Woolworths has increased the size of a note issue to $700 million after strong demand.

The retailer had previously aimed to raise $500 million through the note issue but said its issue of unsecured, subordinated, cumulative notes now aimed to raise $700 million.

“We are very pleased with the level of demand in the bookbuild and in light of the strong demand, have decided to increase the size of the issue up to $700 million,” finance director Tom Pockett said in a statement.

The offer forms part of the company’s ongoing capital management strategy, and the proceeds would be used for general corporate purposes, Woolworths said.

The offer opened to Woolworths’ shareholders on Wednesday, with the notes to be issued on November 24.