Fortress Plans to Sell $2.4 Billion for Vegas Rail, Still Record
Photographer: Joe Raedle/Getty Images
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Fortress Investment Group cut the size of its municipal bond sale for for a passenger railroad between California and Las Vegas by $800 million to $2.4 billion, seeking to draw enough buyers to finance the speculative project.
The size of the offering of unrated securities was included in a preliminary pricing wire viewed by Bloomberg. While it’s less than the $3.2 billion the company had intended to sell, it would still be the largest ever offering of unrated municipal securities. They are expected to price this week.