June 25, 2017 7:56 PM ET

Hotels, Restaurants and Leisure

Company Overview of Bluegreen Corporation

Company Overview

Bluegreen Corporation operates as a sales, marketing, and management company focusing on the vacation ownership industry in the United States. The company markets, sells, and manages vacation ownership interests (VOIs) in resorts that are developed or acquired by the company, or developed and owned by others. Its VOIs enable buyers to use resort accommodations through an annual or biennial allotment of points, which represent their ownership and beneficial use rights in perpetuity in the Bluegreen Vacation Club. It also provides property and homeowners’ association management, VOI title, mortgage servicing, and resort amenity operational services; and financing to individual purchasers of VO...

4960 Conference Way North

Suite 100

Boca Raton, FL 33431

United States

Founded in 1966

Phone:

561-912-8000

Fax:

561-912-8100

Key Executives for Bluegreen Corporation

Chief Executive Officer
CFO, Senior VP, Treasurer, Secretary and President of Bluegreen Treasury Services
Age: 48
Chief Strategy Officer, Executive Vice President and President of Bluegreen Services
Age: 60
Senior Vice President and President of Bluegreen Resorts Field Sales & Marketing
Age: 58
Chief Information Officer and Senior Vice President
Compensation as of Fiscal Year 2016.

Bluegreen Corporation Key Developments

Bluegreen Corporation Completes Private Offering and Sale of Approximately $120.2 Million of Investment-Grade, Timeshare Receivable-Backed Notes

On June 6, 2017, Bluegreen Corporation (“Bluegreen”) completed a private offering and sale of approximately $120.2 million of investment-grade, timeshare receivable-backed notes. The 2017-A term securitization consisted of the issuance of two tranches of timeshare receivable-backed notes: approximately $88.8 million of class A and approximately $31.4 million of class B notes with note interest rates of 2.95% and 3.59%, respectively, which blended to an overall weighted average note interest rate of approximately 3.12%. The gross advance rate for this transaction was 88%. The notes mature in October 2032. KeyBanc Capital Markets Inc. (“KeyCM”) and Barclays Capital Inc. acted as joint bookrunners and co-lead managers and were the initial purchasers of the Notes. KeyCM also acted as structuring agent for the transaction. The amount of the timeshare receivables sold or to be sold to BXG Receivables Note Trust 2017-A (the “Trust”) is approximately $136.5 million, approximately $117.0 million of which was sold to the Trust at closing and approximately $19.5 million of which (the “Prefunded Receivables”) is expected to be sold to the Trust by October 4, 2017. The gross proceeds of such sales to the Trust are anticipated to be approximately $120.2 million. A portion of the proceeds received to date were used to: repay KeyBank National Association (“KeyBank”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (“DZ Bank”) approximately $32.3 million, representing all amounts outstanding (including accrued interest) under Bluegreen's existing purchase facility with KeyBank and DZ Bank (the "KeyBank/DZ Purchase Facility"); repay Liberty Bank approximately $26.8 million (including accrued interest) under Bluegreen's existing facility with Liberty Bank (the “Liberty Bank Facility”); capitalize a reserve fund; and pay fees and expenses associated with the transaction. In April 2017, Bluegreen, as servicer, redeemed the notes related to BXG Receivables Note Trust 2010-A for approximately $10.0 million, and certain of the timeshare loans in such trust were sold to the Trust in connection with the 2017-A Term Securitization. The remainder of the gross proceeds from the 2017-A Term Securitization were used for costs of the 2017-A Term Securitization and are otherwise expected to be used by Bluegreen for general corporate purposes. As a result of the facility repayments described above, immediately after the closing of the 2017-A Term Securitization, (i) there were no amounts outstanding under the KeyBank/DZ Purchase Facility, which allows for maximum outstanding receivable-backed borrowings of $80.0 million on a revolving basis through December 31, 2019 and (ii) there was approximately $10 million outstanding under the Liberty Bank Facility, which permits maximum outstanding receivable-backed borrowings of $50.0 million on a revolving basis through November 30, 2017, in each case, subject to eligible collateral and the other terms and conditions of the facility. Thus, additional availability of approximately $58.9 million in the aggregate was created under the KeyBank/DZ Purchase Facility and Liberty Bank Facility as a result of the repayments. Subject to performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2017-A Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2017-A Term Securitization) on a pro-rata basis as borrowers make payments on their timeshare loans. While ownership of the timeshare receivables included in the 2017-A Term Securitization is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. The Notes were offered and sold to the initial purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and were subsequently offered and sold by the initial purchasers only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and, outside the United States, only to non-US investors pursuant to Regulation S. The Notes have not been registered under the Securities Act or any state securities laws and, unless so registered (which is not expected), the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

Bluegreen Corporation Appoints Shawn Pearson as Chief Executive Officer

Bluegreen Corporation announced the appointment of Shawn Pearson as Chief Executive Officer of the company. In 2015, Shawn joined Renin Holdings, LLC, also a wholly- owned subsidiary of BBX Capital, as Chairman and CEO. During this period he has been a passionate and focused leader, developing strategies at a high level. Previous to joining Renin, Mr. Pearson was President of Danby Products, in Ontario, Canada. While at Danby, Mr. Pearson led Danby's expanded sales to big box retailers such as Home Depot, Costco, and Walmart. He also oversaw entry into Asia, and a strategic acquisition that resulted in substantial growth in distribution channels and product development.

Bluegreen Corporation Appoints Alan B. Levan as Chairman

Bluegreen Corporation announced that Alan B. Levan has been appointed Chairman. Alan B. Levan serves as Chairman and CEO of BBX Capital Corporation. He formerly served as Chairman of Bluegreen Corporation. Throughout his career, spanning more than four decades, Mr. Levan has served as Chairman of four New York Stock Exchange listed companies and been a driving force in raising more than $2 billion in debt and equity. Mr. Levan spearheaded the acquisition and development of several master-planned communities including tens of thousands of square feet of commercial space, shopping centers and homes. Mr. Levan is a member of the Nova Southeastern University (NSU) Board of Trustees, Chairman of the Finance Committee, and Co-Founder and Co-Chairman of the Susie and Alan B. Levan NSU Ambassadors Board.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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