#Sustainability #Mexico #Mexico City #Green Notes #NEXT Properties

NEXT Properties Exchange Offers Results

On October 20, 2026, NEXT Properties, known formally as Trust 2401, announced the successful results of its recent exchange offers involving key sustainability-linked financial instruments. Investors were invited to exchange their Senior Sustainability-Linked Notes due in 2032 and 7.375% Senior Green Notes due in 2034 for freshly issued 6.793% Senior Sustainability-Linked Notes due in 2036.

Key Highlights

As of the set expiration date at 5 PM NYC time, substantial amounts of the original notes were accepted for exchange:

• - 7.700% Senior Sustainability-Linked Notes (2032)

- Outstanding Amount: $409,781,000
- Tendered and Accepted: $289,926,000
- Tender Rate: 70.75%
- Consideration in New Notes: $312,461,855

• - 7.375% Senior Green Notes (2034)

- Outstanding Amount: $299,900,000
- Tendered and Accepted: $245,647,000
- Tender Rate: 81.91%
- Consideration in New Notes: $260,213,799

In total, NEXT Properties accepted over $535 million in aggregate principal from both categories of old notes, representing 75.47% of the total offerings. Following the successful transactions, the trust plans to issue roughly $572.67 million in the newly created notes alongside accrued interest payments based on tendered amounts.

Background of the Exchange Offers

The exchange offers were meticulously designed to cater exclusively to Eligible Holders, defined as institutional investors qualified under U.S. securities laws or other international standards as applicable. This strategic move aligns with NEXT Properties' commitment to enhance its financial standing while bolstering investment in sustainable initiatives.

Eligible Holders successfully participating in this exchange will receive accrued interest, calculated at $19.04 for every $1,000 of the 2032 notes and $14.13 for the 2034 notes. The expected settlement date for this exchange is slated for October 22, 2026.

In terms of participation, the response from investors was overwhelmingly positive, illustrating a pronounced commitment to sustainability and greener investment opportunities. This has reaffirmed NEXT Properties' position in the market as a forward-thinking entity committed to socially responsible investment.

Closing Statements

Recapping the event, the Trust confirmed all prerequisites for the exchange, including the requisite minimum issuance condition, have been met or waived, allowing for a smooth transition for bondholders. It’s pivotal to state that this exchange isn’t an offer to buy or solicit, and all stakeholders should engage with the provided Exchange Offer Memorandum to fully grasp the offered terms.

In summary, NEXT Properties has solidified its standing as a key player in the sustainability-linked investment landscape, driving favorable outcomes for both investors and the trust itself. This move doesn't just reflect financial acumen but also aligns with broader ecological commitments, which are increasingly sought after in today's investment environment.

For further details regarding the exchange or queries regarding compliance, investors are recommended to reach out to Citigroup Global Markets Inc. as Dealer Manager, or Global Bondholder Services Corporation as the Exchange and Information Agent.