Virgin Trains USA has issued a new bond sale prospectus preparing for the issuance of $1.5 billion in private activity bonds to finance its planned South Florida to Miami higher-speed passenger train.
The new prospectus, issued Wednesday, provides newly-released or revised details for the company’s plans to run passenger trains in Florida, including suggesting it may seek second stations in Miami, at PortMiami, and Fort Lauderdale, at the Fort Lauderdale-Hollywood International Airport, to expand the passenger train service already connecting Miami, Fort Lauderdale, and West Palm Beach.
The company, formerly known as Brightline, and before that as All Aboard Florida, had filed in February to ask the Florida Development Finance Corp. to approve a total issuance of up to $2.7 billion worth of private activity bonds. That corporation, Florida’s private financing agency, was on the verge of voting on whether to do so earlier this month. But the agency ran out of time at its public meeting and tabled the request. Now Virgin Trains is coming back with a new request for $900 million more, on top of the $1.5 billion worth of private activity bonds the FDFC approved last year, which the company now is proposing issuing