With the opening of the $3 billion Denver International Airport less than a year away, city officials are studying the possibility of refinancing some of its high coupon debt.

Gennifer Sussman, finance director for the airport, said Denver may not be ready to proceed with the synthetic refundings until after the projected October opening.

"One of the issues is whether to do it before the opening of the airport," she said last week.

While she could not yet say which issues would be targeted, the most likely candidates are the city's Series 1991 A bonds that were sold at the height of market concern over the project.

That $500 million issue sold by a group led by Goldman, Sachs & Co. was priced shortly after one of the airport's largest users, Houston-based Continental Airlines, filed for Chapter 11 bankruptcy Protection.

Despite market concerns, Denver sold $1 00 million more than it had planned in April 1990. The offering carried a maximum yield of 9.185% for term bonds of 2023 priced at 95 1/2 as 8 3/4s. The return was about 100 basis points above the yield on a 30- car Treasury bond.

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