PACIFIC AMERICAN INCOME SHARES INC.
CENTURY CITY, Calif., Dec. 1 ~PRNewswire~ -- Pacific American Income Shares Inc. (NYSE: PAI) announced today that its rights offering, which expired on Nov. 24, 1992, was oversubscribed. The final price to shareholders participating in the offering is $14.48 per share of common stock. A total of 2,236,082 new shares of the company's common stock will be issued as a result of the rights offering. The company currently has 6,708,248 shares of common stock outstanding. Beginning on or about Dec. 4, 1992, shareholders participating in the offering's oversubscription privilege will be individually notified of the number of shares which they are entitled to purchase pursuant to the oversubscription privilege. W. Curtis Livingston, president of Pacific American, stated, "I am pleased that our rights offering was such a big success. The strong interest in the offering shows us that our shareholders continue to have confidence in our investment strategy and our portfolio." Pacific American is a closed-end investment company which seeks a high level of income through investments in a diversified portfolio of debt securities. -0- 12~1~92 ~CONTACT: Ilene S. Harker of Gibson, Dunn & Crutcher, 818-584-4300, for Pacific American Income Shares~ (PAI)
CO: Pacific American Income Shares Inc. ST: California IN: FIN SU: OFR
LS-JB -- LA028 -- 2617 12~01~92 17:00 EST
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|Date:||Nov 30, 1992|
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