Bluegreen seeks to raise $100M

Timeshare resort developer Bluegreen Corp. will raise up to $100 million through a stock offering, according to a filing with the Securities and Exchange Commission.

The Boca Raton-based company (NYSE: BXG) filed a prospectus on Dec. 16, saying it would issue an amount of common stock, preferred stock, debt securities and subscription rights to purchase additional common stock or other securities in the company. The amount hasn’t been determined yet.

The transfer agent is BNY Mellon.

Bluegreen said it would use the proceeds from the sale for “general corporate purposes” or to acquire or invest in other companies or assets.

The company has been shedding hundreds of employees as it reduces its focus on making new sales, which were hampered by the difficulty of obtaining buyer financing.