Bluegreen calls $55 million 10½% senior notes

By Jennifer Chiou

New York, June 2 - Bluegreen Corp. said it will redeem its $55 million of 10½% senior secured notes due 2008 on June 27

The company will pay 101.75% plus accrued interest through June 26.

Proceeds from an issue of trust preferred securities will fund the redemption.

"By utilizing the proceeds from the trust preferred securities, we are able to opportunistically refinance half of our senior note debt at a more attractive rate of interest and also extend the maturity of this debt from 2008 until 2035," George F. Donovan, president and chief executive officer of Bluegreen, said.

Bluegreen, which has headquarters in Boca Raton, Fla., provides leisure products, including cruises.

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