Bluegreen plans to use net proceeds from the offering for three purposes: to redeem its existing 10.5% senior secured notes due 2008; to repay part of its other existing debt, including amounts outstanding under its existing revolving credit agreements; and to help pay for general corporate purposes. The action would be made by way of an offering memorandum to qualified institutional buyers and to certain non-US individuals. The notes have not been registered under the Securities Act or state securities laws, and may not be offered without these or exemptions from registration requirements.
Bluegreen Corp. acquires, develops, markets and sells drive-to vacation ownership resorts and planned residential and golf communities in the US. Bluegreen Resorts develops, markets, operates and manages vacation ownership resorts in the US and Aruba. Bluegreen Communities develops and markets planned residential communities, mainly in the Southeastern and Southwestern US.
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