Full Text
2/4/2019 Virgin Trains’ next step: IPO I News I avpress.com 1/3 8b3e04cb6918.html FEATURED Virgin Trains’ next step: IPO By ALLISON GATLIN Valley Press Sta× Writer 10 hrs ago FAST TRACK — The company that could bring a high-speed rail connection between Las Vegas and Palmdale, Virgin Trains USA, announced this week it is going public with an initial public stock o×ering intended to raise some $500 million. Photo courtesy Brightline/Virgin Trains USA PALMDALE — Virgin Trains USA, the private Òrm that is planning high-speed rail service between Las Vegas and Victorville and eventually extending the line to Palmdale, announced plans this week for an initial public stock o×ering in hopes of raising some $500 million. The company, originally Brightline, operates pas sen ger rail service be tween Miami, Fort Laud - erdale and West Palm Beach and plans to expand into Or lan do and Tampa. ---PAGE BREAK--- 2/4/2019 Virgin Trains’ next step: IPO I News I avpress.com 2/3 In November, Virgin Group announced a strategic partnership and minority investment in Brightline, which in cludes new branding, as Bright line becomes Virgin Trains USA this year. Taking the company public is the next step in its evolution, as the company announced Jan. 30 an initial public o×ering of more than 28 million shares of stock to be traded on the Nasdaq exchange. “This is a giant leap forward for this exciting project, bringing us closer to making this a reality. The economic development and intermodal transportation opportunities this will bring to the entire region is limitless,” Palmdale Mayor Steve Hofbauer said of the Virgin Trains USA stock o×ering. “This also makes our work take on additional urgency at the city of Palmdale, with our partners on the High Desert Corridor and our other stakeholders, to complete the link to our regional transit center for access to L.A. through Metrolink, and beyond through our airport,” he said. In September, Brightline announced it had acquired Xpress West, the high-speed rail project that has a federally approved cor rid or between Las Vegas and Vic tor ville, with plans to con tin - ue the line to Palm dale, where it will connect with other trans por tation services. It will take over devel opment, construction and oper ation of the proposed high-speed line, which would travel on a 185-mile right-of-way along In ter state 15 in its Òrst phase, with no at- grade or ped estrian crossings. Construction is expected to begin this year and the company plans to begin ini tial service in 2022, ac cord ing to a company state ment. The company said future plans are to expand into the Los Angeles area, but no speciÒc destination is cited, only that planning for additional stations and con nec tivity to Metrolink and the California High-Speed Rail is underway. To share your opinion on this article or any other article, write a letter to the editor and email it to [EMAIL REDACTED] or mail it to Letters to Editor, PO Box 4050, Palmdale CA 93590-4050. [EMAIL REDACTED] ---PAGE BREAK--- 2/4/2019 Virgin Trains’ next step: IPO I News I avpress.com 3/3