Bluegreen Vacations renews and extends $50M timeshare receivables facility
Bluegreen Vacations reported that on March 12, 2018, the company amended and restated its revolving timeshare receivables hypothecation facility with Liberty Bank. The restructured revolving credit period will now run through March 2020, maturing in March 2023. This agreement did not impact the maximum permitted outstanding borrowing of $50 million, and as of March 12, 2018, only $22.8 million was outstanding under the facility. Commencing on April 1, 2018, the interest rate on the facility will decrease to the Prime Rate from the Prime Rate plus 0.50%, both subject to a floor of 4.00%. Bluegreen plans to continue to use the facility to finance vacation ownership interest notes receivable.