All Aboard Florida gets another year to issue $1.75B in bonds



All Aboard Florida has until Jan. 1, 2017 to issue private activity bonds for Brightline, the company’s passenger train system. (Source: The Bond Buyer)

From The Bond Buyer: The U.S. Department of Transportation gave Florida’s private passenger train builders another year to issue $1.75 billion of private activity bonds to partially finance the $3.5 billion project.

All Aboard Florida tried unsuccessfully to privately place the non-rated, tax-exempt bonds in the final months of last year amid turmoil in the high-yield market.

The USDOT initially approved the PAB allocation – which is the largest ever – in December 2014, ordering the bonds to be issued by July 1, 2015.

The agency later granted a six-month extension requiring the debt be issued by Jan. 1, 2016.

“USDOT has extended the allocation of private activity bond authority for the All Aboard Florida project until Jan. 1, 2017,” an agency spokesperson said in a brief statement…

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