Stepan to prepay $40 million 5.88% notes due 2022

By Rebecca Melvin

New York, May 24 – Stepan Co. plans to prepay all of its $40 million of 5.88% series 2010-A senior notes plus accrued and unpaid interest and a make-whole amount equal to the net present value of the remaining scheduled interest payments on the notes, according to an 8-K filed with the Securities and Exchange Commission.

The make-whole amount will be calculated in accordance with the note purchase agreement on June 12.

Stepan issued the notice pursuant to the terms of the agreement originally dating from 2005 and supplemented and amended in 2010, 2011, 2014 and 2018. It intends to make the prepayment with cash on hand.

Based in Northfield, Ill., Stepan is a specialty and intermediate chemicals producer.

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