Fibra Next Completes Approximately USD 2.4 Billion Combined Debt and Equity Transactions

Baker McKenzie represented the underwriters and dealer managers — BBVA, BTG Pactual, Citigroup, J.P. Morgan and Morgan Stanley as global coordinators, and Barclays, BofA Securities, Goldman Sachs and Santander as joint bookrunners — in the approximately USD 370 million follow-on offering by Fibra Next, and represented BBVA, Citigroup and J.P. Morgan as dealer managers in connection with concurrent exchange offers by Next Properties. Holland & Knight acted as Fibra Next’s US and Mexican counsel and Mijares served as Mexican counsel to the initial purchasers and dealer managers. The transactions comprised an approximately USD 370 million follow-on public offering in Mexico of Real Estate Trust Certificates (CBFIs), which was also made internationally pursuant to Rule 144A and Regulation S. Concurrently, Next Properties, a subsidiary of Fibra Next, conducted exchange offers of up to USD 2 billion aggregate principal amount of its outstanding USD 3.8 billion of six series of international bonds issued by Fibra UNO; the exchange offers, also conducted pursuant to Rule 144A and Regulation S, resulted in the issuance of approximately USD 2 billion of new senior notes by Next Properties. The bond issuance is believed to be the largest international corporate bond issuance in Latin America this year. Fibra Next was formed through a split-off of Fibra Uno’s logistics operations, creating the largest warehouse and logistics company in Mexico. Fibra Next will use the proceeds primarily to acquire an industrial real estate portfolio to be contributed to Next Properties. Earlier this year Baker McKenzie also represented Fibra Next in its approximately USD 450 million initial public offering; the combined USD 820 million IPO and follow-on offering was the largest equity issuance in Mexico in nearly a decade and one of the region’s largest IPOs. Baker McKenzie represented BBVA, BTG Pactual, Citigroup, J.P. Morgan and Morgan Stanley (global coordinators), Barclays, BofA Securities, Goldman Sachs and Santander (joint bookrunners), and BBVA, Citigroup and J.P. Morgan (dealer managers) with a team composed by: Partners (Transactional Practice Group) Mike Fitzgerald, Arturo Carrillo, Joy Gallup, Pedro Reyes and Steven Sandretto; Associates Alejandra Cuadra, Cyerra McGowan, Diego Aznar and Vedant Sharma; Tax Senior Counsel Thomas May; and Partner Kia Waxman. Holland & Knight represented Fibra Next as US and Mexican counsel with a team composed by: a Holland & Knight US and Mexican counsel team. Mijares represented the initial purchasers and dealer managers as Mexican counsel with a team composed by: a Mijares Mexican counsel team.

Fibra Next Completes Approximately USD 2.4 Billion Combined Debt and Equity Transactions

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