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Crystal Financial completes recapitalisation for Southern States Cooperative

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World Fertilizer,

Crystal Financial has released a statement announcing the closing of a US$70 million senior credit facility for Southern States Cooperative (SSC).

SSC is a provider of farm products and services, and has a network of owned retail locations and managed cooperatives, as well as an extensive wholesale distribution business and petroleum division. The company provides a range of agriculture input products, including fertilizer, seed and animal seed.

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

The President and CEO of SSC, Jeff Stroburg, said: “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.”

The Senior Managing Director of Crystal Financial, Andrew Hettinger, added: “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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