQB: BFCF) with the Securities and Exchange Commission. 

The issuance was made through BXG Receivables Note Trust 2016-A and is comprised of $95.7 million of A rated vacation ownership loan backed notes and $34.8 million of BBB-/BBB rated vacation ownership loan backed notes. The notes have interest rates of 3.17% and 3.86% respectively, for an overall weighted average interest rate of approximately 3.35%. The gross advance rate for this transaction was 90%. BB&T Capital Markets, a division of BB&T Securities, LLC, served as structuring agent, joint book runner and co-lead manager on the transaction, while Barclays Capital Inc. served as joint book runner and co-lead manager.

"We are pleased at the successful completion of this transaction, which was our eleventh securitization of vacation ownership receivables," said Anthony M. Puleo, Senior Vice President, Chief Financial Officer and Treasurer of Bluegreen Vacations. "We believe that the demand for our securitization bonds reflects the quality of our receivable loan portfolio as well as the strength of our overall business model."

The securities were offered and sold to the initial purchasers in reliance on an exemption from registration and subsequently sold by the initial providers to qualified institutional buyers in reliance upon Rule 144A and Regulation S as a private placement of securities not registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only. The notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities laws.

BBX Capital Corporation (NYSE: BBX) and its parent company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54%, indirect ownership interest in Bluegreen Corporation, respectively. As a result of their ownership interests, BBX Capital and BFC Financial own 100% of Bluegreen. 

About Bluegreen Corporation:

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen 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 199,000 owners, 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties.

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 (NYSE: BBX) 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. As of December 31, 2015, BFC had total consolidated assets of $1.3 billion, shareholders' equity attributable to BFC of $376.8 million, and total consolidated equity of $482.9 million. BFC's book value per share at December 31, 2015 was $4.46. 

About BBX Capital Corporation:

BBX Capital (NYSE: BBX) 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 controlling shareholder, BFC Financial Corporation, have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC together own 100% of Bluegreen. As of December 31, 2015, BBX Capital had total consolidated assets of $393.5 million, shareholders' equity attributable to BBX Capital of $334.8 million, and total consolidated equity of $336.0 million. BBX Capital's book value per share at December 31, 2015 was $20.42.

For further information, please visit our family of companies:

Bluegreen Corporation: www.BluegreenVacations.com

BFC Financial Corporation: www.BFCFinancial.com

BBX Capital: www.BBXCapital.com

This press release contains forward-looking statements based largely 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 can be identified by the use of 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 document 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. We can give no assurance that such expectations will prove to be correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting Bluegreen Vacations and its operations, markets, products and services; the risk that Bluegreen Vacations will not be able to securitize its receivables in the future, the risk that the receivable loan portfolio won't perform as anticipated, and the risk that Bluegreen Vacations will not be able to obtain new facilities for the sale or pledge of receivables. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting Bluegreen Corporation, which are detailed in reports filed by BFC Financial and BBX Capital with the SEC, including their respective Annual Reports on Form 10-K and Quarterly Reports on Form 10Q, and are available to view on the SEC's website, www.sec.gov , or on BFC's website, www.BFCFinancial.com, on BBX Capital's website, www.BBXCapital.com .

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