Item 1.01. Entry into a Material Definitive Agreement.
Stepan Company ("Stepan") is a party to the following note purchase agreements, among others:
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a Note Purchase and Master Note Agreement dated as of June 10, 2021 (the "NYL NPA") pursuant to which Stepan issued and has outstanding (a) $50,000,000 in aggregate principal amount of its 2.37% Senior Notes, Series 2021-B, due September 23, 2028, (b) $50,000,000 in aggregate principal amount of its 2.73% Senior Notes, Series 2021-C, due December 10, 2031 and (c) $25,000,000 in aggregate principal amount of its 2.83% Senior Notes, Series 2022-A, due March 1, 2032; and
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a Note Purchase and Private Shelf Agreement dated as of June 10, 2021 (the "Prudential NPA") pursuant to which Stepan issued and has outstanding (a) $50,000,000 in aggregate principal amount of its 2.30% Senior Notes, Series 2021-A, due June 10, 2028, (b) $50,000,000 in aggregate principal amount of its 2.73% Senior Notes, Series 2021-D, due December 10, 2031 and (c) $50,000,000 in aggregate principal amount of its 2.83% Senior Notes, Series 2022-B, due March 1, 2032.
On August 27, 2024, Stepan entered into amendments to the NYL NPA and Prudential NPA (together, the "2024 NPA Amendments") to (1) increase the available facility amounts under the NYL NPA and Prudential NPA to $175,000,000 and $225,000,000, respectively, and (2) extend the end date of the issuance period under each of the NYL NPA and Prudential NPA to August 27, 2027.
The foregoing description of the 2024 NPA Amendments is qualified in its entirety by reference to the full texts of the 2024 NPA Amendments which are filed as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.