Brightline submits proposal for $400 Million in Bonds to fund Tampa Expansion
Brightline’s plans to expand to Tampa are still underway as the company seeks $400 million to help fund the project.
The $400 million bond issuance, structured as tax-exempt private-activity bonds (PABs), will fund critical infrastructure upgrades and the Tampa extension, which promises to cut travel time between Orlando and Tampa to just one hour. The first tranche of $150 million, offering a fixed 6.5% yield over 28 years, reflects the project's appeal to income-focused investors.
According to a notice from the Florida Development Finance Corporation, a meeting will be held on July 17 via telephone conference to allow the public to comment on the proposal.
The notice stated that, if approved by the FDFC, Brightline would use the $400 million in bonds for “the design, development, acquisition, construction, renovation, improvement and equipping of its privately owned and operated intercity passenger rail system extending or anticipated to extend approximately 320 miles from Miami to Tampa, Florida.”
https://www.wfla.com/news/hillsborough-county/brightline-requests-400-million-in-bonds-for-tampa-expansion/
https://www.ainvest.com/news/brightline-florida-400m-bond-sale-riding-rails-urban-infrastructure-growth-2507/