At June 30, 2025 and December 31, 2024, debt was comprised of the following:


(In thousands)	Maturity Dates	June 30, 2025		December 31, 2024
Senior unsecured notes
3.95% (net of unamortized debt issuance cost of $78 and $99 for 2025 and 2024, respectively)	2025-2027	$	42,778	$	42,759
3.86% (net of unamortized debt issuance cost of $0 and $15 for 2025 and 2024, respectively)	2025		—		14,270
2.30% (net of unamortized debt issuance cost of $66 and $77 for 2025 and 2024, respectively)	2025-2028		29,934		39,923
2.37% (net of unamortized debt issuance cost of $71 and $83 for 2025 and 2024, respectively)	2025-2028		39,929		39,917
2.73% (net of unamortized debt issuance cost of $62 and $70 for 2025 and 2024, respectively)	2025-2031		99,939		99,930
2.83% (net of unamortized debt issuance cost of $56 and $60 for 2025 and 2024, respectively)	2026-2032		74,944		74,940
6.17% (net of unamortized debt issuance cost of $0 and $0 for 2025 and 2024, respectively)	2029-2033		75,000		—
Revolving credit facility and term loan borrowing	2025		293,000		313,700
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency	2025		2,506		—
Total debt		$	658,030	$	625,439
Less current maturities			274,791		292,807
Long-term debt		$	383,239	$	332,632

The Company's long-term debt financing is comprised of certain senior unsecured notes issued to insurance companies in private placement transactions pursuant to note purchase agreements (the “Note Purchase Agreements”), totaling $362,524,000 as of June 30, 2025. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 2.30 percent to 6.17 percent. The notes had original maturities of seven to 12 years with mandatory principal payments beginning four, five and six years after issuance. The Company will be required to make principal payments on the currently outstanding notes from 2025 to 2033.

On May 21, 2025, pursuant to a note purchase and private shelf agreement dated as of June 10, 2021, Stepan issued and sold $37,500,000 in aggregate principal amount of its 6.17% Senior Notes, Series 2025-A, due May 21, 2033 (the Series 2025-A Notes). On May 21, 2025, pursuant to a note purchase and master note agreement dated as of June 10, 2021, Stepan issued and sold $37,500,000 in aggregate principal amount of its 6.17% Senior Notes, Series 2025-B, due May 21, 2033 (together with the Series 2025-A Notes, the Notes). The Notes will bear interest at a fixed rate of 6.17% with interest to be paid semi-annually. Principal amortization for the Notes is contractually scheduled with equal annual payments beginning on May 21, 2029 and on each May 21 thereafter to and including May 21, 2032, with the final outstanding principal balance due at maturity on May 21, 2033.

The Company’s credit agreement (the Credit Agreement) with a syndicate of banks provides for credit facilities in an initial aggregate principal amount of $450,000,000, consisting of (a) a $350,000,000 multi-currency revolving credit facility and (b) a $100,000,000 delayed draw term loan credit facility, each of which matures on June 24, 2027. The Company's credit agreement with Credit Industriel et Commercial NY (the CIC Credit Agreement) provides for a credit facility in an aggregate principal amount of $8,700,000. The facility is for the sole purpose of the issuance of standby letters of credit. As of June 30, 2025, the Company had an outstanding letter of credit of $8,694,000 under the CIC Credit Agreement. The Company maintains import and export letters of credit, and standby letters of credit under its workers’ compensation insurance agreements and for other purposes, as needed from time to time, which are issued under the Credit Agreement and under the CIC Credit Agreement. As of June 30, 2025, the Company had outstanding letters of credit totaling $4,884,000 and $293,000,000 of outstanding borrowings under the Credit Agreement, inclusive of an $87,500,000 delayed-draw term loan ($12,500,000 of the term loan principal has been permanently repaid as scheduled). There was $139,616,000 available under the Credit Agreement as of June 30, 2025.

The Company's foreign subsidiaries had $2,506,000 of debt outstanding at June 30, 2025.

The Company’s material debt agreements contain provisions which, among other covenants, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $265,723,000 and $251,953,000 at June 30, 2025 and December 31, 2024, respectively.