PAG, a prominent asset manager in Asia, has obtained a $375 million buyout loan from four major banks for its purchase of Manjushree Technopack Ltd., the largest provider of rigid plastic packaging in India.
This financing arrangement involves Barclays Plc, DBS Group Holdings Ltd., Goldman Sachs Group Inc., and Standard Chartered Plc, who are underwriting the loan for a period of five years.
It is expected that the loan will be later syndicated to the broader market, reflecting PAG's strategic move to strengthen its portfolio in the Indian market.
This acquisition is a significant milestone for PAG as it continues to expand its presence in the growing packaging industry of the region.