Southern States Cooperative completes consent solicitation, extends notes maturity by one year

By Paul A. Harris

St. Louis, June 4 - Southern States Cooperative, Inc. successfully completed a consent solicitation on Wednesday, according to an informed source.

The transaction resulted in 94.21% of the principal amount of its outstanding notes exchanging into new notes with the same terms except for the maturity date, which was extended by one year, to Nov. 1, 2011 from Nov. 1, 2010.

Jefferies & Co. served as solicitation agent.

Bondholders who consented received a payment of $70 for each $1,000 principal amount of notes.

The solicitation was conditioned upon at least 90% of the bondholders consenting.

Southern States Cooperative is a Richmond, Va.-based farm supplies and services business.

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