Stepan Co. signs $500 million credit agreement maturing in 2031, replacing older facilities
Stepan entered into a new Credit Agreement on September 25, 2026, providing $500.0 million in initial committed facilities: a $350.0 million multicurrency revolver and a $150.0 million delayed draw term loan, both maturing September 25, 2031. The new facilities replace its $350.0 million revolver and $100.0 million delayed draw term loan under a June 24, 2022 agreement, and include an option for up to an additional $250.0 million, giving the company expanded, longer-dated borrowing capacity.
Key points
- Initial facilities total $500.0 million: $350.0 million revolver and $150.0 million delayed draw term loan, both maturing September 25, 2031
- Replaces the $350.0 million revolver and $100.0 million delayed draw term loan from a June 24, 2022 credit agreement
- Expansion option allows up to an additional $250.0 million, subject to certain requirements
- Loans priced at spreads of 1.125% to 1.625% over term benchmark rates, depending on net leverage ratio; covenants include interest coverage and net leverage ratios
The filing
Written by AI on Nov 8, 2026, 6:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 25, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.