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United Artists changed its plan to sell more stock.

August 20, 1986

The Beverly Hills-based company blamed overall market conditions for driving down the price of its stock and said it will not offer equity securities as a result. The company said it will issue debentures, however, and said the change in financing plans will not affect the anticipated closing of its deal to buy MGM assets for $300 million. As of May 31, UA had about $60 million in cash and $300 million in untapped bank credit. Stephen Silbert, an attorney for UA's controlling shareholder Kirk Kerkorian, said UA expects to pay less than $300 million because of the settlement of certain accounts between the two companies.

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