Bluegreen Plans to Offer $150M in Senior Notes

BOCA RATON-Bluegreen Corp., a locally based national developer and marketer, plans to offer about $150 million in senior notes due 2014. The deal is subject to market and other conditions.

Bluegreen plans to use net proceeds from the offering for three purposes: to redeem its existing 10.5% senior secured notes due 2008; to repay part of its other existing debt, including amounts outstanding under its existing revolving credit agreements; and to help pay for general corporate purposes. The action would be made by way of an offering memorandum to qualified institutional buyers and to certain non-US individuals. The notes have not been registered under the Securities Act or state securities laws, and may not be offered without these or exemptions from registration requirements.