City Developments Ltd (CDL) said yesterday it has raised the limit for a medium-term note programme from $700 million to $1.5 billion. The programme was established in May 1999 under which CDL may from time to time issue notes. Proceeds from the notes will be used to refinance CDL's existing borrowings and/or to meet general working capital requirements. 'DBS Bank has been appointed the new arranger of the programme from Dec 12 following the retirement of the previous arranger,' CDL said in a statement to the Singapore Exchange (SGX). 'The notes will constitute direct, unconditional and unsecured obligations of the company and shall at all times rank pari passu as a single class, without any preference or priority among themselves, and pari passu with all other present and future unsecured obligations (other than subordinated obligations and priorities created by law or the trust deed constituting the notes) of the company,' CDL said. Earlier this year, CDL established a $1 billion Islamic bond programme. At Sept 30, 2008, the group had net borrowings of $3.3 billion and cash and cash equivalents of over $800 million.