Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.19.1
Debt
3 Months Ended
Mar. 31, 2019
Debt [Abstract]  
Debt



8.     Debt



Notes Payable and Other Borrowings



The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands):







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2019

 

December 31, 2018



 

 

 

 

 

Carrying

 

 

 

 

 

Carrying



 

 

 

 

 

Amount of

 

 

 

 

 

Amount of



 

Debt

 

Interest

 

Pledged

 

Debt

 

Interest

 

Pledged



 

Balance

 

Rate

 

Assets

 

Balance

 

Rate

 

Assets

Bluegreen:

 

 

 

 

 

 

 

 

 

 

 

 

2013 Notes Payable

$

22,500 

 

5.50%

$

22,963 

$

28,125 

 

5.50%

$

22,878 

Fifth Third Bank Note

 

3,772 

 

5.49%

 

7,847 

 

3,834 

 

5.34%

 

7,892 

NBA Éilan Loan

 

23,591 

 

5.74%

 

35,267 

 

25,603 

 

5.60%

 

35,615 

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

        Line of Credit

 

55,000 

 

5.24%

 

94,774 

 

55,000 

 

5.27%

 

92,415 

Fifth Third Syndicated

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan

 

22,031 

 

5.25%

 

29,811 

 

22,500 

 

5.37%

 

27,724 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(1,458)

 

 

 

 

 

(1,671)

 

 

 

 

Total Bluegreen

$

125,436 

 

 

 

 

$

133,391 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

Community Development

 

 

 

 

 

 

 

 

 

 

 

 

District Obligations

$

29,432 

 

4.25-6.00%

$

39,727 

$

24,583 

 

4.25-6.00%

$

35,155 

TD Bank Term Loan and

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

8,059 

 

5.54%

 

(1)

 

8,117 

 

5.47%

 

(1)

Iberia $50.0 million

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Line of Credit

 

 -

 

 -

 

(2)

 

30,000 

 

5.35%

 

(2)

Banc of America Leasing

 

 

 

 

 

 

 

 

 

 

 

 

& Capital Equipment Note

 

506 

 

4.75%

 

(3)

 

555 

 

4.75%

 

(3)

Banc of America Revolving

 

 

 

 

 

 

 

 

 

 

 

 

Line of Credit

 

1,600 

 

4.00%

 

(1)

 

 -

 

 -

 

 -

Unsecured Note

 

3,400 

 

6.00%

 

(4)

 

3,400 

 

6.00%

 

(4)

Other

 

1,497 

 

5.25%

 

1,930 

 

1,507 

 

5.25%

 

1,968 

Unamortized debt

 

 

 

 

 

 

 

 

 

 

 

 

issuance costs

 

(889)

 

 

 

 

 

(666)

 

 

 

 

Total other

$

43,605 

 

 

 

 

$

67,496 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

Total notes payable and

 

 

 

 

 

 

 

 

 

 

 

 

other borrowings

$

169,041 

 

 

 

 

$

200,887 

 

 

 

 





(1)

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

(2)

The collateral is membership interests in Woodbridge having a value of not less than $100.0 million.

(3)

The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note.

(4)

BBX Capital is guarantor on the note.



See Note 13 to the Company’s consolidated financial statements included in the 2018 Annual Report for additional information regarding the above listed notes payable and other borrowings.



There were no new debt issuances or significant changes related to the above listed notes payable except for the February 2019 issuance of $8.1 million of community development bonds by the Meadow View at Twin Creeks CDD in order to fund the infrastructure improvements for Phase II of the Company’s Beacon Lake Community development and repay a portion of the bonds previously issued in 2016 in connection with Phase I of the development. The bonds issued in February 2019 have fixed interest rates ranging from 5.20% to 5.80% and mature at various times during the years 2030 through 2049. The Company at its option has the ability to repay a specified portion of the bonds at the time that it sells developed lots in the Beacon Lakes Community.    



Receivable-Backed Notes Payable 



The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands):







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2019

 

December 31, 2018



 

 

 

 

 

Principal

 

 

 

 

 

Principal



 

 

 

 

 

Balance of

 

 

 

 

 

Balance of



 

 

 

 

 

Pledged/

 

 

 

 

 

Pledged/



 

Debt

 

Interest

 

Secured

 

Debt

 

Interest

 

Secured



 

Balance

 

Rate

 

Receivables

 

Balance

 

Rate

 

Receivables

Receivable-backed notes

 

 

 

 

 

 

 

 

 

 

 

 

payable - recourse:

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Bank Facility

$

19,766 

 

5.50%

$

24,730 

$

17,654 

 

5.25%

$

22,062 

NBA Receivables Facility

 

43,255 

 

5.25%

 

53,130 

 

48,414 

 

5.27%

 

57,805 

Pacific Western Facility

 

11,723 

 

5.50%

 

15,185 

 

10,606 

 

5.52%

 

13,730 

Total

$

74,744 

 

 

$

93,045 

$

76,674 

 

 

$

93,597 



 

 

 

 

 

 

 

 

 

 

 

 

Receivable-backed notes

 

 

 

 

 

 

 

 

 

 

 

 

payable - non-recourse:

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank/DZ Purchase Facility

 

7,297 

 

5.23%

 

8,754 

 

 -

 

 -

 

 -

Quorum Purchase Facility

 

36,824 

 

4.75-5.50%

 

41,867 

 

40,074 

 

4.75-5.50%

 

45,283 

2012 Term Securitization

 

13,059 

 

2.94%

 

15,237 

 

15,212 

 

2.94%

 

16,866 

2013 Term Securitization

 

24,633 

 

3.20%

 

27,411 

 

27,573 

 

3.20%

 

29,351 

2015 Term Securitization

 

40,262 

 

3.02%

 

44,697 

 

44,230 

 

3.02%

 

47,690 

2016 Term Securitization

 

60,460 

 

3.35%

 

69,442 

 

63,982 

 

3.35%

 

72,590 

2017 Term Securitization

 

78,718 

 

3.12%

 

91,712 

 

83,513 

 

3.12%

 

95,877 

2018 Term Securitization

 

108,259 

 

4.02%

 

122,187 

 

114,480 

 

4.02%

 

125,916 

Unamortized debt issuance costs

 

(6,329)

 

 

 

 -

 

(6,807)

 

 

 

 -

Total

$

363,183 

 

 

$

421,307 

$

382,257 

 

 

$

433,573 

Total receivable-backed debt

$

437,927 

 

 

$

514,352 

$

458,931 

 

 

$

527,170 





There were no new debt issuances or significant changes related to the above listed facilities during the three months ended March 31, 2019.  See Note 13 to the Company’s consolidated financial statements included in the 2018 Annual Report for additional information regarding the above listed receivable-backed notes payable facilities. 



Junior Subordinated Debentures 



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







 

 

 

 

 

 



 

 

 

 

 

 



 

March 31, 2019

 

December 31, 2018



 

 

Effective

 

 

Effective



 

Carrying

Interest

 

Carrying

Interest



 

Amounts

Rates (1)

 

Amounts

Rates (1)

Woodbridge - Levitt Capital Trusts I - IV

$

66,302 

6.39 - 6.55%

$

66,302 

6.20 - 6.65%

Bluegreen Statutory Trusts I - VI

 

110,827 

7.44 - 7.60%

 

110,827 

7.32 - 7.70%

Unamortized debt issuance costs

 

(1,183)

 

 

(1,200)

 

Unamortized purchase discount

 

(39,323)

 

 

(39,504)

 

Total junior subordinated debentures

$

136,623 

 

$

136,425 

 



(1)

The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%.



Woodbridge and Bluegreen have each formed statutory business trusts (collectively, the “Trusts”), each of which issued trust preferred securities and invested the proceeds thereof in junior subordinated debentures of Woodbridge and Bluegreen, respectively. The Trusts are VIEs in which Woodbridge and Bluegreen, as applicable, are not the primary beneficiaries. Accordingly, the Company and its subsidiaries do not consolidate the operations of these Trusts; instead, the beneficial interests in the Trusts are accounted for under the equity method of accounting. Included in other assets as of March  31, 2019 and December 31, 2018 was $0.4 million of equity in the Trusts. Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate.



All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of March 31, 2019 and December 31, 2018.



See Note 13 to the Company’s consolidated financial statements included in the 2018 Annual Report for additional information regarding the Company’s junior subordinated debentures.



Debt Compliance and Amounts Available under Credit Facilities



As of March  31, 2019, BBX Capital and its subsidiaries were in compliance with all financial debt covenants under its debt instruments.



Amounts available under credit facilities for BBX Capital and its principal investments as of March 31, 2019 were as follows (in thousands):







 

 



 

 

BBX Capital

$

50,000 

Bluegreen

 

191,100 

Renin

 

6,600 

IT'SUGAR

 

2,400 

Total credit availability

$

250,100 



 

 

The amounts available under the Company’s credit facilities are subject to eligible collateral and the terms of the facilities, as applicable.