NEW YORK and MEXICO CITY – Nov. 4, 2026 – Attorneys from global law firm Greenberg Traurig’s New York and Mexico offices acted as lead counsel to Next Properties, a subsidiary of Fibra Next (BMV: NEXT25), in an exchange offer involving outstanding senior notes due 2032, 2034, 2044, and 2050. The notes were exchanged for two new series of Sustainability-Linked Senior Notes due in 2036 and 2056, with an aggregate principal amount of US$1.117 billion.
The transaction was one of the first exchange offers for a Latin American issuer completed under the U.S. Securities and Exchange Commission’s recent exemptive order permitting five-business-day tender offers for debt securities.
Approximately 76% of the eligible notes participated in the transaction. The exchange established two new benchmark bonds, each with a principal amount exceeding $500 million, and extended the average life of Next Properties’ U.S. dollar bonds from 12 to 15 years. The exchange also reduced the company’s total debt by approximately $20 million without raising new proceeds or incurring additional indebtedness.
The transaction enabled Next Properties to reprofile approximately $1.1 billion of U.S. dollar debt, better aligning its debt maturity profile with the life of its real estate assets. It also deepens Next Properties’ curve and supports its access to long-term financing.
The Greenberg Traurig team structured the deal and prepared and negotiated the documents, including the exchange offer memorandum, dealer manager agreement, and indentures governing the new notes and their sustainability-linked features. The team advised on various legal matters and coordinated with the dealer manager, exchange agent, and trustee on three separate settlements: one for the 2036 notes, one for the 2056 notes, and one for the second exchange offer into the 2056 notes.
The Greenberg Traurig team was led by Capital Markets Shareholders Guillermo Uribe Lara in Mexico and Marc M. Rossell in New York, with key support from Shareholders Adrián Gay Lasa in Mexico and Oscar Stephens in New York. The team also included Associates Carlos Guijarro Justo and Jorge E. González Carlini in Mexico and Elena Joffroy and Elea Werner in New York.