Fortress-Backed Brightline Delays Long-Term Bond Sale for Florida Train
- Brightline plans to roll over short-term debt for Florida rail
- ‘They don’t know if they have investors’ yet, PFM adviser says
A Brightline express inter-city train in West Palm Beach, Florida.
Photographer: Scott McIntyre/BloombergThis article is for subscribers only.
Brightline Holdings, the rail company backed by Fortress Investment Group, is putting off testing bond investors’ faith in its luxury Florida passenger train amid turmoil in the fixed-income markets.
The board of the Florida Development Finance Corp., which gives private entities access to low-cost financing, had in December awarded the company the ability to sell as much as $1 billion of tax-free debt known as private activity bonds to finance an extension of service to Tampa from Miami.