BAA refinances airport loans

Airports operator BAA said yesterday 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 facilities. The new credit facilities mature in June 2017, and replace similar facilities that were due to mature in August 2013.