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Rail News Home High-Speed Rail

10/19/2020



Rail News: High-Speed Rail

Fortress delays bond offering for Brightline's Vegas-to-LA train


Eventually, the service is expected to extend from Las Vegas to Los Angeles.
Photo – gobrightline.com

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Fortress Investment Group LLC has delayed the pricing of $3.2 billion worth of municipal bonds, the proceeds of which would be used to finance construction of Brightline's high-speed rail service between southern California and Las Vegas.

The delay is a sign that investors are hesitant to finance the project during uncertain economic times, Bloomberg.com reported. Underwriter Morgan Stanley had planned to price the deal Oct. 14. No new date has been set.

Brightline has until Dec. 1 to sell the bonds under a deadline from California officials, who approved the company's request to sell tax-exempt debt, according to Bloomberg.

Eventually, the service is expected to extend from Las Vegas to Los Angeles. The initial segment will connect Las Vegas to a stop about 90 miles from downtown L.A.



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