In a team led by partners David Narefsky, George Miller, and David Bakst, Mayer Brown advised Morgan Stanley on a groundbreaking transaction that refinanced debt originally incurred to support design, development, and construction of Brightline Florida, a high-speed passenger rail system connecting major population centers in the State. As the first privately owned passenger rail system to be developed in the US in a century, Brightline is transforming one of the nation’s most heavily traveled transportation corridors on the East Coast. This transaction won several awards across different publications listed below.
The deal received The Bond Buyer’s “Deal of the Year” and “Deal of the Year” in the Innovative Financing category, which recognize exceptional transactions for their creativity, execution, public impact, and ability to serve as benchmarks for other financings. "As the largest private-activity bond issuance and first investment-grade debt for American high-speed rail, this financing restructured $4.5 billion of debt across three liens, achieving a new standard for multi-modal transit funding,” cited The Bond Buyer. “Brightline’s deal opens new avenues for large-scale infrastructure projects in a traditionally underserved financing sector."
Additionally, the transaction received Smith's “All-Star Deal of the Year” by Smith's Research & Gradings. The Smith's Municipal All-Star Program consistently and prominently provides recognition to transactions in the municipal space.
The deal was also named “Best Transportation Project” at the 2024 P3 Bulletin’s Annual Awards, which recognize outstanding achievements in public-private partnerships across the Americas. Finally, Mayer Brown's exemplary work on the Brightline project was also a key factor in the firm earning Law360’s 2023 'Transportation Group of the Year' designation.