Bluegreen Corporation Renews $30 Million Revolving Line Of Credit With Wells Fargo Foothill

Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, today announced the renewal of its $30 million revolving line of credit with Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC). Bluegreen® will pledge certain receivables generated by its Bluegreen Resorts and Bluegreen Communities business segments to secure borrowings under the facility. The borrowing period under the facility ends on December 31, 2009 and the facility matures on December 31, 2010.

John M. Maloney Jr., President and Chief Executive Officer, commented, “We are pleased to continue our relationship with Wells Fargo Foothill. This facility provides Bluegreen with additional liquidity to advance and support our operations.”


About Wells Fargo Foothill
Wells Fargo Foothill is a leading provider of senior secured financing to middle-market companies across the United States and Canada, offering flexible, innovative credit facilities from $10 million to $1 billion and more. It is part of Wells Fargo & Company, a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from almost 6,000 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.” For more information, visit Wells Fargo Foothill on the Internet at www.wellsfargofoothill.com

About Bluegreen Corporation
Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With more than 186,500 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and currently employs over 6,000 associates. More information about Bluegreen is available at www.bluegreencorp.com.

 
Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with the risk that the Wells Fargo Foothill credit facility may not be available pursuant to its terms or at all, the risk that the Company may not be able to successfully execute its strategic operating objectives, and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 3, 2008 and Form 10-Q filed on May 9, 2008