Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

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



Receivable-Backed Notes Payable



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

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 



Junior Subordinated Debentures Outstanding



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%.

Schedule Of Amounts Available Under Credit Facilities



 

 



 

 

BBX Capital

$

50,000 

Bluegreen

 

191,100 

Renin

 

6,600 

IT'SUGAR

 

2,400 

Total credit availability

$

250,100