(Bloomberg) -- A Canadian family that operates some of the largest malls in North America sold a bond to refinance debt linked to a shopping center in Canada after a weekslong marketing effort, according to people familiar with the matter. 

Triple Five Group of Cos., which is owned by the Ghermezian family, priced C$1.2 billion ($890 million) of four-year mortgage bonds to yield 7.791% via a subsidiary, according to data compiled by Bloomberg. The proceeds of the bonds will be used to fund general corporate purposes, including repayment of 4% maturities that are set to come due after 10 years in 2024. 

Royal Bank of Canada in late August sent invites to debt investors to meet with Triple Five executives, including President and Chief Executive Officer David Ghermezian. The offering attracted 35 buyers, the people familiar said, declining to be identified because the transaction is private. 

Triple Five operates retail and entertainment complexes in North America, including the American Dream megamall less than 10 miles from New York City, which reported a fourfold increase in losses in the past year, as well as the Mall of America in Bloomington, Minnesota, and the West Edmonton Mall in Alberta, Canada’s largest shopping center.

West Edmonton Mall comprises 2.64 million square feet of retail space, including a 355-room hotel, a water park, an amusement park, three food courts and a 13-screen movie theater, according to a Sept. 11 report by Fitch Ratings. 

Representatives for Triple Five and Royal Bank of Canada didn’t immediately respond to a request for comment.

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