BAA, the British airports operator that belongs to Spanish construction conglomerate Ferrovial, has transferred a debt package provided by the European Investment Bank into a ring-fenced structure, as part of its £10bn (€12.6bn) refinancing that it aims to complete by mid July.

In a joint statement to the London Stock Exchange this morning, BAA and the EIB said they would transfer the debt into a ring-fenced securitisation structure backed by BAA assets. The debt EIB makes available to BAA will also increase by £50m to £439m, they said.