Mobile is scrambling to find a replacement cruise liner because Carnival Cruise Lines has announced it will move its 2,052-passenger ship the Elation to New Orleans in October.
The move will leave the southern Alabama city without a cruise ship, but officials say they will try to find a replacement line, according to published reports.
In 2008, the city sold $22 million of general obligation warrants maturing from 2012 to 2030. Most of the debt was to refinance a loan obtained in 2004 to build a cruise terminal and parking facilities, and to pay for other cruise terminal projects.
Most of the outstanding bonds have continued to trade around par since March 11 when it was first reported that Carnival would leave.
A customer on Monday bought a block of $50,000 of bonds maturing in 2030 at 101.20 to yield 5.28%.
The bonds are rated A1 by Moody’s Investors Service and AA-minus by Standard & Poor’s.
