Virgin Trains USA secures funding for Phase 2 expansion to Orlando Airport

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USA: Virgin Trains USA, formerly Brightline, announced the closing of $1.75 billion in private activity bonds (PAB) to help fund the company's expansion to Orlando. Morgan Stanley was the underwriter for the transaction that was purchased by 67 different investors.

With the closing of the sale, Virgin Trains USA has the necessary funds to begin construction for service to Orlando, including 170 miles of new track to a state-of-the-art intermodal facility located in the new South Terminal at the Orlando International Airport. Construction will begin imminently and is expected to be complete in 2022.

The rail construction between West Palm Beach and Orlando is expected to have a significant economic impact in the State of Florida, including the creation of more than 10,000 jobs and is anticipated to generate more than $650 million in federal, state and local tax revenue. The project is 100 percent privately financed and represents a total investment of $4 billion.