Florida's Brightline has struck a restructuring agreement that will infuse the private high-speed passenger train service with $490 million in new capital while also lowering its debt.
Assured Guaranty said on Friday that the financing commitments include $350 million of new junior debt and $140 million of additional senior debt.
Assured said that Brightline Trains Florida LLC, which runs the train service, has not filed for Chapter 11 bankruptcy protection, but that certain other Brightline Florida entities did file for such protection.
Brightline said that its Miami-to-Orlando high-speed rail operations will not be impacted.
The company has seen its ridership grow 14% for the year-to-date through August, with revenue up 17% for the same period when compared with last year.
“Brightline is a critical part of Florida’s transportation network that has changed the way people move around the state," Brightline Florida CEO Patrick Goddard said in a statement. “Today’s agreement brings $490 million in new long-term capital to Brightline from the stakeholders who know this business, and it comes at a time of real momentum.”
Brightline first began running its trains between Miami and Orlando in 2023. The company began running its neon-yellow trains between Miami and West Palm Beach in 2018.
