CapitaMall Trust Management, a unit of Southeast Asia’s biggest developer CapitaLand (CATL.SI), has raised its ceiling of a multi-currency medium-term note programme to $2.5 billion from $1 billion.

The proceeds from the programme, which the company did not say when it would start, would be used to refinance its existing borrowings and finance new investment or general working capital, CapitaMall Trust Management told the Singapore bourse late last night.