The commitment for $40 million in purchases under this facility will expire on July 5; the remainder expires on Dec. 29. Bluegreen also extended the expiration date of its existing $15-million, unsecured revolving line of credit with Wachovia Bank to June 30, 2006. The facility, which is used for general corporate purposes, was set to expire on Dec. 31, 2004. Terms, other than the expiration date, are unchanged.
"We believe that this new facility with BB&T and the renewal of our line of credit with Wachovia is a recognition of our prior success and the reputation that we have developed in the timeshare resort and residential development industries," George Donovan, Bluegreen's president and CEO says in a statement.
Bluegreen operates two divisions: Bluegreen Resorts and Bluegreen Communities. The former markets and sells Bluegreen Vacation Clubs, a points-based vacation ownership system with more than 134,000 owners in a network encompassing more than 35 resorts plus an exchange network of more than 3,700 resorts and other leisure products, including cruises.
Bluegreen Communities develops, markets and sells planned residential and golf communities primarily in the southeastern and southwestern US. Since 1985, it has sold more than 47,000 home sites in 32 states.
Bluegreen common stock trades as BXG on the NYSE. Shares closed at $21.35 a share on Jan. 31, down from a 52-week high of $21.45, reached on Jan. 19, but significantly up from the 52-week low of $8.11 a share, which occurred on Feb. 5, 2004.
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