J.P. Morgan & Co. is leading a $2 billion loan for Ford Holdings, which is fully guaranteed by the Ford Motor Co.

Ford is expected to use the proceeds from its one-year term loan for an announced $2 billion buyback of preferred stock.

The company previously had 12 loan facilities, and is seeking its first syndicated credit since purchasing all or a stake in two nonautomotive financial units, USL Capital Corp. and Associates Corp. of North America.

Market sources said the deal is expected to come in at a price of the London interbank offered rate plus 12 basis points.

Morgan is looking for $100 million commitments, and is expected to go to a wide pool of potential investors for the funded transaction, including insurance companies, said market sources.

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