Quarterly report pursuant to Section 13 or 15(d)

Notes Payable And Other Borrowings

v3.21.1
Notes Payable And Other Borrowings
3 Months Ended
Mar. 31, 2021
Notes Payable And Other Borrowings [Abstract]  
Notes Payable And Other Borrowings

8.     Notes Payable and Other Borrowings



The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2021

 

December 31, 2020



 

 

 

 

 

 

 

Carrying

 

 

 

 

 

 

 

Carrying



 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

Amount of



 

Debt

 

Interest

 

Pledged

 

Debt

 

Interest

 

Pledged



 

Balance

 

Rate

 

Assets

 

Balance

 

Rate

 

Assets

Community Development District Obligations      

 

$

21,611 

 

 

4.25-6.00%

 

$

33,871 

 

$

27,565 

 

 

4.25-6.00%

 

$

42,230 

TD Bank Term Loan and Line of Credit

 

 

46,767 

 

 

3.26% 

 

 

(1)

 

 

45,573 

 

 

3.30% 

 

 

(1)

Centennial Bank Note (2)

 

 

1,417 

 

 

5.25% 

 

 

1,828 

 

 

1,428 

 

 

5.25% 

 

 

1,840 

Other

 

 

39 

 

 

4.22% 

 

 

 —

 

 

43 

 

 

4.22% 

 

 

 —

Unamortized debt issuance costs

 

 

(887)

 

 

 

 

 

 

 

 

(1,126)

 

 

 

 

 

 

Total notes payable and other borrowings

 

$

68,947 

 

 

 

 

 

 

 

$

73,483 

 

 

 

 

 

 



(1)

The collateral is a blanket lien on Renin’s assets and the Company’s ownership interest in Renin.

(2)

BBX Capital is guarantor of the note.



See Note 11 to the Company’s consolidated financial statements included in the 2020 Annual Report for additional information regarding the above listed notes payable and other borrowings.



There were no new debt issuances or significant changes related to the above listed notes payable and other borrowings during the three months ended March 31, 2021.



As of March 31, 2021, Renin had availability of approximately $2.7 million under its TD Bank revolving line of credit, subject to available collateral and the terms of the facility, and Renin was in compliance with all financial covenants under the credit facility. However, adverse events, including, but not limited to, the effects of the COVID-19 pandemic on Renin’s operations, an adverse outcome in Renin’s ongoing dispute with a foreign supplier which requires Renin to settle the dispute in cash (as further described in Note 11), and the loss of sales from one or more major customers, could impact its ability to remain in compliance with these financial covenants and the extent of availability under its credit facility with TD Bank in future periods. If Renin is unable to maintain compliance with its debt covenants or obtain waivers if it is not in compliance with such covenants, Renin will no longer be able to access its revolving line of credit, may have to repay all or a portion of its borrowings prior to the scheduled maturity date, and/or provide additional collateral for such borrowings, any of which would have a material adverse effect on the Company’s liquidity, financial position, and results of operations.