Debt

3 Months Ended

Mar. 31, 2021

7. Debt

Lines-of-Credit and Notes Payable

We have outstanding borrowings with various financial institutions and other lenders. Financial data related to our lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of March 31, 2021 and December 31, 2020, were as follows (dollars in thousands):



	As of
	March 31, 2021					December 31, 2020
	Balance		Interest ‎Rate	Carrying ‎Amount of ‎Pledged ‎Assets		Balance		Interest ‎Rate	Carrying ‎Amount of ‎Pledged ‎Assets

NBA Éilan Loan		—	—		—		15,903	4.75%		28,491
Fifth Third Syndicated LOC		20,000	2.50%		37,488		30,000	2.25%		50,822
Fifth Third Syndicated Term		92,500	2.51%		173,383		93,750	2.25%		158,817
Unamortized debt issuance costs		(1,050)	—		—		(1,267)	—		—
Total	$	111,450		$	210,871	$	138,386		$	238,130

NBA Éilan Loan. In March 2021, we repaid in full the outstanding balance at that time of $15.6 million on the NBA Éilan Loan. Accordingly, the related unamortized debt issuance costs of $0.2 million were written off during the first quarter of 2021.

Except as described above, there were no new debt issuances or significant changes related to the above listed lines-of-credit or notes payable during the three ended months March 31, 2021. See Note 10 to our Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K for additional information regarding these lines-of-credit and notes payable.

‎

Receivable-Backed Notes Payable

Financial data related to our receivable-backed notes payable facilities as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands):



	As of
	March 31, 2021					December 31, 2020
	Debt ‎Balance		Interest ‎Rate	Principal ‎Balance of ‎Pledged/ ‎Secured ‎Receivables		Debt ‎Balance		Interest ‎Rate	Principal ‎Balance of ‎Pledged/ ‎Secured ‎Receivables

Receivable-backed notes ‎ payable - recourse:
Liberty Bank Facility	$	10,000	3.40%	$	13,799	$	10,000	3.40%	$	13,970
NBA Receivables Facility		15,975	3.00%		21,616		19,877	3.32%		26,220
Pacific Western Facility		10,000	3.04%		13,661		8,623	3.15%		13,131
Total		35,975			49,076		38,500			53,321

Receivable-backed notes ‎ payable - non-recourse:
Liberty Bank Facility ⁽¹⁾	$	4,341	3.40%	$	5,990	$	2,316	3.40%	$	3,235
NBA Receivables Facility ⁽²⁾		24,752	3.00%		33,492		11,985	3.32%		15,809
Pacific Western Facility ⁽³⁾		10,523	3.04%		14,375		—	—		—
KeyBank/DZ Purchase Facility		10,867	2.50%		13,101		—	—		—
Quorum Purchase Facility		27,130	4.75-5.10%		31,567		29,788	4.75-5.10%		34,651
2013 Term Securitization		10,294	3.20%		11,855		11,922	3.20%		13,483
2015 Term Securitization		20,340	3.02%		22,181		22,560	3.02%		24,475
2016 Term Securitization		32,684	3.35%		36,973		35,700	3.35%		40,221
2017 Term Securitization		47,750	3.12%		54,725		51,470	3.12%		58,907
2018 Term Securitization		66,947	4.02%		78,320		72,486	4.02%		84,454
2020 Term Securitization		114,744	2.60%		129,713		123,600	2.60%		139,052
Unamortized debt issuance costs		(5,439)	---		—		(5,994)	---		—
Total		364,933			432,292		355,833			414,287
Total receivable-backed debt	$	400,908		$	481,368	$	394,333		$	467,608

(1)Recourse on the Liberty Bank Facility is limited to $10.0 million, subject to certain exceptions.

(2)Recourse to Bluegreen/Big Cedar Vacations was reduced to $16.0 million as of March 31, 2021 and will be reduced by $1.3 million per month until it reaches a floor of $10.0 million.

(3)Recourse on the Pacific Western Facility is limited to $10.0 million, subject to certain exceptions.

There were no new debt issuances or significant changes related to the above listed facilities during the three months ended March 31, 2021. See Note 10 to our Consolidated Financial Statements included in our 2020 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities.

Junior Subordinated Debentures

Financial data relating to our junior subordinated debentures as of March 31, 2021 and December 31, 2020 was as follows (dollars in thousands):



Trust	Carrying Value ‎ as of March 31, 2021 ⁽¹⁾		Initial ‎Equity In ‎ Trust ⁽²⁾		Issue ‎Date	Interest Rate ‎	Interest ‎Rate at ‎March 31, ‎2021	Maturity ‎Date	Carrying Value ‎as of December 31, 2020⁽¹⁾

BST I	$	15,710	$	374	3/15/2005	3-month LIBOR ‎+ 4.90%	5.10%	3/30/2035	$	15,238
BST II		12,949		300	5/4/2005	3-month LIBOR ‎ + 4.85%	5.06%	7/30/2035		17,058
BST III		6,745		156	5/10/2005	3-month LIBOR ‎ + 4.85%	5.06%	7/30/2035		6,898
BST IV		10,117		234	4/24/2006	3-month LIBOR ‎+ 4.85%	5.05%	6/30/2036		10,159
BST V		10,117		234	7/21/2006	3-month LIBOR ‎+ 4.85%	5.05%	9/30/2036		10,159
BST VI		13,490		312	2/26/2007	3-month LIBOR ‎+ 4.80%	5.01%	4/30/2037		13,420
	$	69,128	$	1,610					$	72,932

(1)Amounts include purchase accounting adjustments which reduced the total carrying value by $35.6 million and $37.9 million as of March 31, 2021 and December 31, 2020, respectively.

(2)Initial Equity in Trust is recorded as part of other assets in the unaudited Consolidated Balance Sheets.

During February 2021, we purchased approximately $4.0 million of BST II trust preferred securities (par value of $6.1 million) for approximately $4.0 million and delivered such securities to the trust in exchange for the cancellation of par value of $6.1 million of our junior subordinated debentures held by BST II.

Availability

As of March 31, 2021, we were in compliance with all financial debt covenants under our debt instruments. As of March 31, 2021, we had availability of approximately $271.4 million under our receivable-backed purchase and credit facilities, inventory lines of credit and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable.