Navigation Greenberg Traurig Advises on 2024 Bond Buyer Deal of the Year
Global law firm Greenberg Traurig, LLP served as Bond Counsel to Brightline Trains Florida on its $3.2 billion private activity bond issuance, earning The Bond Buyer’s 2024 Deal of the Year. The deal, noted by The Bond Buyer as a “transformative moment in U.S. infrastructure financing,” was awarded Deal of the Year at an awards ceremony held Dec. 3 in New York.
Brightline’s recapitalization was the largest private activity bond issuance for a U.S. transportation project, and has paved the way for similar, large-scale financings in the transit sector. The innovative, multitiered financing model used in the deal enabled Brightline to broaden its investor base across the investment grade and high-yield capital markets. In addition to the $3.2 billion of tax-exempt bonds, the transaction included over $1.3 billion of high-yield taxable notes, $775 million in preferred equity, and over $100 million in taxable credit facilities, refinancing an aggregate of over $5 billion in debt. This bespoke structure represents a departure from traditional financings for transit and transportation projects and sets a new standard for the funding and development of infrastructure projects in the United States.
Brightline’s rail service, connecting Miami to Orlando, Florida, is the first privately owned and operated intercity passenger rail system built in the United States in a century. The project runs a total of 235 miles with up to 36 one-way trains daily that are capable of speeds up to 125 miles per hour.
