Federal Realty Investment Trust (FRT) said Friday it priced a private offering of $400 million of 3.5% exchangeable senior notes due 2031.

The company said it gave initial purchasers an option to buy an additional $60 million.

The offering is expected to close on Tuesday, with net proceeds being used to repay debt and for general corporate purposes, the company said.

It also entered into capped call transactions to reduce potential share dilution from the notes, Federal Realty Investment Trust said.