June 18, 2013 / 10:32 PM / 5 years ago

Mexico corn miller Gruma refinances $400 mln debt

MONTERREY, Mexico, June 18 (Reuters) - 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 Midland.

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 Venezuela.

Gruma last week announced it had asked the World Bank to arbitrate in its negotiations with Venezuela over the nationalization of its factories there.

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