Interceramic

Case Study

PGIM arranges Interceramic's Landmark Private Placement and Subordinated Debt

Founded in Chihuahua, Mexico, Internacional de Cerámica,S.A.P.I de C.V. (“Interceramic”) specializes in the production and distribution of ceramic tiles for floors and walls, as well as complementary products such as adhesives and bathroom furniture in Mexico.

At a Glance

In February 2025 Prudential Investment Management Services, LLC worked as the arranger of a Senior USPP and Senior Subordinated Notes provided in a recapitalization transaction alongside a separate revolving credit facility and term loan provided by a group of banks. PGIM served as the lead investor on the $320 million private placement, investing $100 million alongside several other insurance company investors. PGIM Capital Partners anchored the $135 million subordinated debt with a $75 million investment alongside Morgan Stanley Private Credit and another co-investor.

Interceramic ultimately chose to work with PGIM due to (i) the ability to arrange and execute a large deal with senior and subordinated debt and (ii) our more customized financing solution.

We valued this opportunity to formalize our relationship with Interceramic on this investment, and we look forward to working with the Company further in the future.

Relationship Since 2025

Transaction details:

$320,000,000 Senior Secured Notes
$135 Senior Subordinated Notes

“This take-out financing is a defining moment for Interceramic. With this new capital structure, we are more empowered than ever to drive innovation, expand our market reach, and solidify our leadership in the industry.”

Victor Almeida, CEO, Internacional de Cerámica, S.A.P.I de C.V.

<p>“This take-out financing is a defining moment for Interceramic. With this new capital structure, we are more empowered than ever to drive innovation, expand our market reach, and solidify our leadership in the industry.”<b></b></p>

“This was our first arranged Senior US Private Placement combined with a mezzanine deal outside of the US, so it’s a groundbreaking transaction for PGIM. We valued this opportunity to assist the Almeida family in taking Interceramic private.”

Jason Boe, Managing Director, PGIM