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JPMorgan Chase, BofA Securities Arrange $450MM Credit Facility for Stepan Company

June 27, 2022, 08:12 AM
Filed Under: Chemicals

Stepan Company 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.

Scott R. Behrens, President and Chief Executive Officer, stated, "We are pleased to have the continued support of our banking partners and to announce the closing of these new credit facilities.  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."

Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection products and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.

Headquartered in Northbrook, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia.

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