Banks Ready $3.75 Billion Debt Sale to Back BP Castrol Buyout

Banks are preparing to sell $3.75 billion in debt to back Stonepeak Partners’ acquisition of a majority stake in BP Plc’s Castrol division, taking advantage of a hot credit market...

By Claire Ruckin · Bloomberg Markets

Banks are preparing to sell $3.75 billion in debt to back Stonepeak Partners’ acquisition of a majority stake in BP Plc’s Castrol division, taking advantage of a hot credit market to offload risk long before the deal is expected to close.