Virgin Group aims to raise $900 million for rail service bid, company says

Rishabh Jaiswal - Reuters - 09/03
British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its plan to launch cross-channel rail services as it looks to compete with Eurostar, the company said on Sunday.
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March 9 (Reuters) - British billionaire Richard Branson's Virgin Group aims to raise 700 million pounds ($900 million) to fund its plan to launch cross-channel rail services as it looks to compete with Eurostar, the company said on Sunday.
Virgin, which used to operate intercity train services in Britain, plans to launch services that would connect London with Paris and Brussels. It would also extend to Amsterdam in the future.
Virgin Group intends to raise 300 million pounds in equity and 400 million pounds in debt, the company told Reuters, confirming a report in Financial Times, which was the first to report on the news.
It also plans to be a cornerstone equity investor in the project.
Virgin's plans are for a high-frequency service, which would be the first direct rival to Eurostar's 30-year-ol...
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