BAA, the airport authority acquired by Spanish conglomerate Ferrovial in 2006, has taken another step toward the completion of a refinancing of its debt after a majority of the providers of a £2bn (€2.5bn) loan facility agreed to a number of technical amendments.

The refinancing process, which BAA had intended to conclude last year, involved seeking agreement from bondholders to exchange existing bonds for new securities linked to a new investment grade, ring-fenced entity backed by certain assets part of the BAA group.