Mirvac Group (MGR) has priced a long-term US private placement note issue totalling $A506 million.
In a statement to the Australian Securities Exchange, Mirvac said the issue will comprise three tranches of notes across nine, 11 and 12 years.
The transaction was four times oversubscribed from the initial $150 million target.
The issue will see the group's weighted average margin and line fees increase by approximately four basis points, Mirvac said.
Mirvac said its average borrowing cost for fiscal 2014 will remain at or slightly below the average cost reported at June 30 of 5.7%.
Mirvac chief executive officer Susan Lloyd-Hurwitz said the issue extends the group's debt maturity profile and diversifies its sources of funding.
"This transaction improves our capital position and will see our overall weighted average debt maturity profile increase to approximately 4.8 years at December 31, 2013," Ms Lloyd-Hurwitz said.
"Since the S&P credit rating upgrade to BBB in September 2013, the group has raised over $700 million of long-term debt and as a result has achieved our target to increase the proportion of debt provided by debt capital markets to greater than 60%."