N.M. Rothschild and Sons’ Five Arrows Managers LLP has priced its first European CLO since November 2014, though closing of the deal has been extended by four days to April 26, according to Fitch Ratings.

Contego CLO III B.V. is a cross-border collateralized loan obligation that will issue €307 million (US$349.7 million) of notes backed by primarily senior secured loan and high-yield bonds denominated in both euros and other currencies. The AAA-stack totals €178.5 million, and has been priced at 153 basis points over the benchmark Euribor. The notes benefit from 40.5% credit enhancement.

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