The under-fire owner of Britain’s biggest airports yesterday announced the completion of a £13 billion refinancing package.

BAA, which operates seven British airports including Heathrow, Gatwick and Stansted, said the long-term loan facilities included funding for “immediate” improvement projects.

The Spanish-owned firm said £2.75 billion had been earmarked for “muchneeded capacity expansion” and to “improve the passenger experience” at Gatwick, Heathrow and Stansted, with another £255 million for Southampton, Glasgow, Aberdeen and Edinburgh airports.

Its announcement comes in the week the Competition Commission is expected to recommend the break-up of the company, possibly through the sale of Gatwick. BAA was bought in 2006 by Spanish consortium Ferrovial for £10.3 billion.

Chief executive Colin Matthews said the moves ensured BAA had the right financial structure to deliver its investment programme to expand airport capacity, build new facilities and provide “a better service to passengers and airlines”.

He added: “This is the largest financing of its kind ever completed and the fact that a landmark transaction of this size and complexity has been completed in challenging credit markets is a testament to the strength of the business and the confidence of the financial markets in BAA and its airports.”