On April 5, the Florida Development Finance Corp (FDFC) approved the issuance of new private activity bonds for construction of the line, which is due to open in 2021, in addition to the $US 1.75bn in bonds already approved last year.
Virgin Trains USA plans to eventually extend the line from Orlando to Tampa, with a possible stop at Disney World.
On February 14, Virgin Trains USA cancelled its planned IPO, saying it would pursue other fundraising options. Advised by Skadden Arps Slate Meagher & Flom LLP, Virgin Trains USA planned to offer 28.3 million shares priced between $US 17 and $US 19, which would have raised $US 510m at the midpoint of that range and established a market capitalisation of roughly $US 3.2bn, according to US Securities and Exchange Commission filings.
The approval came a day after Brightline began its transition to the Virgin brand. The company announced on November 16 2018 that the company had signed a 40-year strategic partnership and trademark licensing agreement with the Virgin Group.
Virgin Group founder, Mr Richard Branson, unveiled the rebranding of Virgin MiamiCentral transport hub with Virgin Trains USA president Mr Patrick Goddard.
Virgin Trains USA operates the only privately-owned passenger operation in the United States, and also plans to build and operate a line from Southern California to Las Vegas in addition to its Florida operations.
