MONTERREY, Mexico, June 18 Mexican corn miller
Gruma said on Tuesday it refinanced $400 million in
debt taken out last year to buy back a stake in the company
previously owned by U.S. agribusiness giant Archer Daniels
The company had borrowed $400 million from Goldman Sachs to
buy the 23 percent stake. Gruma said in a statement it replaced
the short-term credit with two syndicated five-year loans,
improving its debt profile.
In addition to the Gruma stake, the company also purchased
minority stakes in Azteca Milling, Molinera de Mexico and Gruma
Gruma last week announced it had asked the World Bank to
arbitrate in its negotiations with Venezuela over the
nationalization of its factories there.