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| Vinci-led consortium signs contract for Greek motorway The Apion Kleos consortium, led by Vinci with 36%, signed the contract with the Greek government for the Athens-Tsakona motorway, the country's biggest motorway concession project. The other members of the consortium are Hochtief of Germany (25%) and three Greek companies, namely Elliniki Technodomiki-Aktor (18%), J&P-Avax (18%) and Athena (3%). The project calls for the financing, design, construction and/or repair of 365 km of toll motorway between Athens and Tsakona in the south-west of the Peloponnese, via Corinth and Patras. This breaks down into 82 km of existing motorway, 120 km to repair and widen, and 163 km to build. The project also calls for operating the motorway for 30 years. Since being announced preferred bidder in May 2007, the Vinci-led consortium has finalised the contract and prepared its financing. In addition to an initial subsidy from the Greek government and revenue from existing traffic, the financing package consists of three tranches totalling 1,685 million euros, i.e. 1,210 million euros of senior debt, 400 million euros from refinancing the government subsidy and 75 million euros of standby debt. This financing was entirely subscribed by the following lead banks: Alpha Bank, Calyon, Millennium bcp and Natixis. write your comments about the article :: © 2007 Construction News :: home page |