NORTHFIELD, US: Stepan Company (SCL) said that it has entered into a five-year committed $350 million multi-currency revolving credit facility that matures on 30 January 2023, with a syndicate of banks.
This credit agreement replaces the company's previous $125 million revolving credit agreement that was scheduled to expire in July 2019.
JP Morgan Chase Bank NA and Merrill Lynch, Pierce, Fenner & Smith Incorporated, an affiliate of Bank of America NA, acted as joint lead arrangers.
"This five-year commitment provides us increased flexibility and positions us to continue executing on our strategic initiatives and opportunities moving forward," said F Quinn Stepan Jr, chairman, president and chief executive officer, Stepan.
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