Macerich (MAC) said Friday its operating unit priced an upsized private offering of $675 million at 2.25% exchangeable senior notes due 2031.

The debt sale was increased from $600 million and offers initial buyers an option to purchase up to $100 million in additional notes, with closing expected Tuesday, the company said.

The notes feature an initial exchange price of roughly $28.19 per share, representing a 20% premium over the stock's prior closing price, Macerich said.

Expected net proceeds of about $659.1 million to $757 million will be used to fund capped call transactions, repay existing secured debt, and for general corporate purposes, it said.

The company said the capped call transactions have an initial cap price of approximately $34.06 per share, representing a 45% premium to the Aug. 6 closing price.

Shares of the company were up 1.4% in Friday premarket activity.