Alaska Railroad Corporation’s Cruise Port Revenue Bonds financed a new passenger terminal and dock at the Port of Seward — critical infrastructure for one of the world’s top cruise markets. The plan of finance insulated the Railroad from construction risk by purchasing the project only after substantial completion, paired with ARRC equity and a long-term pier agreement with Royal Caribbean that set minimum passenger guarantees. Despite market volatility, a focused two-week investor outreach generated over $360 million in orders, tightening yields and delivering a strong all-in cost for an AMT, BBB-rated credit partially wrapped with bond insurance.