J.P. Morgan & Co. has restructured a problematic $2.25 billion loan for Meditrust Corp. in an effort to sew up the deal by next week.

Facing slow demand for a $1.5 billion revolving loan, Morgan has sliced $500 million from that portion and made it a three-year term loan available to institutional investors, a source said. The interest Meditrust must pay to investors remains at 1.75 percentage point over the London interbank offered rate but drops to 1.378 point once the other loans have been paid.

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