MANILA - J.P. Morgan & Co.'s Asian securities unit will arrange a $100 million utility loan guaranteed by the Republic of the Philippines, the first internationally syndicated loan since the country began restructuring its debt in 1983.

The loan for National Power Corp. has a five-year maturity, with most of the principal due at the end of the term, and carries a margin of 1.625 percentage point over the six-month London interbank offered rate.

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