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[QUOTE]Originally posted by Gilbert B Norman: [QB] The[URL=https://www.palmbeachpost.com/news/20190206/hefty-debt-station-naming-rights-takeaways-from-virgin-trains-ipo] Palm Beach Post[/URL] has now reported on the IPO and has come to same conclusion as have I. Fair Use: [i][list] [*]Virgin Trains expects to raise net proceeds of $467.8 million in the IPO. The company already has $700 million in debt, and it’s looking to borrow $2.3 billion to fund its expansions from West Palm Beach to Orlando and Tampa, and also for a proposed line connecting Los Angeles and Las Vegas. That’s after Brightline missed two 2018 deadlines to raise $1.15 billion in a sale of tax-exempt bonds. “We are currently in discussions for a commitment for a one-year bridge loan facility (subject to a one-year extension) to permit us to borrow up to $2.3 billion aggregate principal amount,” the company says. “We do not yet have a commitment for such bridge loan facility.” Virgin Trains has yet to hire a contractor to connect West Palm Beach to Orlando. The company says it aims to open service between West Palm Beach and Orlando International Airport in three years, placing the launch date in 2022. “We have not yet entered into certain construction contracts for the completion of the North Segment, including contracts for the construction of rail infrastructure and our Orlando vehicle maintenance facility, as well as contracts for the completion of signage, off-site roadway work and utility connections,” Virgin Trains says..[/i] [/list] Again I must note. The IPO, if successful, will only raise a small portion of the funds needed to build out to MCO - never mind the rest? Finally, Sir Richard is a showman. He is not King Midas. [/QB][/QUOTE]
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