Home Alts News Oxford Park Income Fund Launched as a New Closed-End Tender Offer Fund

Oxford Park Income Fund Launched as a New Closed-End Tender Offer Fund

Oxford Park Income Fund Inc., a non-diversified, registered closed-end management investment company, announced its launch as a new closed-end tender offer fund.

Oxford Park says the fund will primarily invest in structured finance investments, specifically the equity and junior debt tranches of collateralized loan obligation vehicles. The collateral supporting these CLO vehicles consists of a diverse portfolio of senior secured loans made to companies whose debt is unrated or is rated below investment grade.

The fund also announced that it has completed its first two portfolio investments. Consistent with its investment strategy, the fund purchased a portion of a CLO equity tranche managed by a leading CLO manager with approximately four years remaining in its reinvestment period. The fund also purchased a portion of a CLO BB-rated debt tranche managed by a different leading CLO manager. Oxford Park says the portfolio characteristics and other metrics of those investments were consistent with the investment strategy described in the fund’s prospectus.

The fund has also entered into a dealer manager agreement with CoastalOne Capital Markets. The company expects to offer securities through financial advisors in both the independent broker-dealer and registered investment advisor channels.

“We’re excited to partner with Oxford Funds on the launch of the Oxford Park Income Fund Inc. and believe it will be well received by our clients and partners in wealth management,” Tim Snodgrass, executive vice president of Capital Markets at CoastalOne said.

Oxford Park Income Fund Inc. also announced that its board of directors has declared monthly distributions on its common shares of beneficial interest as follows:

The $0.21 per share monthly distribution, if continued, would equate to a 10.1% annualized yield based on the net asset value of $25.00 per share as of March 6, 2023.

Oxford Park Income Fund, Inc. primarily invests in debt and equity tranches of CLO vehicles. It’s investment strategy also includes warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

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