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Brightline / Virgin Trains provides approval to take $ 950M in debt for expansion



  Richard Branson, Center, picks up a glass by lifting a toast to government officials, including Miami-Dade Rebecca Sosa, left, and President Brighton Patrick Goddard, before opening a new Miami transport hub

Richard Branson, Center, picks up a glass by raising a toast with city and district officials, including the Miami-Dade Rebecca Sos, Commissioner, and President Brighton Patrick Goddard, before opening a new Miami Transportation City hub " Virgin MiamiCentral ", in central Miami, FL on April 4, 2019.

cjuste@miamiherald.com

Virgin Trains USA has received approval to raise funds needed to build a 170-kilometer route that shares West Palm Beach from Orlando. Issue of up to $ 950 million of new private bonds for a private South Florida express railroad, formerly known as Brightline, to pay for the second stage of its Orlando expansion plan.

It is expected that the service in Central Florida will begin in 2023.

"We appreciate the work of the FDFC Council and our staff," Virgin said in a statement. "Virgin Trains will be turning into a project that will help Florida remain economically competitive, bringing thousands of jobs and enormous economic impacts on the state. We have seen incredible support for this project and are convinced that it will bring the necessary public benefits to millions of Florida residents and visitors. "

Bonds allow developers to borrow at a more favorable rate. Only holders of bonds, and not taxpayers, will depend if the company is default.

Less than a year after launching in Miami as Brightline, the company abandoned its initial IPO plans, reports the levels of fares that remain lower than they were

On Thursday, it officially launched rebranding as Virgin Trains with the advent of the founder of Virgin, Sir Richard Branson.

Virgin is currently discussing with Disney about the station, staying in the theme park and serving airport passengers and visitors to South Florida. The railway company will also add its own station to $ 682 million. Intermodal plots recently completed at Orlando International Airport.

Brightline plans to bring its service to Jacksonville and Tampa and add stops to PortMiami and Fort Lauderdale, Hollywood International Airport.


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