Virgin Trains USA LLC Announces Launch of Initial Public Offering

NEW YORK--(BUSINESS WIRE)--Virgin Trains USA LLC (NASDAQ: VTUS) (“Virgin Trains” or the “Company”) announced today an initial public offering of 28,334,000 shares of common stock (the “shares”), pursuant to a registration statement on Form S-1 (including a prospectus) previously filed with the Securities and Exchange Commission (the “SEC”). The current expected initial public offering price is between $17.00 and $19.00 per share. In addition, Virgin Trains intends to grant the underwriters a 30-day option to purchase up to an additional 4,250,100 shares at the initial public offering price, less underwriting discounts and commissions. The shares will be listed on the Nasdaq Global Select Market (the “Nasdaq”) under the ticker symbol “VTUS.” Prior to the start of trading on the Nasdaq, Virgin Trains USA LLC will be converted to a Delaware corporation, which will be named Virgin Trains USA Inc.

Barclays, J.P. Morgan and Morgan Stanley are acting as lead book-running managers for the proposed offering. Additional book-running managers are BofA Merrill Lynch and Allen & Company LLC. Co-managers are JMP Securities, Raymond James and Stephens Inc.

The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from:

Barclays Capital Inc.
Attention: Prospectus Department
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Email: barclaysprospectus@broadridge.com

J.P. Morgan Securities LLC
Attention: Prospectus Department
c/o Broadridge Financial Solutions
1155 Long Island Avenue,
Edgewood, NY 11717
Telephone: (866) 803-9204
Email: prospectus-eq_fi@jpmchase.com

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

Important Information

A registration statement, including a prospectus which is preliminary and subject to completion, relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Virgin Trains USA LLC.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Virgin Trains USA LLC

Launched in 2018, Virgin Trains USA is the only privately owned and operated intercity passenger rail service in the United States. Providing fast, efficient, hospitality driven transportation featuring the latest in customer-friendly amenities, Virgin Trains USA currently operates in Florida between Miami, Fort Lauderdale and West Palm Beach, with plans to expand into Orlando and Tampa. The Company recently announced that it intends to begin construction in 2019 on a new express service connecting Las Vegas to Southern California.