Virgin Trains USA is seeking approval of state authorities in California and Nevada to sell up to $3.6 billion in tax-exempt bonds for a proposed high-speed rail line linking Las Vegas and Southern California.
Virgin has submitted an application to California’s Debt Limit Allocation Committee to borrow $2.4 billion in unrated private activity bonds. The agency is expected to review the application in September.
The rail operator has also sought approval from Nevada authorities to sell $1.2 billion in bonds in that state.
It used bond sales to raise $1.75 billion to expand its existing intercity rail service in Florida, which currently operates between Miami and West Palm Beach that Virgin plans to extend to Orlando.
In the West, Virgin plans to initially operate between Las Vegas and Victorville, California, which is located 80 miles east of downtown Los Angeles.
Amtrak in the Heartland 
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