Interceramic Completes Landmark $640 Million Refinancing
Deal News | Apr 10, 2025 | Pgim Private Capital Ltd
In February 2025, Interceramic, a leading Mexican ceramics company, completed a $640 million refinancing deal to repay acquisition bridge financing and buy out certain shareholders. The transaction was arranged by Prudential Investment Management Services, with PGIM Private Capital as the lead investor for the $320 million private placement. PGIM invested $100 million and anchored the $135 million subordinated debt alongside Morgan Stanley Private Credit. This strategic financial restructuring positions Interceramic to enhance its market leadership and innovation capabilities. The landmark deal is PGIM's first combined senior US private placement and mezzanine financing outside the US, showcasing its customized financing solutions that assisted the Almeida family in taking the company private. The transaction reinforces partnerships between PGIM, Morgan Stanley, and Interceramic as they capitalize on growth opportunities in the ceramics sector.
Sectors
- Ceramics Industry
- Private Equity and Investment
- Financial Services
Geography
- Mexico – Interceramic is headquartered in Mexico and plays a significant role in the country's ceramics market.
- United States – PGIM Private Capital and several U.S.-based insurance companies were involved in the refinancing transaction.
Industry
- Ceramics Industry – Interceramic is a key player in the ceramics industry, manufacturing ceramic and porcelain tiles and related products.
- Private Equity and Investment – The article discusses the role of PGIM Private Capital in arranging a private placement for Interceramic.
- Financial Services – Involves the arrangement of a large financial transaction including senior and subordinated debt.
Financials
- $640 million – Total refinancing transaction value completed by Interceramic.
- $320 million – Amount of the private placement led by PGIM Private Capital.
- $100 million – PGIM Private Capital's investment in the private placement.
- $135 million – Subordinated debt amount anchored by PGIM Capital Partners.
- $75 million – Investment by PGIM Capital Partners in the subordinated debt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Interceramic | Target Company | Company | A leading Mexican ceramics company specializing in the production of ceramic tiles. |
| PGIM Private Capital | Lead Investor | Company | A division of Prudential Financial, leading the private placement investment in the deal. |
| Prudential Investment Management Services, LLC | Arranger | Company | Worked as the arranger of the senior US private placement and senior subordinated notes. |
| Morgan Stanley Private Credit | Co-Investor | Company | Participated in the subordinated debt as a co-investor. |
| Victor Almeida | CEO | Person | CEO of Interceramic, commenting on the impact of the refinancing deal. |
| Jason Boe | Managing Director | Person | Managing Director at PGIM Private Capital, involved in the transaction. |
| Ashwin Krishnan | Co-Head | Person | North America Co-Head of Morgan Stanley Private Credit. |