In an important test of its distribution firepower, NationsBank on Thursday will launch the syndication of a $3.25 billion acquisition loan for LDDS Communications Inc., the nation's fourth-largest long distance phone company.

LDDS, based in Jackson, Miss., will use the bank loan to finance its previously announced agreement to purchase the Wiltel long-distance telecommunications unit of Williams Cos. for $2.5 billion. Existing debt will also be refinanced.

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