BAA secures £2.75bn refinancing

Airports operator BAA said it had completed a £2.75bn refinancing of its loan facilities for Heathrow and Stansted airports in London.

BAA, owned by Spanish group Ferrovial, said the new deal was made up of £2bn in credit and £750m in standby facili- ties.

The new credit facilities mature in June 2017, and replace similar facilities that were due to mature in August 2013.

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The owner of London Heathrow – Europe’s busiest airport – said the bank deal would support its investment programme at Heathrow as well as its capital market activities.

“These new facilities provide BAA with the very strongest base for our investment programme to continue to improve Heathrow’s critical infrastructure,” BAA’s director of treasury Fred Maroudas said.

“We have put together a new bank group that includes a carefully selected blend of the leading banks from the UK, continental Europe, the US, Canada and Australia.”