Several companies have their eyes on Gatwick and other UK airports which the BAA may be forced to sell.

Manchester Airports Group is said to be considering Glasgow Airport, with a host of international firms eyeing Gatwick Airport, including Germany's Hochtief and Australia's Macquarie.

In the meantime, Spanish-owned BAA, which operates seven UK airports, has unveiled a £13 billion refinancing plan.

The BAA said the new long-term loan facilities included funding for "immediate" improvement projects across its portfolio.

Almost £3 billion has been earmarked for "much needed capacity expansion" and to "improve the passenger experience" at Gatwick, Heathrow and Stansted, with another £255 million for its other hubs of Southampton, Glasgow, Aberdeen and Edinburgh.

The refinancing 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."

The group's refinancing package, which repays the acquisition facilities put in place in 2006, includes new debt funding from a raft of banks including HSBC and Royal Bank of Scotland.

As well as the previously announced £3 billion of working capital for the improvements, it includes £4.5 billion of long-term bonds and £4.4 billion of new bank facilities.

BAA chairman Sir Nigel Rudd revealed at the weekend that he expected the Competition Commission to recommend the sell-off of Gatwick or Stansted - or both - together with one of the Scottish airports.

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