Brightline West Reaches Deal on Debt Swap With Bondholders (2)

The Fortress Investment Group-backed company building a high-speed passenger rail line between Southern California and Las Vegas reached an agreement with holders of more than half of its $2.5 billion debt to swap out bonds and give the company more time to secure new financing.

Investors who agree to participate will get bonds that come due in November 2026, according to a person familiar with the matter. The company is facing a mandatory tender deadline at the end of this month to complete a financing plan or be forced to buy back the debt at a premium.

Under the ...