Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On October 4, 2022, Bluegreen Vacations Corporation ("Bluegreen"), a wholly
owned subsidiary of Bluegreen Vacations Holding Corporation (the "Company"), and
Bluegreen's wholly owned subsidiary, Bluegreen Vacations Unlimited, Inc., as
co-borrowers, entered into an Acquisition Loan and Security Agreement (the
"Acquisition Loan Agreement") with Zions Bancorporation, N.A., DBA National Bank
of Arizona, as administrative agent, arranger and bookrunner and the lenders
party thereto, for a loan in connection with the purchase and renovation of a
resort located in Panama City Beach, Florida (the "Property"). The Acquisition
Loan Agreement provides for advances of up to $96.6 million on a non-revolving
basis; provided, however, that the total advances may not exceed 70% of the
acquisition and renovation costs. Advances may be made during a 24-month advance
period. Approximately $54.5 million was advanced at the closing of the
acquisition of the Property. Principal payments will be effected through release
payments from sales of vacation ownership interests ("VOIs") of the Property,
subject to a minimum amortization schedule, with the remaining balance due at
maturity in October 2027. Borrowings under the Acquisition Loan Agreement bear
interest at an annual rate equal to one-month Term SOFR plus 2.25%, subject to a
floor of 2.40%.
The foregoing description of the Acquisition Loan Agreement is a summary only,
does not purport to be complete and is qualified in its entirety by reference to
the full text of the agreement, which is filed as Exhibit 10.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Loan and Security Agreement, dated October 4, 2022, by and among
Bluegreen Vacations Corporation and Bluegreen Vacations Unlimited,
Inc., jointly and severally, as Borrowers, the Lenders party thereto,
and Zions Bancorporation, N.A., DBA National Bank of Arizona, as
Administrative Agent, Arranger and Bookrunner
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