Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.10.0.1
Debt (Tables)
6 Months Ended
Jun. 30, 2018
Debt [Abstract]  
Notes Payable And Other Borrowings







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

June 30, 2018

 

December 31, 2017



 

 

 

 

 

Carrying

 

 

 

 

 

Carrying



 

 

 

 

 

Amount of

 

 

 

 

 

Amount of



 

Debt

 

Interest

 

Pledged

 

Debt

 

Interest

 

Pledged



 

Balance

 

Rate

 

Assets

 

Balance

 

Rate

 

Assets

Bluegreen:

 

 

 

 

 

 

 

 

 

 

 

 

2013 Notes Payable

$

39,375 

 

5.50%

$

33,773 

$

46,500 

 

5.50%

$

29,403 

Pacific Western Term Loan

 

2,500 

 

7.31%

 

8,568 

 

2,715 

 

6.72%

 

9,884 

Fifth Third Bank Note

 

3,957 

 

4.98%

 

7,981 

 

4,080 

 

4.36%

 

8,071 

NBA Line of Credit

 

3,547 

 

5.23%

 

17,853 

 

5,089 

 

4.75%

 

15,260 

NBA Éilan Loan

 

24,258 

 

5.23%

 

34,509 

 

 -

 

 -

 

 -

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

55,000 

 

4.88%

 

86,907 

 

20,000 

 

4.27%

 

75,662 

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan

 

23,125 

 

4.84%

 

26,796 

 

23,750 

 

4.32%

 

23,960 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(2,111)

 

 

 

 -

 

(1,940)

 

 

 

 -

Total Bluegreen

$

149,651 

 

 

 

 

$

100,194 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

Community Development

 

 

 

 

 

 

 

 

 

 

 

 

District Obligations

$

16,492 

 

4.50-6.00%

$

25,160 

$

21,435 

 

4.50-6.00%

$

26,803 

TD Bank Term Loan and

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

12,705 

 

5.16%

 

(1)

 

12,890 

 

4.02%

 

(1)

Seller's Note

 

1,484 

 

5.00%

 

(1)

 

1,471 

 

5.00%

 

(1)

Iberia $50 million Revolving

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

30,000 

 

4.98%

 

(4)

 

 -

 

 -

 

 -

Iberia $5 million

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit (3)

 

4,815 

 

4.75%

 

(1)

 

3,820 

 

4.12%

 

(1)

Unsecured Note

 

3,400 

 

6.00%

 

(2)

 

3,400 

 

6.00%

 

(2)

Other

 

1,525 

 

5.25%

 

1,968 

 

1,544 

 

5.25%

 

1,993 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(457)

 

 

 

 

 

(640)

 

 

 

 

Total other

$

69,964 

 

 

 

 

$

43,920 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Total notes payable and

 

 

 

 

 

 

 

 

 

 

 

 

other borrowings

$

219,615 

 

 

 

 

$

144,114 

 

 

 

 





(1)

The collateral is a blanket lien on the respective company’s assets.

(2)

BBX Capital is guarantor on the promissory note.

(3)

In July 2018, the balance of the facility was paid-in-full.

(4)

The collateral is units of Woodbridge having a value of not less than $100.0 million.

Receivable-Backed Notes Payable



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

June 30, 2018

 

December 31, 2017



 

 

 

 

 

Principal

 

 

 

 

 

Principal



 

 

 

 

 

Balance of

 

 

 

 

 

Balance of



 

 

 

 

 

Pledged/

 

 

 

 

 

Pledged/



 

Debt

 

Interest

 

Secured

 

Debt

 

Interest

 

Secured



 

Balance

 

Rate

 

Receivables

 

Balance

 

Rate

 

Receivables

Recourse Receivable-Backed

 

 

 

 

 

 

 

 

 

 

 

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Bank Facility

$

41,529 

 

4.75%

$

49,127 

$

24,990 

 

5.00%

$

30,472 

NBA Receivables Facility

 

41,623 

 

4.73%

 

53,857 

 

44,414 

 

4.10%

 

53,730 

Pacific Western Facility

 

18,430 

 

6.24%

 

23,761 

 

15,293 

 

6.00%

 

19,516 

Total

$

101,582 

 

 

$

126,745 

$

84,697 

 

 

$

103,718 



 

 

 

 

 

 

 

 

 

 

 

 

Non-Recourse Receivable-Backed 

 

 

 

 

 

 

 

 

 

 

 

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank/DZ Purchase Facility

$

32,160 

 

4.84%

$

39,866 

$

16,144 

 

4.31%

$

19,866 

Quorum Purchase Facility

 

29,743 

 

4.75-5.50%

 

33,465 

 

16,771 

 

4.75-6.90%

 

18,659 

2012 Term Securitization

 

18,926 

 

2.94%

 

21,340 

 

23,227 

 

2.94%

 

25,986 

2013 Term Securitization

 

32,257 

 

3.20%

 

34,565 

 

37,163 

 

3.20%

 

39,510 

2015 Term Securitization

 

50,854 

 

3.02%

 

54,590 

 

58,498 

 

3.02%

 

61,705 

2016 Term Securitization

 

72,553 

 

3.35%

 

81,021 

 

83,142 

 

3.35%

 

91,348 

2017 Term Securitization

 

94,365 

 

3.12%

 

106,014 

 

107,624 

 

3.12%

 

119,582 

Unamortized debt issuance costs

 

(5,346)

 

 

 

 -

 

(6,148)

 

 

 

 -

Total

$

325,512 

 

 

$

370,861 

$

336,421 

 

 

$

376,656 



 

 

 

 

 

 

 

 

 

 

 

 

Total receivable-backed debt

$

427,094 

 

 

$

497,606 

$

421,118 

 

 

$

480,374 





Junior Subordinated Debentures Outstanding



The table below sets forth information regarding the junior subordinated debentures of the Company (dollars in thousands):







 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

June 30,

 

December 31,

 



 

2018

 

2017

 



 

 

Effective

 

 

Effective

 



 

Carrying

Interest

 

Carrying

Interest

Maturity



 

Amounts

Rates (1)

 

Amounts

Rates (1)

Years (2)

Woodbridge - Levitt Capital Trusts I - IV

$

66,302 

6.14 - 6.19%

$

66,302 

5.14 - 5.19%

2035 - 2036

Bluegreen Statutory Trusts I - VI

 

110,827 

7.16 - 7.21%

 

110,827 

6.18 - 6.59%

2035 - 2037

Unamortized debt issuance costs

 

(1,236)

 

 

(1,272)

 

 

Purchase discount

 

(39,919)

 

 

(40,443)

 

 

Total junior subordinated debentures

$

135,974 

 

$

135,414 

 

 



 

 

 

 

 

 

 



(1)

 Junior subordinated debentures bear interest at 3-month LIBOR plus a spread ranging from 3.80% to 4.90%.

(2)

All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of June 30, 2018 and December 31, 2017.