All Aboard Florida Sells $405 Million In Bonds (Updated)

Bloomberg is reporting that All Aboard Florida is preparing to borrow $405 million to fund construction of the Miami-Orlando rail line.

The five-year notes will yield about 12%.

Cost of construction for the project is estimated to be above $2 billion. The company has applied for an additional $1.6 billion loan from the Federal Railroad Administration.

Update: The bonds have been sold.