#Mexico #Mexico City #Debt Exchange #Sustainability Notes #NEXT Properties

NEXT Properties Unveils Debt Exchange Offer Results and New Extensions

NEXT Properties (Trust 2401), a trust established under Mexican law, has recently shared critical updates regarding its debt exchange offers. This announcement, made on October 16, 2026, focuses on the pricing terms and the extension of expiration dates for several of its outstanding notes.

Details of the Exchange Offers

The Trust's exchange offers aim to exchange existing notes for newly issued sustainability-linked notes. Specifically, the offerings encompass:

• - 7.700% Senior Sustainability-Linked Notes due 2032
• - 7.375% Senior Green Notes due 2034
• - 6.950% Senior Notes due 2044
• - 6.390% Senior Notes due 2050

In total, the offerings involve the tender of outstanding notes for newly issued 6.793% Senior Sustainability-Linked Notes due 2036 and 7.731% Senior Sustainability-Linked Notes due 2056.

Adjustments to Consideration Terms

As part of the exchange offers, the Trust announced an increase in the Total Consideration payable to eligible holders of the Pool 1 Notes. This improved consideration reflects the enhanced pricing terms that have been implemented:

• - For the 2032 Notes, the Total Consideration increased from $1,057.73 to $1,077.73.
• - For the 2034 Notes, it has risen from $1,049.30 to $1,059.30.

These moves aim to entice more holders to participate in the exchange, enhancing the attractiveness of the upcoming new notes.

Timeline for Exchange Offers

The exchange offers have experienced a lengthening of deadlines, providing investors more time to decide:

• - The expiration date for the Pool 1 Notes has been extended from October 15 to October 20, 2026.
• - For the Pool 2 Notes, which encompass the 2044 and 2050 maturities, the original expiration was observed and not extended. The results indicated significant acceptance, with 69.03% of the 2044 Notes and 71.11% of the 2050 Notes validly tendered.

Acceptance Rates and Results

As of October 15, 2026, the results were promising:

• - Pool 1 Notes

- 42.24% of the 2032 Notes (US$ 173,104,000 of US$ 409,781,000) were tendered.
- 74.07% of the 2034 Notes (US$ 222,131,000 of US$ 299,900,000) were received.
- Overall, 55.69% of Pool 1 Notes were participated.

• - Pool 2 Notes

- 69.03% of the 2044 Notes (US$ 241,620,000 of US$ 350,000,000) were accepted.
- 71.11% of the 2050 Notes (US$ 311,085,000 of US$ 437,500,000) were also tendered.

The Trust has begun to focus on facilitating trading of the New 2056 Notes and anticipates additional exchanges in the upcoming weeks.

Implications for Investors

Given these movements, eligible holders of the existing notes should carefully consider participating in these exchange offers. The increased consideration rates may provide an advantageous exit from older notes, ultimately boosting total returns. Moreover, the restructuring of debts may enhance the overall trust structure and financial stability moving forward.

In summary, NEXT Properties' recent announcements regarding its debt exchange offers indicate proactive measures to manage its obligations while providing enhanced terms to its noteholders. Investors should remain vigilant about upcoming deadlines and evaluate their options to maximize their investment outcomes.