Richmond, Va.-based Southern States Co-op to pay off most long-term debt.

From: Knight Ridder/Tribune Business News | Date: October 19, 2004 | Copyright information

By Greg Edwards, Richmond Times-Dispatch, Va. Knight Ridder/Tribune Business News

Oct. 19--Southern States Cooperative Inc. closed on a new $265 million financing package yesterday that will refinance all but a small piece of the company's long-term debt.

The debt refinancing is another step in the road to financial recovery for Richmond-based Southern States, which returned to profitability in the fiscal year that ended June 30 after three consecutive years of multimillion-dollar losses.

In addition to paying off existing debt, the refinancing will provide one ...

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