Regency Centers (REG) said late Thursday that its operating partnership priced a $400 million public offering of 5% senior unsecured notes due July 15, 2032 at 99.279% of par value.

The company expects the offering to settle Tuesday and plans to use the net proceeds to reduce the outstanding balance on its line of credit, among other things.

Regency Centers shares were up 2.9% in recent premarket activity Friday.