Confidential High-Speed Rail System Upgrade RRIF Loan Application Review

PFAL was a financial advisor to the Railroad Rehabilitation and Improvement Financing (“RRIF”) Program, the Federal Railroad Administration’s subsidized loan program.The program provided direct federal loans and loan guarantees to finance the development and improvement of railroad infrastructure.

PFAL was the appointed independent financial advisor to the US Department of Transportation’s credit committee for the review of a confidential multi-billion dollar RRIF loan application for a high speed passenger rail service. James Littlefair led the team performing due diligence to determine risks associated with diversion of pledged revenue, the relative health of the subject system, evaluating how the Borrower would meet the statutory requirements of the RRIF program, and recommending specific loan agreement provisions to the US DOT.

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