Royal Caribbean Cruises will become the guarantor on $16.5 million in bonds that the Bayonne Local Redevelopment Authority (BLRA) is planning to float on behalf of the cruise line, press reports said. The money will be used to help Royal Caribbean finance upgrades to its facilities at the New Jersey cruise terminal.
The BLRA is selling the bonds for Royal Caribbean because it was able to get a better interest rate as a public bond issue, reports said, while the deal will give Royal Caribbean long-term financing to pay off a 30-year construction loan.