Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.2.2
Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events 15. Subsequent Events

On October 4, 2022, Bluegreen purchased the property and other assets of a resort located in Panama City, Florida for approximately $78 million. The transaction is accounted for as an asset acquisition with the purchase price allocated to VOI inventory and certain property and equipment. In connection with this acquisition, Bluegreen entered into a non-revolving acquisition loan (the “Panama City Acquisition Loan”) with National Bank of Arizona (“NBA”) for the acquisition and renovation of the resort. The Panama City Acquisition Loan provides for advances of up to $96.6 million, provided, however, that the total advances may not exceed 70% of the acquisition and renovation costs. Advances may be made during a 36-month advance period. Approximately $54.5 million was advanced at closing for the acquisition of the resort. The remainder of the purchase price was paid in cash. Principal payments will be

effected through release payments from sales of the completed VOIs, subject to a minimum amortization schedule, with the remaining balance due at maturity in October 2027. Borrowings under the Panama City Acquisition Loan bear interest at an annual rate equal to one-month Term SOFR plus 2.25%, subject to a floor of 2.40%. Recourse is limited to 30% of the principal and interest outstanding with decreases based on achieving certain milestones, subject to certain exceptions.

On October 19, 2022, the Company’s board of directors declared a quarterly cash dividend of $0.15 per share on its Class A and Class B Common Stock, which totaled $2.9 million in the aggregate, payable on November 21, 2022 to shareholders of record as of the close of trading on November 7, 2022.

In addition, on October 19, 2022, the Company granted 237,500 restricted shares of the Company’s Class A Common Stock to certain non-executive employees under the Company’s 2021 Plan. The restricted shares are scheduled to cliff vest in October 2027, subject to the terms and conditions of the 2021 Plan and the applicable award agreement. The aggregate fair value of the awards granted was $4.2 million.

In November 2022, the Company borrowed $50.0 million on its Fifth Third Syndicated Line of Credit.