Stepan signs new $500M credit agreement: $350M revolver, $150M term loan maturing 2031

STEPAN CO

New five-year facilities comprise a $350.0M multicurrency revolving credit facility and a $150.0M delayed draw term loan facility, each maturing September 25, 2031.
They replace Stepan's $350.0M revolver and $100.0M delayed draw term loan under the credit agreement dated June 24, 2022, adding $50.0M of capacity.
Expansion option permits up to an additional $250.0M via revolver increases or one or more incremental term loan tranches, subject to conditions.
Pricing is leverage-based: term benchmark spread 1.125%-1.625%, base rate spread 0.125%-0.625%, and commitment/ticking fees of 0.125%-0.225%.
Proceeds may fund working capital, permitted acquisitions, capital expenditures and general corporate purposes; JPMorgan Chase is administrative agent and Bank of America syndication agent.

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