The U.S. Virgin Islands is holding out for better market conditions on its roughly $250 million rum-tax bond deal that will help finance production of Captain Morgan brand rum in St. Croix.

The Virgin Islands Public Finance Authority plans to issue in the fall up to $250 million of tax-exempt debt for a new distillery. Officials originally planned to sell the bonds earlier this year, but will now wait for a stronger market, according to Julito Francis, the VIPFA's director of finance and administration.

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