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Crystal Financial Completes Recapitalization for Southern States Cooperative

June 11, 2018, 07:10 AM
Filed Under: Wholesale

Crystal Financial LLC announced the closing of a $70.0 million Senior Credit Facility for Southern States Cooperative.

Through a network of owned retail locations and managed cooperatives as well as an extensive wholesale distribution business and petroleum division, SSC is a leading provider of farm supply products and services. Founded in 1923 and headquartered in Richmond, VA, it is one of the nation’s largest farmer-owned cooperatives and provides a broad assortment of agriculture input products such as fertilizer, seed, animal feed and general merchandise for the farm and home.

Proceeds from the term loan will be used to refinance existing second lien notes, extend maturities and provide additional flexibility for various growth initiatives.

“We are focused on providing the best assortment of products and services to support farmers and those who are committed to agriculture and our environment. The team at Crystal was able to understand and support our vision. Their debt facility provides us with a long term, stable capital structure and allows us to focus on executing our business objectives,” said Jeff Stroburg, president and CEO of Southern States.

Andrew Hettinger, Senior Managing Director of Crystal Financial, said, “Southern States has a long heritage and tradition of serving farm owners and other customers. We are excited to be working with Jeff and SSC’s management team and look forward to a long-term productive relationship.”

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