Bluegreen Corporation, a leading timeshare sales, marketing and resort management company, today announced that it has entered into a $30.0 million revolving timeshare receivables hypothecation facility (the “Facility”) with CapitalSource Bank. The Facility provides for advances on eligible receivables pledged under the Facility during a two-year revolving credit period ending in September 2013, subject to specified terms and conditions.
Tony Puleo, Bluegreen’s Senior Vice President, Chief Financial Officer and Treasurer, commented, “CapitalSource understands our industry, and we are looking forward to our relationship. We appreciate their support, which will allow us to continue to advance our diversified business model and further enhance our liquidity.”
Additional details regarding the Facility are available in a Form 8-K filed by Bluegreen with the Securities and Exchange Commission on September 26, 2011.