Absa Capital has acted as the sole bankroller for a $115m facility for MultiChoice Africa and MultiChoice Africa Holdings.

According to Absa, the corporate and investment banking division of Absa Bank, the transaction was highly successful, achieving a tight margin and oversubscription in a market characterised by volatility.

The new structure allows MultiChoice Africa to increase the amount of the financing in various jurisdictions and currencies within the same umbrella structure, thus significantly minimising costs and the execution line for future financings.

David Renwick, head of global finance at Absa Capital, said the “transaction demonstrates the strength of our continued relationship with MultiChoice, and the ability of Absa Capital to successfully lead transactions in a volatile market environment.”

Multichoice is a division of Naspers. It holds major TV rights in sports broadcasting across Africa.