Mexican corn miller Gruma (GRUMAB.MX) said on Monday it paid off a total of $817 million in debt, shoring up its financial position so that it can consider deals overseas. The company said it used the proceeds from the sale of its stake in financial group Banorte (GFNORTEO.MX) as well as other funds -- including a short-term credit line -- to pay off the debt on Friday. The stake sale raised 9 billion pesos ($746 million), the company said in a statement. Gruma said the payment significantly strengthens the company's financial position and will give it access to credit on better terms. The company may now explore expansion opportunities worldwide, according to the statement, which did not give details on any plans.
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