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Alaska Railroad Company’s Cruise Port Income Bonds financed a brand new passenger terminal and dock on the Port of Seward — crucial infrastructure for one of many world’s high cruise markets. The plan of finance insulated the Railroad from building threat by buying the mission solely after substantial completion, paired with ARRC fairness and a long-term pier settlement with Royal Caribbean that set minimal passenger ensures. Regardless of market volatility, a centered two-week investor outreach generated over $360 million in orders, tightening yields and delivering a robust all-in price for an AMT, BBB-rated credit score partially wrapped with bond insurance coverage.
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