BOCA RATON, FL (Boca Post) (Copyright © 2026) — Brightline’s Florida rail operation has cleared another near-term financing hurdle as disclosures tied to its bond structure show the company moving pieces around debt service and bond governance while it continues operating trains through South Florida, including daily service at the Boca Raton station.
In filings connected to Brightline Florida’s passenger rail project bonds, the Florida Development Finance Corporation and the borrower, AAF Operations Holdings LLC, documented a set of changes executed in mid-January that included swapping out the bond trustee and revising the bond documents to make future trustee replacements easier for bondholders.
The changeover removed Deutsche Bank National Trust Company from its roles as trustee, registrar, paying agent and transfer agent on two Brightline Florida project bond series and installed Wilmington Savings Fund Society, FSB as the successor trustee, effective Jan. 15, 2026. Alongside the trustee change, the parties executed a second supplemental indenture that, according to the notice, amended the prior indenture to allow “Majority Holders” to replace the trustee without the consent of the issuer or borrower.
Those governance changes landed as Brightline’s own monthly reporting for December 2025 highlighted both operating momentum and ongoing balance-sheet pressure tied to interest obligations.
In its December 2025 monthly revenue and ridership report, Brightline Florida reported record monthly ridership of 292,092 rides in December, including 124,780 short-distance rides and 167,312 long-distance rides. The report also showed December total revenue of $20.7 million, up from $18.2 million in December 2024, with year-to-date total revenue of $214.0 million for 2025.
The same report described several financing-related actions and discussions. It said the company used a portion of reserves in a debt service reserve account to fund an interest payment due Jan. 1, 2026 on Brightline Trains Florida LLC Series 2024 bonds, as permitted under those bond documents. It also stated that on Jan. 15, 2026, Brightline elected to defer an interest payment on AAF Operations Holdings debt as permitted under those bond documents, and that an amendment to $985 million commuter bonds removed, among other things, a requirement to cause AAF Operations Holdings to make an interest payment in cash.
Brightline’s monthly report also described continued efforts to raise equity through a previously announced global process, with proceeds described as intended for repaying principal and interest on higher-coupon debt at indirect parent entities and increasing cash reserves. The report further noted discussions around potentially incurring up to $100 million of additional debt, with proceeds expected to support ongoing operating needs and provide added liquidity in the event funds are needed to address potential adverse outcomes of certain litigation. The report emphasized that existing debt includes restrictive covenants that can limit additional borrowing and may require consent from certain debt holders.
For South Florida riders, the company’s operational snapshot underscored how central Boca Raton has become to the network. The December report stated that following service changes introduced in October, Boca Raton now sees more daily departures, with a large share of South Florida trains and Orlando-bound trains including a Boca stop.
At the same time, Brightline’s parent announced a major leadership reset for its next phase. Brightline said rail executive Nicolas Petrovic, a former Eurostar CEO, was appointed chief executive officer of Brightline Holdings LLC, succeeding Michael Reininger. Brightline said Reininger would continue with the company as managing director and a board member of Brightline West, focusing on the Las Vegas-to-Southern California project, while Petrovic would be based in Miami and focused on long-term value and growth for Florida operations. Brightline also announced Mauricio Anderson as the new chief financial officer of Brightline Holdings and its subsidiaries other than Brightline West.
What happens next will be watched closely by bond investors and Florida riders alike. The bond documents and monthly reporting show a company still running trains and growing ridership while actively managing liquidity, governance, and leadership at the same time.
For residents in Boca Raton and across Palm Beach County, the practical takeaway is that service continues, the Boca station remains a key stop, and the company is signaling that both its financing strategy and executive bench are in motion heading into 2026.
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