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MGM/UA deal ready to close, Drexel says.

March 19, 1986

The New York investment banking firm of Drexel Burnham Lambert has obtained financing to clear the way for Turner Broadcasting System's long-delayed $1.25-billion purchase of MGM/UA Entertainment Co. next week, according to a Drexel Burnham official. Turner and MGM/UA confirmed that next Tuesday has been set for closing the deal in New York. Drexel Burnham said it has sold a huge issue of so-called junk bonds, which are low-rated, high-interest securities, to finance the acquisiton.

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