Ed
06-23-2008, 06:13 AM
Port Canaveral OKs $32M loan
Scott Powers
Jason Garcia and Sara K. Clarke, Sentinel Staff Writers
June 23, 2008
Port Canaveral approved a $32 million loan last week, setting into motion its plan to upgrade the terminal that services Disney Cruise Line.
The port authority took the unusual step of pursuing bank financing because of the difficulty in finding affordable rates in the bond market. The move helped the port save hundreds of thousands of dollars on upfront costs, port officials said.
Three banks bid on the loan, with SunTrust eventually getting the contract, due in part to its flexible prepayment terms.
The terminal renovations will accommodate Disney's new, larger cruise ships, which will each be able to hold about 4,000 people. The first of the two ships is expected to arrive in 2011. That puts the port's construction on a tight timeline, though Canaveral Chief Executive Officer Stan Payne said things are moving along on schedule.
:cool:
Scott Powers
Jason Garcia and Sara K. Clarke, Sentinel Staff Writers
June 23, 2008
Port Canaveral approved a $32 million loan last week, setting into motion its plan to upgrade the terminal that services Disney Cruise Line.
The port authority took the unusual step of pursuing bank financing because of the difficulty in finding affordable rates in the bond market. The move helped the port save hundreds of thousands of dollars on upfront costs, port officials said.
Three banks bid on the loan, with SunTrust eventually getting the contract, due in part to its flexible prepayment terms.
The terminal renovations will accommodate Disney's new, larger cruise ships, which will each be able to hold about 4,000 people. The first of the two ships is expected to arrive in 2011. That puts the port's construction on a tight timeline, though Canaveral Chief Executive Officer Stan Payne said things are moving along on schedule.
:cool: