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Sydney Airport Said to Delay Exchange Offer for Bonds Due in 2011, 2012

Sydney Airport Corp. delayed a potential exchange offer for its bonds due in November 2011 and October 2012 due to market conditions, according to a person familiar with the plan.

The airport may still proceed with the offer if conditions improve, the person said, asking not to be named as the plans are private.

Sydney Airport is considering buying back the 2011 and 2012 notes, which total A$680 million, and issuing new debt, it said in an April 30 statement. The airport will only proceed “if it is able to achieve attractive and competitive commercial terms,” it said in the statement.

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net

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