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PACIFIC AMERICAN INCOME SHARES ANNOUNCES THE TERMS OF ITS PREVIOUSLY ANNOUNCED RIGHTS OFFERING

 PACIFIC AMERICAN INCOME SHARES ANNOUNCES THE TERMS OF ITS
 PREVIOUSLY ANNOUNCED RIGHTS OFFERING
 PASADENA, Calif., Oct. 13 /PRNewswire/ -- Pacific American Income Shares Inc. (NYSE: PAI) announced today that the terms of its previously announced rights offering have been set. The rights offering will permit shareholders to subscribe for an aggregate of 2,236,082 shares of Pacific American's common stock at a 10 percent discount from the average per share net asset value of such common stock on the five consecutive business days ending Nov. 25, 1992.
 Shareholders of record at the close of business on Oct. 23, 1992 will be entitled to participate in the rights offering. The rights offering will commence on Oct. 24, 1992 and will expire at 5 p.m. PST on Nov. 24, 1992.
 Each shareholder of record on Oct. 23, 1992 will be issued one right for each share of common stock held on such date, rounded down to the nearest whole share. Shareholders will be entitled to acquire one new share for each three rights held.
 Shareholders will also be entitled to purchase an unlimited number of additional shares if other shareholders do not fully subscribe to the offering, subject to allocation based on the number of shares held on the record date.
 Shareholders who do not fully exercise their rights will experience dilution of the net asset value of their shares because of the increased number of shares outstanding after the offer expires.
 The offering will be made only by means of a prospectus and is subject to effectiveness of a Registration Statement under the Securities Act of 1933. The prospectus and related materials are expected to be mailed to shareholders on or about Oct. 28, 1992.
 For information concerning the rights offering, shareholders are encouraged to contact the information agent, Corporate Investor Communications Inc., by telephone, 800-242-4410, or by mail, 111 Commerce Road, Carlstadt, NJ 07072-2586.
 Pacific American currently has 6,708,248 shares of common stock outstanding.
 -0- 10/13/92
 /CONTACT: Ilene Harker of Western Asset Management, 818-584-4340, for Pacific American Income Shares/
 (PAI) CO: Pacific American Income Shares Inc. ST: California IN: FIN SU: OFR


EH-JL -- LA032 -- 9538 10/13/92 17:02 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
Words:366
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