Bluegreen Corporation : Completes Sale of Bluegreen Communities
05/04/2012| 12:50pm US/Eastern
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Bluegreen Corporation (NYSE: BXG) ("Bluegreen" or "Company"), a
leading timeshare sales, marketing and resort management company, today
announced that on May 4, 2012 it completed the sale of its Bluegreen
Communities business to Southstar Development Partners, Inc. for a
purchase price of $29.0 million in cash and certain other contingent
consideration. In connection with the sale, Bluegreen satisfied
Communities' debt obligations, primarily its H4BG Communities Facility,
which had an outstanding balance of approximately $20.2 million.
Bluegreen satisfied this obligation in full, along with accrued interest
and a $2.0 million deferred fee.
The Company does not expect to recognize a significant gain or loss in
connection with the transaction. In addition, the Company does not
expect to realize significant net cash proceeds after repayment of the
Communities debt, the expenses of the transaction, and the satisfaction
of certain liabilities associated with Bluegreen Communities that are
remaining with the Company following the transaction.
ABOUT BLUEGREEN CORPORATION
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen
Corporation (NYSE:BXG) is a leading timeshare sales, marketing and
resort management company. Bluegreen Resorts manages, markets and sells
the Bluegreen Vacation Club, a flexible, points-based, deeded vacation
ownership plan with more than 160,000 owners, over 59 owned or managed
resorts, and access to more than 4,000 resorts worldwide. Bluegreen also
offers a portfolio of comprehensive, turnkey, fee-based service resort
management, financial services, and sales and marketing on behalf of
third parties. For more information, visit www.bluegreencorp.com.
Statements in this release may constitute forward looking statements and
are made pursuant to the Safe Harbor Provision of the Private Securities
Litigation Reform Act of 1995. Forward looking statements are based
largely on expectations and are subject to a number of risks and
uncertainties including, but not limited to, Bluegreen's belief that
neither a significant gain or loss will be recognized in connection with
the sale of Communities, and the risks and other factors detailed in the
Company's SEC filings, including those contained in the "Risk Factors"
sections of such filings.
Bluegreen Corporation
Tony Puleo
Chief Financial Officer
561-912-8270
tony.puleo@bluegreencorp.com
or
Investor
Relations:
The Equity Group Inc.
Devin Sullivan
Senior
Vice President
212-836-9608
dsullivan@equityny.com
© Business Wire 2012
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