BFC Financial gets $80 million 10% five-year loan from Bluegreen

By Angela McDaniels

Tacoma, Wash., April 22 – BFC Financial Corp. received an $80 million 10% five-year loan on Friday from a wholly owned subsidiary of Bluegreen Corp., according to an 8-K filing made with the Securities and Exchange Commission on Wednesday.

Interest is payable quarterly. There are no amortization payments.

The loan is prepayable at any time, and prepayments will be required to the extent necessary in order for Bluegreen or its subsidiaries to remain in compliance with covenants under their outstanding debt.

The loan is not secured by any assets of BFC or other collateral.

The loan may be used to fund the company’s tender offer to purchase up to 4,771,221 shares of class A common stock of BBX Capital Corp. for $20 per share or for other general corporate purposes.

BFC is a Fort Lauderdale, Fla.-based holding company whose principal holdings include a 51% equity interest in BBX Capital, a real estate company, and a direct 54% equity interest in Woodbridge Holdings, LLC. Woodbridge owns 100% of Bluegreen, which manages, markets and sells the Bluegreen Vacation Club. BBX Capital owns the remaining 46% of Woodbridge.

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