Bluegreen Vacations Holding Corp: debt financing — Bluegreen Vacations completes $214.6M VOI receivable-backed securitization

Bluegreen Vacations Holding Corp

Completed $214.6M securitization of VOI receivables with three tranches (Class A $96.6M at 5.77%, Class B $67.0M at 6.31%, Class C $51.0M at 7.38%).
Weighted average coupon of 6.32% and advance rate of 85.5%; notes mature November 2038.
Proceeds used to repay $181.6M outstanding under existing purchase facility, capitalize reserve fund, and pay fees.
Repayment of purchase facility restores ~$181.6M in revolving availability under that facility until September 2025.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Bluegreen Vacations Holding Corp incurred debt of approximately $214.6 million with KeyBanc Capital Markets Inc., BofA Securities, Inc., Truist Securities, Inc., Citizens Capital Markets Inc., Barclays Capital Inc. at weighted average coupon rate of approximately 6.32% maturing November 2038.

Principal: approximately $214.6 million
Counterparty: KeyBanc Capital Markets Inc., BofA Securities, Inc., Truist Securities, Inc., Citizens Capital Markets Inc., Barclays Capital Inc.
Rate: weighted average coupon rate of approximately 6.32%
Maturity: November 2038
Event: incurrence

Exact text from the filing

On June 20, 2023, Bluegreen Vacations Corporation (“Bluegreen”), a wholly owned subsidiary of Bluegreen Vacations Holding Corporation, completed a private offering and sale of approximately $214.6 million of vacation ownership interest (“VOI”) receivable-backed notes (the “2023-A Term Securitization”). The transaction consisted of the issuance of three tranches of notes (collectively, the “Notes”) with a weighted average coupon rate of approximately 6.32% and a maturity date in November 2038.

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Source: SEC EDGAR

accession 0000315858-23-000034

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