Jurong Aromatics Corporation’s (JAC) US$1.56 billion ($2.1 billion) financing deal to build its Singapore petrochemicals plant has closed oversubscribed with 11 banks committing to the syndicated portion, banking sources said on Tuesday.

“The 11 banks are made up largely of major European banks,” said one source familiar with the deal.

There are four levels of participation ranging from US$75 million to US$150 million, with most of the committed banks joining at the top tier, the source added.

JAC could not immediately be reached for comment.