Junk-Bond Sales Begin to Help Fund Castrol, Amex GBT Buyouts

A pair of junk-bond deals to help fund leveraged buyouts hit the market on Monday, after concurrent loan offerings were launched last week to partially finance those acquisitions.

The equivalent of $1 billion in dollar and euro notes are being offered to finance Stonepeak Partners’ purchase of a majority stake in BP Plc’s Castrol division, as well as a $1 billion note to partly finance the acquisition of Global Business Travel Group Inc., according to people familiar with the matter who asked not to be identified.

Initial price talk for Castrol’s dollar bond is in the mid-to-high ...