Bluegreen Corporation Completes Redemption of 8 1/4% Convertible Subordinated Debentures Due 2012.BOCA RATON, Fla. -- Bluegreen Corporation (NYSE NYSE See: New York Stock Exchange :BXG) announced today that it has completed the previously announced redemption of its 8 1/4% Convertible Subordinated Debentures due 2012. As a result of the redemption, approximately $27.2 million of the debentures were converted into a total of 3,306,847 shares of Bluegreen's common stock at a price of $8.24 per share. The remaining $273,000 of the debentures were redeemed for cash at a price of 100% plus accrued and unpaid interest through the redemption date. Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation ownership resorts and residential homesites. Bluegreen Resorts are located in a variety of popular vacation destinations, including: Marathon, Florida; Orlando, Florida; Ormond Beach, Florida Ormond Beach is a city in Volusia County, Florida, United States. The population was 36,301 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 37,929.[1]. ; St. Augustine, Florida Parameter not given Error... ''Template needs its first parameter as beg[in], mid[dle], or end. Parameter not given Error... ; Surfside, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. ; Charleston, South Carolina; Wisconsin Dells, Wisconsin Wisconsin Dells is a city located in south-central Wisconsin, with a population of 2,418 as of the 2000 census. Wisconsin Dells is located partially within four counties: Adams County, Columbia County, Juneau County, Sauk County. ; Gordonsville, Virginia; Hershey, Pennsylvania; Branson, Missouri; Ridgedale, Missouri; Boyne Falls, Michigan Boyne Falls is a village in Charlevoix County in the U.S. state of Michigan. The population was 370 at the 2000 census. The village is located on the Boyne River, near the junction of the north and south branches. ; and Aruba, while its Bluegreen Communities operations are predominantly located in the Southeastern and Southwestern United States. Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that Bluegreen may elect to revoke its instructions to the trustee prior to the form notice of redemption being given to holders of debentures, and the risk that holders of the debentures may not convert debentures into shares of Bluegreen's common stock and the Company may therefore be required to fund the redemption with cash, and other factors detailed in the Company's SEC filings. |
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