Daily News: June 19, 2014

WFCF Canada Provides Renin Credit Facility

Renin Canada and Renin US, as borrowers, and Renin UK and Renin Holdings, as guarantors, entered into a credit agreement with Wells Fargo Capital Finance Corporation Canada, as lender.

According to the 8-K filing, under the terms and conditions of the credit agreement, the lender made a $1.5 million term loan to the borrowers. The credit agreement also includes a revolving advance facility pursuant to which the lender agreed to make loans to the borrowers on a revolving basis up to a maximum of approximately $18 million or, if lesser, the borrowing base (as defined in the credit agreement), subject to the borrowers’ compliance with the terms and conditions of the credit agreement.

Upon execution of the credit agreement and funding of the term loan, the lender also made loans to the borrowers in the aggregate amount of approximately $6.5 million under the revolving advance facility. The approximate $8 million of financing received by the borrowers from the lender, together with pro rata capital contributions to Renin Holdings LLC from the company and BFC of $2,025,000 and $475,000, respectively, were utilized to repay in full the loans made to the borrowers by Bluegreen Corporation. The company owns a 46% equity interest in Woodbridge Holdings, which owns 100% of Bluegreen.