Bondholders granted Brightline, which runs a 235-mile private railroad between Miami and Orlando, a roughly two-month “grace period” on an interest payment due on its commuter bonds on Feb. 17.
The Fortress Investment Group-backed railroad will be penalized with a 2% step-up in the interest during that time, according to a filing on Tuesday. The grace period for the interest payment was extended to April 15.
“The borrower did not make the interest payment due on February 17, 2026, and, accordingly, such grace period has commenced,” the filing said.
The $985 million of debt is backed by future commuter rail-access ...