Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.21.1
Debt (Tables)
3 Months Ended
Mar. 31, 2021
Debt [Abstract]  
Lines-Of-Credit And Notes Payable

As of

March 31, 2021

December 31, 2020

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

Balance

Interest
Rate

Carrying
Amount of
Pledged
Assets

NBA Éilan Loan

—  

15,903

4.75%

28,491

Fifth Third Syndicated LOC

20,000

2.50%

37,488

30,000

2.25%

50,822

Fifth Third Syndicated Term

92,500

2.51%

173,383

93,750

2.25%

158,817

Unamortized debt issuance costs

(1,050)

—  

(1,267)

—  

Total

$

111,450

$

210,871

$

138,386

$

238,130

Receivable-Backed Notes Payable Financial data related to Bluegreen’s receivable-backed notes payable facilities as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands):

As of

March 31, 2021

December 31, 2020

Debt
Balance

Interest
Rate

Principal
Balance of
Pledged/
Secured
Receivables

Debt
Balance

Interest
Rate

Principal
Balance of
Pledged/
Secured
Receivables

Receivable-backed notes
  payable - recourse:

Liberty Bank Facility

$

10,000

3.40%

$

13,799

$

10,000

3.40%

$

13,970

NBA Receivables Facility

15,975

3.00%

21,616

19,877

3.32%

26,220

Pacific Western Facility

10,000

3.04%

13,661

8,623

3.15%

13,131

Total

35,975

49,076

38,500

53,321

Receivable-backed notes
  payable - non-recourse:

Liberty Bank Facility (1)

$

4,341

3.40%

$

5,990

$

2,316

3.40%

$

3,235

NBA Receivables Facility (2)

24,752

3.00%

33,492

11,985

3.32%

15,809

Pacific Western Facility (3)

10,523

3.04%

14,375

KeyBank/DZ Purchase Facility

10,867

2.50%

13,101

Quorum Purchase Facility

27,130

4.75-5.10%

31,567

29,788

4.75-5.10%

34,651

2013 Term Securitization

10,294

3.20%

11,855

11,922

3.20%

13,483

2015 Term Securitization

20,340

3.02%

22,181

22,560

3.02%

24,475

2016 Term Securitization

32,684

3.35%

36,973

35,700

3.35%

40,221

2017 Term Securitization

47,750

3.12%

54,725

51,470

3.12%

58,907

2018 Term Securitization

66,947

4.02%

78,320

72,486

4.02%

84,454

2020 Term Securitization

114,744

2.60%

129,713

123,600

2.60%

139,052

Unamortized debt issuance costs

(5,439)

---

(5,994)

---

Total

364,933

432,292

355,833

414,287

Total receivable-backed debt

$

400,908

$

481,368

$

394,333

$

467,608

(1)Recourse on the Liberty Bank Facility is limited to $10.0 million, subject to certain exceptions.

(2)Recourse to Bluegreen/Big Cedar Vacations was reduced to $16.0 million as of March 31, 2021 and will be reduced by $1.3 million per month until it reaches a floor of $10.0 million.

(3)Recourse on the Pacific Western Facility is limited to $10.0 million, subject to certain exceptions.

Junior Subordinated Debentures Outstanding Financial data relating to the Company’s junior subordinated debentures as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands):

March 31, 2021

December 31, 2020



Effective

Effective



Carrying

Interest

Carrying

Interest

Maturity



Amounts

Rates (1)

Amounts

Rates (1)

Years (2)

Woodbridge - Levitt Capital Trusts I - IV

$

66,302

4.01 - 4.05%

$

66,302

4.01 - 4.04%

2035 - 2036

Bluegreen Statutory Trusts I - VI

104,777

5.01 - 5.10%

110,827

5.01 - 5.12%

2035 - 2037

Unamortized debt issuance costs

(1,039)

(1,057)

Unamortized purchase discount

(35,649)

(37,895)

Total junior subordinated debentures

$

134,391

$

138,177

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

(2)All of the junior subordinated debentures were eligible for redemption by Woodbridge Holding Corporation (“Woodbridge”) and Bluegreen, as applicable, as of March 31, 2021 and December 31, 2020. Woodbridge is a wholly owned subsidiary of BVH through which it holds its investments in Bluegreen.