The Canaveral Port Authority today closed on a $42 million loan from PNC Financial Services Group to accelerate the development of a new cruise terminal and cargo facilities. The 3.14 percent interest rate loan has a term of 13 years and with the Port’s existing debt, will enable Port Canaveral to be debt free in 2023.

During its December Board meeting, the Commission voted unanimously to supplement its own revenues for the $100 million expansion program in order to move forward to take advantage of low construction costs.

“Because of our Commission’s action, we were able to close this loan quickly to secure very advantageous terms to support future development of the Port,” says Joe Matheny, Vice Chairman of the Canaveral Port Authority Commission.”

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

With more than $290 billion in assets, PNC is one of the largest financial services companies in the country.

RBC Capital Markets, which helped broker the deal for the Port, is a leading provider of financial services and is among the top 20 largest banks globally.