Case Summary: Southern States

Southern States

$70.0 million Senior Term Loan


Founded in 1923, Southern States Cooperative (“SSC”) is an agricultural cooperative operating through the Southeast and Mid-Atlantic. It operates as a wholesaler, distributor and retailer providing a comprehensive assortment of products required to grow crops and raise animals. In addition, SSC also supplies gasoline, diesel, heating oil and propane to both commercial and retail customers.


After a period of rationalizing its business in order to streamline operations and improve profitability, the Company sought to recapitalize the balance sheet and refinance public 2nd lien notes.


Crystal agented a $70.0 million Secured Term Loan secured by a 1st lien on the Company’s real estate and a 2nd lien on the working capital assets.