Brightline Raises Another $770 Million, Using Dade & Broward Commuter Rail As Guarantee

Brightline has completed the issuance of $770 million in new debt, according to Bloomberg.

With the new funding in place, “any concerns” about the completion of the Orlando station “will ease,” the biggest investor in Brightline debt told Bloomberg.

Completion of an expansion to Orlando is now expected in early 2023, and is already over 80% complete.

The primary collateral for the new bonds are funds expected to come from Miami-Dade and Broward counties for commuter rail line access, Bloomberg said. Deals with the counties are expected to be completed next year.

It isn’t the best time to be raising new funding, with one investment manager saying that new fund flows have been spotty.

Buyers of the new Brightline debt “could bank on a yield of 12.7%” with a mandatory put in October 2023, the report said.

 

 

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Anonymous
1 month ago

For a railway to have to pay over 12% says a lot about investor sentiment with brightline…

Anonymous
1 month ago

12.7%!!! That’s like financing it on a credit card

Anonymous
1 month ago

What happened to the Northeast Corridor from MiamiCentral intercity station in Downtown Miami to Aventura? Any update on this project?

Fern
1 month ago

This commuter rail thing is the Northeast Corridor. One and the same

Wynwoodite
1 month ago

We really need a station in Wynwood. Or stop the development until one gets approved.

Qtip
1 month ago

The bright line isn’t meant to be that kinda of a train too many stops will really defeat the purpose of the train. Extend the metro mover to Wynwood.

Not Anonymous
1 month ago

The Commuter rail will be a different service with probably shorter trains. Extending the metromover to Wynwood is a good idea though

Anonymous
1 month ago

Not the same. TriRail using Brightline tracks is.

Lenny
1 month ago

That would cost 29%

Anonymous Cat
1 month ago

It’s still happening, though the Tri-Rail extension into MiamiCentral has been delayed to next year. Nothing is gonna happen until they start offering services there since MiamiCentral is the terminal on the FEC.

Nice offer
1 month ago

12.7 % yield till October 23 – pretty good offer

Anonymous
1 month ago

…..unless they don’t pay. Then it’s 100% LOSS.

Orlando, WPB, Boca winning
1 month ago

???
Outstanding. Miami commuter rail as collateral for the Brightline debt.
Doesn’t sound fair to me.

Anonymous Hippo
1 month ago

Miami-Dade and Broward could always go and build it themselves if they wanted to…

anonymous
1 month ago

The lobbyists won’t let the elected leaders

Anonymous
1 month ago

Really? Sure… and it has nothing to do with never-ending safety measures because brainlets getting hit by trains because they’re not following traffic laws.

Anonymoose
1 month ago

tri-rail had a monopoly over the service for 30, 40 years? and did jack shit. made no improvements. never tried to establish rail lines further east where the actual population centers were.

and your blame is on this ephemeral guiltless “lobbyists did it.” private interest will contribute to these problems but fact is no one bothered to make this shit happen and no one put their weight behind improving things until BL came around

Lenny
1 month ago

Theoretcally

Anonymous
1 month ago

FEC railroad owns the tracks. It does not matter who builds or operates the commuter rail. Brightline will still control by setting the access costs to use the rail line.

Anonymous
1 month ago

Why not fair? It’s the only segment that is viable at present and that has any value as collateral.

anonymous
1 month ago

Residents an commuters are getting the SHAFT.

Anonymous
1 month ago

Junk bonds are averaging 7-8% yields these days…12.7% holy f%#k good luck seeing your principal again.

Anonymous
1 month ago

I’m optimistic about commuter and intercity rail in South Florida, but eventually they’re going to need four tracks (two local/two express) and an elevated track to be even at par with railroads in the northeast – much less those in Europe & Britain.

Muhammad
28 days ago

They have raised between 2-4 billion dollars 4 this project that people will keep getting killed at because these stupid people can’t wait 1 minute 4 this train to pass by.

Rich
1 month ago

Brightline is not safe it is using all tracks .It needs to be elevated in metropolitan areas
If not the accidents will continue.it is so fast and it gives no time to cross the tracks .how many people will die ?

RichBich
1 month ago

People need to get their heads out of their asses and pay attention to the gates and bells and flashing lights. It gives no time to cross the track to those dumb enough to go around the safety guards. Darwinism at its finest.

Anonymous
1 month ago

Nah, Brightline is carrying out a public service by taking these idiots off the road. The more cars Brightline trashes, the safer Miami’s streets become

Anonymous
1 month ago

Obvious to everyone but despised by those responsible for the poor plan of at grade lines

tampa tony
1 month ago

I guarantee the FEC railroad has been there longer than any resident, they should be use to railroad tracks by now.

Anonymous
1 month ago

“Elevated tracks in metropolitan areas”
Rich = drinking and delusional to reality.

Anonymous Cat
1 month ago

Better than what we currently have, though doing so would be rather expensive to do. Also, according to the proposal for the Coastal Link commuter rail service, a new bridge over the river just before Brightline’s Fort Lauderdale station, if the cantilever bridge option isn’t picked, would allow for it to be not as high as a regular bridge, a regular, non-moveable bridge would require the station to be rebuilt.

Miami Man
1 month ago

Completely avoidable if these idiots were to have heeded the train crossing warnings.

Not Anonymous
1 month ago

you don’t get it, do you?