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PACIFIC AMERICAN INCOME SHARES ANNOUNCES ISSUE OF COMMON STOCK

 PASADENA, Calif., May 25 /PRNewswire/ -- Pacific American Income Shares Inc. (NYSE: PAI) announced today that it has issued 375,093 shares of its common stock to the holder of its convertible note in the face amount of $5,000,000, at a conversion price of $13.33. This note, it said, was the last of an Oct. 13, 1983, issue of $18,500,000 of the notes.
 Pacific American Income Shares Inc. is a closed-end investment company which seeks a high level of income through investment in a diversified portfolio of debt securities. Its shares are listed on the New York Stock Exchange where they are traded under the symbol PAI and price quotations are reported in the media under the abbreviation PacAmShrs.
 -0- 5/25/93
 /CONTACT: James A. Walsh, treasurer of Pacific American Income Shares, 818-584-4328/
 (PAI)


CO: Pacific American Income Shares Inc. ST: California IN: FIN SU: OFR

JB-JL -- LA029 -- 2268 05/25/93 15:22 EDT
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Publication:PR Newswire
Date:May 25, 1993
Words:160
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