The Millennium Stadium opened in 1999 for the Rugby World Cup

WRU Chief Executive David Moffett said the agreement allowed "a level of financial certainty" not in place since the stadium opened in 1999.

The deal follows talks with Barclays Bank, BT and Cardiff City Council.

Meanwhile, the Millennium Commission has granted permission for the stadium to be renamed as long as "millennium" remains in the name.

Mr Moffett said he was delighted with the agreement, which followed 14 months of discussions.

We have an opportunity to get a main partner for the Millennium Stadium, which we intend to do David Moffett, WRU Chief Executive

The WRU's debt is now �55m, �45m of which it will repay over the next 35 years.

The other �10m will be a non-accruing debt, which means there will be no interest or repayment as long as the stadium remains in the WRU's hands.

The deal means the WRU has paid off its debt to BT.

"We have all worked extremely hard to deal with the myriad of complexities that inevitably arise in such situations," he said.

The stadium has become a major Welsh landmark

He added that the deal would also provide the WRU with "some reasonable cashflow".

Mr Moffett added: "Now we have an opportunity to get a main partner for the Millennium Stadium, which we intend to do."

WRU chairman David Pickering said the refinancing package had "secured the future viability of the Millennium Stadium and the Welsh Rugby Union as an entity".

In response, Simon Moore, from Barclays Regional, said the bank had recognised "the special nature of the situation and the importance of the Millennium Stadium and Welsh rugby to Wales".

"We worked together to find a solution that meets the needs of all parties, and remain supportive of David Moffett and his team," he said.