Bluegreen Vacations rolls out IPO

Boca Raton, Florida-based Bluegreen Vacations, a vacation ownership company, has debuted its IPO after pricing its over 6.4 million shares at $14 per share. The stock began trading November 17, 2017 on the New York Stock Exchange under the ticker symbol “BXG.” Stifel and Credit Suisse are the lead underwriters. Bluegreen Vacations is backed by BBX Capital.

PRESS RELEASE

BOCA RATON, FL and FORT LAUDERDALE, FL–(Marketwired – November 16, 2017) – Bluegreen Vacations Corporation (“Bluegreen Vacations”) and its parent company, BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), jointly announced today that Bluegreen Vacations has priced its initial public offering of 6,498,648 shares of its common stock at a price to the public of $14.00 per share. Bluegreen Vacations is offering 3,736,723 shares, and a wholly-owned subsidiary of BBX Capital is offering 2,761,925 shares as a selling shareholder. The shares are expected to begin trading on the New York Stock Exchange on November 17, 2017, under the ticker symbol “BXG.” The offering is expected to close on November 21, 2017, subject to the satisfaction of customary closing conditions.

In addition, BBX Capital’s wholly-owned subsidiary has granted the underwriters a 30-day option to purchase up to 974,797 additional shares of Bluegreen Vacations’ common stock. After completion of the offering, BBX Capital Corporation will continue to own approximately 90% of Bluegreen Vacations’ outstanding common stock.

Stifel and Credit Suisse are acting as joint lead book-running managers and as representatives of the underwriters for the proposed offering. BofA Merrill Lynch and SunTrust Robinson Humphrey are also acting as joint book-running managers.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting: Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, (415) 364‐2720, syndprospectus@stifel.com; or Credit Suisse Securities (USA) LLC, Attn: Prospectus Dept., One Madison Ave., New York, NY 10010, (800) 221-1037, newyork.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (formerly Bluegreen Corporation), founded in 1966 and headquartered in Boca Raton, Florida, is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 211,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties.

About BBX Capital Corporation:
BBX Capital Corporation (formerly BFC Financial Corporation) (NYSE: BBX) (OTCQX: BBXTB) is a diversified holding company whose activities include its ownership of Bluegreen Vacations Corporation and, through its Real Estate and Middle Market Divisions, the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects and middle market operating businesses.