Stepan Company, a manufacturer of specialty and intermediate chemicals, entered into credit agreement providing for a five-year committed $350 million multi-currency revolving credit facility and a $100 million delayed draw term loan facility with a syndicate of banks. JPMorgan Chase Bank and BofA Securities acted as joint lead arrangers. The credit facilities mature on June 24, 2027. The credit agreement allows Stepan to make unsecured borrowings, as needed, for working capital, acquisitions, capital expenditures and general corporate purposes. This credit agreement replaces Stepan’s previous $350 million revolving credit agreement that was scheduled to expire in January 2023.
“We are pleased to have the continued support of our banking partners and to announce the closing of these new credit facilities,” Scott R. Behrens, president and CEO of Stepan, said. “This five-year agreement positions us to execute on our strategic priorities, invest in our growth opportunities and continue our disciplined pursuit of acquisitions that can accelerate our growth.”
