By Romy Varghese, Bloomberg, Yahoo! Finance; August 26, 2020
(Bloomberg) — A company backed by Fortress Investment Group’s private-equity funds got the go-ahead Wednesday from the California Infrastructure and Economic Development Bank to get reimbursed for the cost of a Las Vegas rail project from a future bond sale, even though it failed to answer questions from California’s finance department.
The permission is a step forward for the venture that goes by the name of DesertXpress Enterprises in California and Nevada. It doesn’t yet have the authorization to sell the estimated $1.65 billion in debt, although at least one of the required approvals could occur in early 2021, according to a report by the authority that issues municipal debt for private borrowers.