Refinancing deal for BAA

British airports operator BAA has completed a £2.75 billion refinancing of its loan facilities for Heathrow and Stansted. BAA, owned by Spanish group Ferrovial, said the new deal was made up of £2bn in credit and £750 million in standby facilities. The new credit facilities mature in June 2017, and replace similar facilities that were due to mature in August 2013. BAA said the deal would support its investment at Heathrow as well as its capital market activities. These facilities provide BAA with the strongest base for our investment to improve Heathrow s infrastructure, BAA s director of treasury Fred Maroudas said.