Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on
The Notes will bear interest at a fixed rate of 2.37% with interest to be paid
semi-annually. Principal amortization for the Notes is contractually scheduled
with equal annual payments beginning on
As previously disclosed, the Agreement requires the maintenance of certain
financial ratios and covenants that are similar to Stepan's existing long-term
debt and provides for customary events of default. Generally, if an event of
default occurs, subject to certain exceptions, the holders of more than 51% in
aggregate principal amount of the Notes outstanding under the Agreement may
declare all Notes to be immediately due and payable. Stepan may at any time and
from time to time prepay all or a portion of the Notes at 100% of the principal
amount so prepaid, together with interest accrued thereon to the date of such
prepayment, plus a make-whole premium. In addition, as previously disclosed,
The foregoing summary of the terms of the Agreement and the Subsidiary Guaranty is qualified in its entirety by reference to the full text of the Agreement and the Subsidiary Guaranty, which are filed as Exhibit 10.1 and Exhibit 10.2 hereto, respectively, and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits Exhibit Description
10.1 Note Purchase and Master Note Agreement dated as ofJune 10, 2021 , by and amongStepan Company ,NYL Investors LLC and the purchasers thereto (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company filed onJune 14, 2021 ) 10.2 Subsidiary Guaranty dated as ofJune 10, 2021 by and betweenStepan Specialty Products, LLC andStepan Surfactants Holdings, LLC relating to the Note Purchase and Master Note Agreement dated as ofJune 10, 2021 , by and amongStepan Company ,NYL Investors LLC and the purchasers thereto (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of the Company filed onJune 14, 2021 ) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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