A multi-bank facility led by IberiaBank provided a $50 million revolving line of credit to BBX Capital and certain of its subsidiaries, including BBX Sweet Holdings, Food for Thought Restaurant Group-Florida, BBX Capital Florida and Woodbridge Holdings.
Borrowings under the facility may be used for business acquisitions, real estate investments, stock repurchases, letters of credit and general corporate purposes.
The loan requires BBX to maintain minimum unencumbered liquidity and compliance with financial ratios related to fixed charge coverage and debt to EBITDA, as well as affirmative and negative covenants, including limiting the ability of BBX Capital and the other borrowers to incur additional indebtedness and to make certain loans and investments.
“We are delighted to have entered into this relationship with IberiaBank,” commented Raymond Lopez, BBX Capital’s CFO. “We anticipate that the revolving line of credit will provide the company with greater financial flexibility as we continue to pursue our goal of value creation and long-term growth.”
BBX Capital is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations as well as its real estate and middle market divisions.