MGM/UA deal ready to close, Drexel says.

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.