Infrastructure

The new debt is a "bridge loan" until the company can raise fresh financing, a bondholder said.

The deal combined the benefits of a green designation with a massive, highly visible airport project.

Bond issuers in the water sector are concerned about a reduction in WIFIA loan closings as some point to competition from municipal bonds as a cause for a decline in their popularity.

Legislation authorizing $1.5 billion of revenue bonds, along with fee and tax hikes, could return for a second try in 2026.

The bill was co-sponsored by Rep. John Garamendi, D-Calif.

Cities and states are showing budget resilience as pressure from inflation, slowing revenue growth, and the end of federal pandemic fuels concerns about an uncertain future.

Bonds have traded up since the company last week announced a tentative bondholder deal and project update and financing details.

Meridiam, ACS Infrastructure Development, Sacyr Infrastructure USA LLC and Plenary Americas are among the firms that have signaled interest in the project.

The deal would give the company time to seek additional equity, debt and federal funds.

The railroad corporation's bond financing used a creative risk transfer approach to replace a crumbling cruise ship dock and terminal building.