NEXT Properties Amends Terms of Bond Exchange Offers
NEXT Properties has amended its ongoing bond exchange offers by introducing minimum issuance conditions. These changes affect the exchange offers for its 7.700% Senior Sustainability-Linked Notes due 2032 and 7.375% Senior Green Notes due 2034.
MEXICO CITY – NEXT Properties (Trust 2401) announced on October 12, 2026, amendments to its previously announced bond exchange offers. The revisions, stemming from feedback from institutional holders, introduce a minimum issuance condition for the exchange of its outstanding notes.
The amended terms specifically apply to the exchange offers for the 7.700% Senior Sustainability-Linked Notes due 2032 and the 7.375% Senior Green Notes due 2034. These offers are now conditioned on the issuance of at least US$450,000,000 in aggregate principal amount of new Senior Sustainability-Linked Notes due 2036. Similarly, the exchange offers for the 6.950% Senior Notes due 2044 and 6.390% Senior Notes due 2050 are contingent upon the issuance of at least US$450,000,000 in new Senior Sustainability-Linked Notes due 2056.
NEXT Properties retains the discretion to waive these minimum issuance conditions. However, if such a waiver occurs, the company must extend the expiration date of the offers to provide tendering holders with at least two business days to withdraw their tendered notes. All other terms and conditions of the exchange offers, as originally detailed in the Exchange Offer Memorandum dated October 8, 2026, remain unchanged.
The exchange offers are set to expire on October 15, 2026, unless extended. Participation is limited to qualified institutional buyers and certain non-U.S. investors meeting specific eligibility criteria. Citigroup Global Markets Inc. is serving as the Dealer Manager for these offers.