Brightline Strikes Deal With Commuter-Bond Holders on Repayment
The smart cabin on a Brightline train in Aventura, Florida.
Photographer: Eva Marie Uzcategui/BloombergBrightline, the first new US private passenger railroad in 100 years, struck a deal with holders of $985 million of municipal bonds to push off a buyback of the debt for eight months.
The Fortress Investment Group-backed railroad provided an additional pledge of security on the debt, which is backed by future commuter-rail access rights payable to Brightline by three South Florida counties. Brightline has until June 14 to buy back the 10% coupon bonds at a premium, according to a securities filing on Friday.