Article/Intelligence
Brightline Florida Passenger Rail Bondholders to Discuss Potential Rollover of $985M Series 2025A Revenue Bonds Ahead of Aug. 13 Mandatory Tender Date; Split Market Views on Spillover Impact on Brightline West
Existing Brightline bondholders are discussing the structure and terms of Brightline Florida’s impending Aug. 13 mandatory tender of its $985 million Series 2025A revenue bonds, according to sources close to the deal.
Nuveen, First Eagle Investments and Invesco are among some of the largest holders of the debt, according to sources.
Yesterday, the Florida Development Finance Corp., which is the issuer of the Series 2025A bonds, disclosed a preliminary remarketing memorandum for Brightline Florida Passenger Rail’s $985 million Series 2025B revenue bonds, which will pay the tender price for the Series 2025A revenue bonds.
Sources caution, however, that the mandatory tender is just one of the liquidity challenges the company faces in the coming months, as it aims to raise a “substantial amount of equity,” take on potential bridge financing and refinance taxable debt to tax-exempt debt.
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