BBX CAPITAL CORPORATION (NYSE:BBX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Deﬁnitive Agreement.
BBX Capital Corporation (the “Company”) owns 50% of BBX Sweet Holdings, LLC (“BBX Sweet”), Food For Thought Restaurant Group-Florida, LLC (“Food For Thought”), BBX Capital Florida LLC (“BBX Florida”) and Woodbridge Holdings Corporation, f/k/a Woodbridge Holdings, LLC (“Woodbridge” and, together with the Company, BBX Sweet, Food For Thought and BBX Florida, collectively, the “Borrowers”).
On July 17, 2019, the Borrowers entered into a Loan Extension and Modification Agreement (the “Loan Extension”) with IberiaBank (“Iberia”) and City National Bank of Florida (“City National” and, together with Iberia, collectively, the “Lenders”), which modified certain of the terms and extended the maturity date of the $50 million revolving line of credit (the “Facility”) under that certain Loan and Security Agreement, dated March 6, 2018 (the “Loan and Security Agreement”), by and among the Borrowers and the Lenders.
The Loan Extension, among other things, (i) extended the maturity date of the Facility from March 6, 2020 to June 30, 2021, (ii) modified the definition of “Unencumbered Liquid Assets” set forth in the Loan and Security Agreement, (iii) eliminated the “Fixed Charge Coverage Ratio” requirement previously set forth in the Loan and Security Agreement and (iv) modified the applicable provisions of the Loan and Security Agreement to reflect the previous conversion of Woodbridge from a Florida limited liability company to a Florida corporation.
The foregoing description of the Loan Extension is a summary, does not purport to be complete, and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. The Loan Extension should be read in conjunction with the Loan and Security Agreement, a copy of which was filed as Exhibit 10.68 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. A copy of the Company’s press release relating to the extension and modification of the Facility is filed as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
10.1Loan Extension and Modification Agreement, dated as of July 17, 2019, by and among the Borrowers and the Lenders
99.1Press release dated July 18, 2019
BBX Capital Corp Exhibit
EX-10.1 2 c858-20190719xex10_1.htm EX-10.1 Exhibit 10.1 Exhibit 10.1 LOAN EXTENSION AND MODIFICATION AGREEMENT THIS LOAN EXTENSION AND MODIFICATION AGREEMENT (this \”Modification\”) is made effective as of the 17th day of July,…
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About BBX CAPITAL CORPORATION (NYSE:BBX)
BBX Capital Corporation (BBX Capital) is involved in the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects, as well as investments in operating businesses. The Company operates through three business segments: BBX, Renin and Sweet Holdings. The BBX segment consists of the activities associated with managing the commercial loan portfolio, real estate properties of BBX Capital and its subsidiaries, including BBX Partners, BBX Capital Asset Management, LLC (CAM) and Florida Asset Resolution Group, LLC (FAR). The Renin segment consists of the activities of Renin Holdings, LLC and its subsidiaries (Renin). Renin manufactures interior closet doors, wall decor, hardware and fabricated glass products. The Sweet Holdings segment consists of the activities of BBX Capital’s acquired operating businesses in the confection industry. The Sweet Holdings segment companies manufacture chocolate and hard candy products.