Virgin Trains USA, formerly known as Brightline, announced the closing of USD 1.75 billion in private activity bonds (PAB) to help fund the company’s expansion to Orlando. The transaction was purchased by 67 different investors.
With the closing of the sale, Virgin Trains USA has the necessary funds to begin construction for service to Orlando, including 273.5 kilometres of new track to a modern intermodal facility located in the new South Terminal at the Orlando International Airport. Construction will begin imminently and is expected to be complete in 2022.
The rail construction between West Palm Beach and Orlando is expected to have a significant economic impact in the State of Florida, including the creation of more than 10,000 jobs and is anticipated to generate more than USD 650 million in federal, state and local tax revenue. The project is 100 percent privately financed and represents a total investment of USD 4 billion.
Share on:
