Britain's Spanish-owned airports operator BAA said Monday that it has completed a major restructuring of its debt which totals 13.3 billion pounds (16.8 billion euros, 24.8 billion dollars). "BAA is today (Monday) pleased to announce the successful completion of the 13.3-billion-pound refinancing of its United Kingdom airports," BAA said in an official statement.
"The transaction establishes a stable, long-term, investment grade financing platform for investment in Heathrow, Gatwick and Stansted airports over the coming decades." BAA runs Gatwick, Heathrow and Stansted airports which border London, as well as Southampton airport in south-east England, and Edinburgh, Glasgow and Aberdeen in Scotland.
"Included in the 13.3 billion pounds is 3.0 billion pounds of committed facilities to fund immediate investment projects across the seven UK airports," it added. Spanish construction group Ferrovial bought the group for 10.23 billion pounds in 2006.