Virgin Trains USA raises $1.75 billion in bond sale

RELATED TOPICS: BRIGHTLINE | VIRGIN TRAINS USA | FINANCING
Trains Industry Newsletter
Get a weekly roundup of the industry news you need.
By signing up you may also receive occasional reader surveys and special offers from Trains magazine. View our privacy policy.
virgin_trains

MIAMI — Virgin Trains USA found strong demand for the bonds to finance it expansion, selling $1.75 billion in private activity bonds this week.

Trade publication The Bond Buyer reported that the offering may have received up to $4 billion in orders for the bonds. It quoted Brian Wynne, head of public finance at Morgan Stanley, as saying “The feedback that we received was, ‘Wow, this is a whole new level of train transportation.’”

The money will help fund Virgin Trains’ expand from its current West Palm Beach-Miami service to Orlando and, eventually, Tampa.

“We received an overwhelming positive response from qualified investors who recognize our early success and the long-term potential for our business,” the company said in a statement quoted by the Palm Beach Post. “This financing provides Virgin Trains the necessary funds to start construction into Orlando, creating additional economic benefits for Florida.”

The sale comes just ahead of an event today in Miami to begin the rebranding of Brightline as Virgin Trains, with Virgin Group founder Richard Branson among those in attendance, and a Friday meeting in Orlando to request approval for an additional $950 million in private activity bonds. [See “Big week ahead for Virgin Trains USA’s Brightline,” Trains News Wire, April 1, 2019.] Trains News Wire will be attending the Miami event.

NEWSWIRETrains News Wire

  • Previous Day
  • April 04, 2019
  • Next Day
Leave a Comment
Want to leave a comment?
Only registered members of TrainsMag.com are allowed to leave comments. Registration is FREE and only takes a couple minutes.

Login or Register now.
Please keep your feedback on-topic and respectful. Trains staffers reserve the right to edit or delete any comments.
0 COMMENTS
FREE DOWNLOAD

FREE DOWNLOAD

The Genesee & Wyoming 

Newsletter Sign-Up

By signing up you may also receive occasional reader surveys and special offers from Trains magazine.Please view our privacy policy
Subscribe Up To 58% off the newsstand price!
Subscribe To Trains Mag Today
+