SAN FRANCISCO — San Francisco International Airport last week used a tender offer to refinance as tax-exempt about $120 million of private-activity bond debt that had been subject to the alternative minimum tax, making it the first airport to successfully pull off the maneuver.

The federal stimulus package, the American Recovery and Reinvestment Act, allows private-activity bond issuers to sell tax-exempt debt instead of AMT debt for two years. The legislation also allowed issuers to refund AMT bonds issued from 2004 to 2008.

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