Mexico City – October 12, 2026 -- NEXT Properties (Trust 2401) has amended its exchange offers for four series of outstanding notes, making each offer conditional on the issuance of at least US$450,000,000 in new notes, following feedback from large institutional holders.
NEXT Properties sets two US$450 million floors for new 2036 and 2056 notes
The exchange offers, launched on October 8, 2026, cover any and all of the Trust's 7.700% Senior Sustainability-Linked Notes due 2032, 7.375% Senior Green Notes due 2034, 6.950% Senior Notes due 2044 and 6.390% Senior Notes due 2050.
Holders of the 2032 and 2034 notes can exchange into new Senior Sustainability-Linked Notes due 2036. Holders of the 2044 and 2050 notes can exchange into new Senior Sustainability-Linked Notes due 2056.
The 2036 Minimum Issuance Condition requires at least US$450,000,000 aggregate principal amount of New 2036 Notes. The 2056 Minimum Issuance Condition sets the same US$450,000,000 floor for the New 2056 Notes. The 2032 and 2034 offers depend on the first condition, and the 2044 and 2050 offers on the second.
Trust retains waiver right but must extend withdrawal window if it waives a floor
NEXT Properties may waive either Minimum Issuance Condition in its sole discretion. If it does, and if necessary, it must extend the Expiration Date and the corresponding Withdrawal Deadline. Holders of the affected Old Notes would then have at least two business days after the announcement to withdraw tendered notes, as required by applicable law.
Apart from the Minimum Issuance Conditions, the offers carry no minimum tender threshold for Old Notes. They remain subject to the general conditions in the Exchange Offer Memorandum dated October 8, 2026. All other terms are unchanged.
Offers expire October 15 and are limited to eligible institutional holders
The offers expire at 5:00 p.m., New York City time, on October 15, 2026, unless extended. If an offer is terminated, withdrawn or not consummated, tendered Old Notes will be promptly returned and no consideration will be paid.
Participation is restricted to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S who qualify as non-U.S. qualified offerees. Eligible Holders must complete an eligibility letter. Old Notes may be tendered only in minimum denominations of US$200,000 and integral multiples of US$1,000 above that amount.
The New Notes will not be registered under the Securities Act and will carry transfer and resale restrictions. They will not be registered with Mexico's National Securities Registry and may be offered in Mexico only through a private placement exemption. In the EEA and UK, the offers are open only to qualified investors.
Citigroup Global Markets Inc. is Dealer Manager. Global Bondholder Services Corporation is Exchange and Information Agent.