Banks Launch $2.75 Billion Loan Sale for BP Castrol Buyout (1)

Banks have kicked off a $2.75 billion leveraged loan sale that is part of a roughly $4 billion financing package backing Stonepeak Partners’ acquisition of a majority stake in BP Plc’s Castrol division.

The dollar- and euro-denominated leveraged loans were launched for syndication after having already been pre-marketed. A call with investors is scheduled for Tuesday at 9 a.m. New York time, according to a person with knowledge of the deal, who asked not to be identified because the matter is private.

A high-yield bond sale is expected to follow, the person said. There is likely to ...