Boston, June 11, 2018
Crystal Financial LLC announced the closing of a $70.0 million Senior Credit Facility for Southern States Cooperative (“SSC”).
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.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About Southern States
Southern States Cooperative is a Richmond, Virginia-based farm supply retailer and service cooperative. As one of the nation’s largest agricultural cooperatives, it provides a wide range of farm inputs, including fertilizer, seed, livestock feed, pet food, animal health supplies, and petroleum products, as well as other items for the farm and home. Founded in 1923, the cooperative is owned by more than 200,000 farmer-members, and serves its members and non-member customers through 1,200 retail outlets in 23 states. For more information, visit www.southernstates.com.
CRYSTAL FINANCIAL LLC CONTACT
Cheryl Carner, Managing Director
SOUTHERN STATES CONTACT
Senior Vice President – Marketing and Communications