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Baker Botts Represents U.S. Department of Transportation in $2.45 Billion RRIF Financing For New Amtrak High-Speed Trains

Release
NEW YORK , August 29, 2016 – The U.S. Department of Transportation announced the closing of a $2.45 billion loan to Amtrak under the Railroad Rehabilitation and Improvement Financing (RRIF) program. Proceeds from the loan will be used by Amtrak to acquire Tier III next generation high-speed trainsets for use on the Northeast Corridor between Boston and Washington, D.C. and to fund other facility improvements, safety mitigation and ride quality measures. 

The RRIF program generally provides direct federal loans and loan guarantees to finance the development of railroad and intermodal infrastructure. Eligible borrowers include railroads, state and local governments, government-sponsored authorities and corporations, joint ventures that include at least one of the other eligible entities, and limited option freight shippers who intend to construct a rail connection. The loan to Amtrak constitutes the largest financing to date under the program. 

Baker Botts represented the U.S. Department of Transportation in the transaction. 

Baker Botts Lawyers/Office Involved: Martin Toulouse (Partner, New York); Stuart Solsky (Partner, New York); and Clint Culpepper (Associate, Austin).

For more information, please see the news release relating to the transaction by clicking here

 

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