Deal of the Year 2024: Brightline (Innovative Financing / Deal of the Year)

Brightline's $3.2 billion recapitalization marked a watershed moment in U.S. infrastructure finance. This financing included $4.5 billion of debt structured across three liens, attracting a diverse investor base and achieving investment-grade ratings. As the largest Private Activity Bond issuance for U.S. transportation, Brightline's deal has redefined financing for high-speed rail projects, supporting future expansion and setting the stage for similar large-scale infrastructure developments. By offering an innovative model, Brightline's recapitalization opened new financing pathways in the rail and transit sector, demonstrating how strategic financial structures can power transformative projects.