LONDON (AP) - Airports operator BAA Ltd. said yesterday that it had successfully completed the refinancing of some £13.3 billion ($24.8 billion) of debt in the biggest transaction of its kind - just days before Britain's anti-trust regulator is tipped to recommend the sale of one or more of its seven airports.

BAA, which was bought by Spain's Ferrovial SA in 2006, said the refinancing of its British airports included £3 billion ($5.6 billion) for immediate new investment.

"The successful completion of the refinancing and establishment of the long-term funding platform ensures that BAA has the right financial structure to deliver our ambitious investment programme to expand airport capacity, build new facilities and provide a better service to passengers and airlines," said BAA chief executive Colin Matthews.

The refinancing report comes shortly before the Competition Commission is due to publish provisional findings about BAA's near monopoly in airport ownership in Britain.

BAA Chairman Nigel Rudd said over the weekend that he expects the Competition Commission to this week order BAA to sell Gatwick or Stansted - or possibly both - and one of its Scottish airports after hinting at required divestments in an April report. BAA owns Heathrow, Gatwick and Stansted in London, Glasgow, Edinburgh and Aberdeen airports in Scotland, and Southampton in southern England.

Several airlines have long been pushing for the break up of BAA's stranglehold on airports. The company handles about 90 percent of passenger flights taking off or landing in southeast England and 63 percent of all flights to and from Britain.

Among the potential buyers for BAA airports are the Manchester Airport Group and Global Infrastructure Partners, the joint venture between Credit Suisse and General Electric's GE Infrastructure fund, which took a stake in London City airport in 2000.

Also named by analysts are Germany's Hochtief, which bought Budapest from BAA, and Australia's Macquarie Group, which owns Brussels and Copenhagen airports.

However, Collins Stewart analyst Andrew Fitchie said that reports suggesting that Gatwick has a £3 billion ($6.2 billion) price tag were "quite incredible".

Mr. Fitchie added that he expected the Competition Commission's interim report to propose a range of options, including both a break-up of the monopoly and/or tougher regulation. The commission's final report is not due before March 2009.

On the debt financing, BAA said it raised £7.6 billion ($14.2 billion) of bank facilities and that holders of £4.5 billion ($8.4 billion) of bonds transferred the notes to a unit backed by income from its London airports.

It raised a further £1.25 billion ($2.3 billion) linked to airports outside the capital.