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| France's Vinci completes financing for stadium concession contract Le Mans Stadium (LMS), the concession company held by Vinci Concessions, has completed the financing package for the Le Mans Stadium concession contract, worth a total of €102 million. The financing package includes €39 million in senior debt without recourse to the shareholder over a maximum of 33 years, plus an €11 million capital injection from the concession company's shareholder. The package is supplemented by a €49 million subsidy from local authorities, including the City of Le Mans (€31.48 m), the Region of Pays de la Loire (€8.76 m) and the Department of the Sarthe (€8.76 m). Funding is completed by an initial €3 million payment from MMA (Mutuelle Mans Assurances) in return for the "naming" contract. MMA will also pay €1 million a year for the first ten years of operation. This "naming" component is an original feature of the financing package for the stadium, which will be called the "MMArena". The concession contract covers design, financing, construction and operation of the "MMArena", a 25,000-seater stadium that will be used by the town's home football club, "Mans Union Club 72". write your comments about the article :: © 2008 Construction News :: home page |