Brightline is now trying to convert $950 million in short term debt issued last year into long term bonds, in a deal expected to close today. The funds are being used to finance construction of the line to Orlando.
The company also expects that a deal for local commuter rail service will be highly profitable to investors.
Brightline said that after deals are concluded with Miami-Dade and Broward for local service, they should then be able to securitize the 30-year access fee with the government for $625 million.
Investors are also being told that there will be high levels of ridership and revenue within a few years.
Revenue from each passenger is expected to average $80 in 2024, the first full year of stabilized operations, according to Bloomberg.
In total, 9.9 million passengers are expected to ride the service in 2024, bringing a total of $792 million in revenue.
In 2019 (with Orlando not yet open and service not yet stabilized), Brightline had 1 million passengers with average revenue of about $22 per passenger.