19 August 2008

BAA completes re-financing

Airports operator BAA has finalised a Ã&#pound;13.3 billion re-financing just days before the Competition Commission is due to rule on a potential break up of the company.

BAA chief executive Colin Matthews reportedly said the completion of the refinancing and the creation of a long-term funding platform ensured that the company ââ¬' owner of Heathrow, Gatwick, Stansted and Southampton plus three Scottish airports ââ¬' had the right financial structure to deliver an ambitious investment programme.

This included extending airport capacity, building new facilities and providing a better service to passengers and airlines.

The Daily Telegraph reported that there was growing speculation that the Competition Commission could go as far as stripping BAA of two of its three London-area airports when it announces the provisional findings of its probe into the company as early as tomorrow (Wednesday).

by Phil Davies 

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