Port Canaveral Gets $42 Million Facilities Loan

The Canaveral Port Authority closed on a $42 million loan to help fund the $100 million construction of two cargo piers and a cruise terminal at Port Canaveral.

The Florida port will fund the rest of the program from revenue and will be debt-free in 2023 after the new loan is paid off. The loan from PNC Financial Services Group is for 13 years at 3.14 percent interest.

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“This well-timed financing allows us to expedite projects and bring them online sooner in order to grow our business,” said Port Canaveral CEO Stan Payne. “Just when the economic recovery should be moving forward at a steadier pace, we will be ready.”

-- Contact Joseph Bonney at jbonney@joc.com.