Mexico City, April 10, 2025 – In February 2025, Internacional de Cerámica, S.A.P.I de C.V. (“Interceramic”) completed a nearly $640 million refinancing transaction to repay the previous acquisition bridge financing used to take the company private and buy out certain shareholders. Prudential Investment Management Services, LLC (“PIMS”) worked as the arranger of the Senior US Private Placement and Senior Subordinated Notes provided in the transaction alongside a separate revolving credit facility and term loan provided by a group of banks.  PGIM Private Capital, part of the global investment management business of Prudential Financial, Inc. (NYSE:PRU), served as the lead investor on the $320 million private placement, investing $100 million alongside several other U.S.-based insurance company investors. PGIM Capital Partners (“PCP”) anchored the $135 million subordinated debt with a $75 million investment alongside Morgan Stanley Private Credit and another co-investor.

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," commented Victor Almeida, CEO of Interceramic.

Interceramic is a leading Mexican ceramics company specializing in the production and distribution of ceramic tiles for floors and walls, as well as complementary products such as adhesives and bathroom furniture.

“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 Private Capital. We valued this opportunity to assist the Almeida family in taking Interceramic private,” remarked Jason Boe, Managing Director of the Mexico City office at PGIM Private Capital.

Interceramic considered going to the bond market to raise the full ticket with senior debt only, but ultimately chose to work with PGIM due to the ability to arrange and execute a large deal with senior and subordinated debt, and a more customized financing solution.

“We are pleased to partner with the Almeida family and PGIM Private Capital on our first private credit transaction in Mexico. We believe that Interceramic is exceptionally positioned to continue its well-earned success,” said Ashwin Krishnan, North America Co-Head of Morgan Stanley Private Credit.

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About Interceramic

Interceramic is an industry leader in the manufacturing of innovative ceramic and porcelain tile, as well as one of the top distributors of kitchen and bath products in Mexico. Since its inception 45 years ago, the Company has strived to design and create groundbreaking products while maintaining unmatched quality and production standards. As one of the leading manufacturers in the Americas, Interceramic has established 10 manufacturing facilities with production capacity over 450 million square feet annually, with a network of 445 stores in Mexico, Guatemala and El Paso, Texas. Interceramic maintains nearly 5,500 full time positions.

About PGIM Private Capital

For nearly 100 years, PGIM Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we strive to build enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $106.6 billion for our partners (as of 12.31.24)

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