Bluegreen Corporation to Offer $150 Million in Senior Notes.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Jan. 26, 2004 Bluegreen Corporation (NYSE NYSE See: New York Stock Exchange : BXG) today announced that, subject to market and other conditions, it intends to offer approximately $150 million of senior notes due 2014. The Company plans to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering (i) to redeem its existing 10.5% senior secured notes due 2008; (ii) to repay a portion of its other existing debt, including amounts outstanding under its existing revolving credit agreements Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. ; and (iii) for general corporate purposes. The offering will be made by means of an offering memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. to qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933, as amended, and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or applicable state securities laws, and may not be offered or sold absent registration under the Securities Act or applicable state securities laws or applicable exemptions from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135(c) of the Securities Act. About Bluegreen Corporation Bluegreen Corporation is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation ownership resorts and residential communities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Bluegreen Resorts The Bluegreen Resort Company was started in 1984, to partner with timeshare resorts. It has grown into a major player in the timeshare community. Bluegreen is traded on the New York Stock Exchange with the symbol BXG. Its primary competitor is Marriott Vacation Club International. develops, markets, operates and manages vacation ownership resorts in the United States and Aruba. Bluegreen Communities Bluegreen Communities™ is a publicly traded land developer on the New York Stock Exchange. Bluegreen develops planned residential communities or planned unit developments (PUDs) by acquiring large sections of unimproved land outside major U.S. develops and markets planned residential communities, predominantly in the Southeastern and Southwestern United States. For more information, please visit our web site: www.bluegreenonline.com Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. When used in this press release and in any documents incorporated by reference herein, the words "may," "intends," "plans," "will" and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of Bluegreen Corporation ("the Company") and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. These include, but are not limited to, risks and uncertainties associated with: our ability to consummate the offering; the impact of economic, competitive, and other factors affecting the Company and its operations; that sales and marketing strategies will not be as successful as anticipated; and the other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive. |
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