# EDGAR Filing Document

**Accession Number:** 0001959353
**File Stem:** 0000000000-23-001841
**Filing Date:** 2023-2
**Character Count:** 17236
**Document Hash:** b6751aec6ca0a2c3b1a52386eef58eaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001841.hdr.sgml**: 20230501

**ACCESSION NUMBER**: 0000000000-23-001841

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230224

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Oxford Park Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001959353
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 8 SOUND SHORT DRIVE, SUITE 255
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** (203) 983-5275

**MAIL ADDRESS:**
- **STREET 1:** 8 SOUND SHORT DRIVE, SUITE 255
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Text-Extract

```

January 20, 2023

VIA E-MAIL

Harry S. Pangas, Esq.
Philip T. Hinkle, Esq.
Dechert LLP
1900 K Street NW
Washington, DC 20006

Re:      Oxford Park Income Fund, Inc.
         File Nos. 333-268966; 811-23847

Dear Messrs. Pangas and Hinkle,

        On December 22, 2022, you filed a registration statement on Form N-2 on
behalf of
Oxford Park Income Fund, Inc. (the    Fund   ). We have reviewed the
registration statement
and our comments are set forth below. For convenience, we generally organized
our
comments using the headings, defined terms, and page numbers from the
registration
statement as filed on EDGAR. Where a comment is made with respect to disclosure
in one
location of the filing, it applies to all similar disclosure found elsewhere.
Capitalized terms
not otherwise defined have the same meaning as in the Fund   s registration
statement.

PROSPECTUS

LEGAL COMMENTS

      1. In the principal risk disclosure, please include credit risk related
to the CLO
         tranches of debt, as well as risks related to their use of warehouse
facilities and
         corporate credit, or explain to us why no additional disclosure is
necessary. (page
         1)

      2. Under the heading,    Oxford Park Management,    the disclosure says
the Adviser
         will manage and monitor a    diversified    portfolio. However, the
disclosure
         elsewhere in the prospectus indicates that, for purposes of the
Investment Company
         Act of 1940 (   1940 Act   ), the Fund will be classified as
non-diversified.    To
 Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 2

       avoid potential investor confusion, please use a term other than
diversified    to
       describe this concept. (page 2)

   3. Under the heading,    CLO Structural Elements,    the disclosure says,
CLO equity
      and junior debt investments allow investors to gain exposure to the
Senior Loan
      market on a levered basis without being structurally subject to
mark-to-market
      price fluctuations of the underlying loans.    Please describe levered
debt and
      disclose the range of CLO leverage ratios in the Fund   s portfolio.
(page 3)

   4. Under the heading,    Leverage,    please clarify the types of shares the
Fund will
      issue. Please disclose whether the Fund will be issuing preferred stock
within the
      first year from the effective date of the registration statement. If the
Fund plans to
      issue preferred shares, please include applicable disclosure and fees in
the
         Summary of Fees and Expenses    table and elsewhere in the
registration
      statement, where applicable. (page 7)

   5. Under footnote (5) in the    Summary of Fees and Expenses    table,
please remove
      the word    realized    immediately preceding capital gains, as the 1940
Act does not
      permit the adviser to take an incentive fee on any capital gains, whether
realized or
      unrealized. (page 16)

   6. Under the heading,    Use of Proceeds,    disclosure says the Fund
currently
      anticipates being able to invest any proceeds from the sale of its Shares
within three
      to nine months of receipt of such proceeds. If the delay stretches beyond
three
      months, describe the reasons for and consequences of the delay. See Item
7.2 and
      Guide 1 to Form N-2. (page 19)

   7. Under the heading,    Investment Objective,    below investment grade
securities are
      disclosed. Please include applicable disclosure that the Fund will be
investing in
      them. (page 20)

   8. Under the heading,    Exposure to Foreign Markets,    disclosure says the
Fund will
      invest in securities issued by foreign entities. Please include any
applicable risk
      disclosure related to this investment. (page 37)

   9. Under the heading,    Investment Personnel,    please disclose which
portfolio
      managers are jointly and primarily responsible for the day-to-day
management of
      the Fund. See Instruction to Item 9.1.c of Form N-2. (page 48)

   10. Under the heading,    Repurchases of Shares:

          a. Disclosure says repurchases of shares    will generally be paid in
cash.
             Please disclose that this cash will be paid in full within five
business after

    Page 2 of 4
 Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 3

              the repurchase offer deadline. See Release No. IC-19399 (April 7,
1993)
              (   In effect, [an interval fund] would have     up to seven days
after that in
              which to pay repurchase proceeds     just as open-end companies
or closed-
              end companies making issuer tender offers now have seven days in
which
              to make payment.   )

          b. Please confirm that the Fund does not contemplate issuing a
promissory
             note    in lieu of paying cash within five business days.

          c. Please revise the disclosure to specify that the Fund will
disclose the final
             dollar amount of the offer consideration no later than the
repurchase offer
             deadline, that the Fund will compute current NAV per share during
the term
             of each repurchase offer no less frequently than weekly, and daily
on the
             five business days preceding a repurchase offer deadline, and that
the fund
             will disclose in the offer to purchase the means by which
shareholders may
             access this information. See Rule 13e-4(d)(1)(i) and Rule 14d-100,
Item 4,
             which references Item 1004(a) of Regulation M-A. (page 57)

ACCOUNTING COMMENTS

   11. If the Fund has commitments to purchase warehoused investments, please
include
       an unaudited special purpose schedule of investments prepared in
accordance with
       Article 12-12 of Regulation S-X that includes all of the warehoused
investments
       that the Fund expects to purchase.

   12. Please tell us supplementally the Fund   s method for accounting for
offering costs.
       Please include in your response the literature that supports the
accounting.

PART C

   13. Under the heading, Item 30. Indemnification, please provide the
undertaking
       required by Rule 484 of Regulation C of the Securities Act of 1933 (
1933 Act   ).

GENERAL COMMENTS

   14. Please tell us if you have presented any test the waters materials to
potential
       investors in connection with this offering. If so, we may have
additional
       comments.

   15. We note that portions of the filing, including the Fund   s financial
statements, are
       incomplete. We may have additional comments on such portions when you
       complete them in a pre-effective amendment, on disclosures made in
response to

    Page 3 of 4
 Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 4

         this letter, on information supplied supplementally, or on exhibits
added in any
         amendments.

      16. Please confirm in your response letter that FINRA has reviewed the
proposed
          distribution arrangements for the offering described in the
registration statement
          and that FINRA has issued a statement expressing no objections to the
          arrangements of the offering.

      17. Responses to this letter should be in the form of a pre-effective
amendment filed
          pursuant to Rule 472 under the 1933 Act. The amendment filing should
be
          accompanied by a supplemental letter that includes your responses to
each of these
          comments. Where no change will be made in the filing in response to a
comment,
          please indicate this fact in your supplemental letter and briefly
state the basis for
          your position.

      18. Please advise us if you have submitted, or expect to submit, any
exemptive
          application or no-action request in connection with the registration
statement.

We remind you that the company and its management are responsible for the
accuracy and
adequacy of their disclosures, notwithstanding any review, comments, action or
absence of
action by the staff.
                                      *******

If you have any questions prior to filing a pre-effective amendment, please
call me at (202)
551-6478.

                                                               Sincerely,

                                                               /s/ Ashley
Vroman-Lee

                                                               Ashley
Vroman-Lee
                                                               Senior Counsel

cc:      Michael J. Spratt, Assistant Director
         Thankam Varghese, Branch Chief
         Kenneth Ellington, Staff Accountant

      Page 4 of 4

```

### Attached PDF Documents

**Attachment 1:** `filename1`

U.S. Securities and Exchange Commission

Division of Investment Management

January 20, 2023

VIA E-MAIL

Harry S. Pangas, Esq.
Philip T. Hinkle, Esq.
Dechert LLP
1900 K Street NW
Washington, DC 20006

Re: Oxford Park Income Fund, Inc.
File Nos. 333-268966; 811-23847

Dear Messrs. Pangas and Hinkle,

On December 22, 2022, you filed a registration statement on Form N-2 on behalf of Oxford Park Income Fund, Inc. (the “Fund”). We have reviewed the registration statement and our comments are set forth below. For convenience, we generally organized our comments using the headings, defined terms, and page numbers from the registration statement as filed on EDGAR. Where a comment is made with respect to disclosure in one location of the filing, it applies to all similar disclosure found elsewhere. Capitalized terms not otherwise defined have the same meaning as in the Fund’s registration statement.

PROSPECTUS

LEGAL COMMENTS

1. In the principal risk disclosure, please include credit risk related to the CLO tranches of debt, as well as risks related to their use of warehouse facilities and corporate credit, or explain to us why no additional disclosure is necessary. (page 1)
2. Under the heading, “Oxford Park Management,” the disclosure says the Adviser will manage and monitor a “diversified” portfolio. However, the disclosure elsewhere in the prospectus indicates that, for purposes of the Investment Company Act of 1940 (“1940 Act”), the Fund will be classified as “non-diversified.” To

Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 2

avoid potential investor confusion, please use a term other than “diversified” to describe this concept. (page 2)

3. Under the heading, “CLO Structural Elements,” the disclosure says, “CLO equity and junior debt investments allow investors to gain exposure to the Senior Loan market on a levered basis without being structurally subject to mark-to-market price fluctuations of the underlying loans.” Please describe levered debt and disclose the range of CLO leverage ratios in the Fund’s portfolio. (page 3)

4. Under the heading, “Leverage,” please clarify the types of shares the Fund will issue. Please disclose whether the Fund will be issuing preferred stock within the first year from the effective date of the registration statement. If the Fund plans to issue preferred shares, please include applicable disclosure and fees in the “Summary of Fees and Expenses” table and elsewhere in the registration statement, where applicable. (page 7)

5. Under footnote (5) in the “Summary of Fees and Expenses” table, please remove the word “realized” immediately preceding capital gains, as the 1940 Act does not permit the adviser to take an incentive fee on any capital gains, whether realized or unrealized. (page 16)

6. Under the heading, “Use of Proceeds,” disclosure says the Fund currently anticipates being able to invest any proceeds from the sale of its Shares within three to nine months of receipt of such proceeds. If the delay stretches beyond three months, describe the reasons for and consequences of the delay. See Item 7.2 and Guide 1 to Form N-2. (page 19)

7. Under the heading, “Investment Objective,” below investment grade securities are disclosed. Please include applicable disclosure that the Fund will be investing in them. (page 20)

8. Under the heading, “Exposure to Foreign Markets,” disclosure says the Fund will invest in securities issued by foreign entities. Please include any applicable risk disclosure related to this investment. (page 37)

9. Under the heading, “Investment Personnel,” please disclose which portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund. See Instruction to Item 9.1.c of Form N-2. (page 48)

10. Under the heading, “Repurchases of Shares:”
    a. Disclosure says repurchases of shares “will generally be paid in cash.” Please disclose that this cash will be paid in full within five business after

Page 2 of 4

Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 3

the repurchase offer deadline. See Release No. IC-19399 (April 7, 1993)
(“In effect, [an interval fund] would have ... up to seven days after that in
which to pay repurchase proceeds - just as open-end companies or closed-
end companies making issuer tender offers now have seven days in which
to make payment.”)

b. Please confirm that the Fund does not contemplate issuing a “promissory
note” in lieu of paying cash within five business days.

c. Please revise the disclosure to specify that the Fund will disclose the final
dollar amount of the offer consideration no later than the repurchase offer
deadline, that the Fund will compute current NAV per share during the term
of each repurchase offer no less frequently than weekly, and daily on the
five business days preceding a repurchase offer deadline, and that the fund
will disclose in the offer to purchase the means by which shareholders may
access this information. See Rule 13e-4(d)(1)(i) and Rule 14d-100, Item 4,
which references Item 1004(a) of Regulation M-A. (page 57)

# ACCOUNTING COMMENTS

11. If the Fund has commitments to purchase warehoused investments, please include
an unaudited special purpose schedule of investments prepared in accordance with
Article 12-12 of Regulation S-X that includes all of the warehoused investments
that the Fund expects to purchase.

12. Please tell us supplementally the Fund’s method for accounting for offering costs.
Please include in your response the literature that supports the accounting.

# PART C

13. Under the heading, Item 30. Indemnification, please provide the undertaking
required by Rule 484 of Regulation C of the Securities Act of 1933 (“1933 Act”).

# GENERAL COMMENTS

14. Please tell us if you have presented any test the waters materials to potential
investors in connection with this offering. If so, we may have additional
comments.

15. We note that portions of the filing, including the Fund’s financial statements, are
incomplete. We may have additional comments on such portions when you
complete them in a pre-effective amendment, on disclosures made in response to

Page 3 of 4

Harry S. Pangas, Esq.
Phillip Hinkle, Esq.
January 20, 2023
Page 4

this letter, on information supplied supplementally, or on exhibits added in any amendments.

16. Please confirm in your response letter that FINRA has reviewed the proposed distribution arrangements for the offering described in the registration statement and that FINRA has issued a statement expressing no objections to the arrangements of the offering.

17. Responses to this letter should be in the form of a pre-effective amendment filed pursuant to Rule 472 under the 1933 Act. The amendment filing should be accompanied by a supplemental letter that includes your responses to each of these comments. Where no change will be made in the filing in response to a comment, please indicate this fact in your supplemental letter and briefly state the basis for your position.

18. Please advise us if you have submitted, or expect to submit, any exemptive application or no-action request in connection with the registration statement.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

* * * * * * *

If you have any questions prior to filing a pre-effective amendment, please call me at (202) 551-6478.

Sincerely,

/s/ Ashley Vroman-Lee

Ashley Vroman-Lee
Senior Counsel

cc: Michael J. Spratt, Assistant Director
Thankam Varghese, Branch Chief
Kenneth Ellington, Staff Accountant

Page 4 of 4