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Fortress Investment Group, through its company Brightline Holdings LLC, is back in the market to sell tax-exempt bonds to help finance Brightline's passenger-rail extension to Orlando from West Palm Beach, Florida.
The company yesterday was expected to sell $950 million of unrated tax-exempt debt, Bloomberg reported.
In this offering, the company discusses plans for a new station at Walt Disney World near Orlando and three more in the works along its initial line from Miami to West Palm Beach.
The company has suspended Brightline operations since March due to the pandemic. It projects 9.9 million passengers and $792 million in revenue in 2024, the first full year of complete operations — nearly four times the average revenue per passenger logged in 2019, Bloomberg reported.