Deal Digest: March 7, 2008

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Saturnino Fanlo said on a conference call Thursday that KKR Financial has $1.4 billion in total cash available even though the company's book value has been reduced.

Ambac Financial Group Inc.
Bond insurer Ambac has priced its $1.5 billion offering of shares and convertible securities as it tries to stave off a ratings downgrade.

Apollo Real Estate Advisors
Apollo Real Estate said Friday it has closed its latest European-dedicated fund at $1.4 billion.

The European branch of Apollo Management LP's real estate group anticipates Apollo European Real Estate Fund III will be invested in commercial and residential properties with nearly 80% going toward Western Europe and 20% to 25% in Central and Eastern Europe, according to a statement Friday. Of that 80%, about half is planned for the U.K.

Collezione Europa USA Inc.
In bankruptcy news, a New Jersey judge gave Collezione Europa USA interim approval to tap its cash collateral after there were no objections on Wednesday.

Judge Morris Stern of the U.S. Bankruptcy Court for the District of New Jersey in Newark approved the interim use of cash collateral through April 4, which is the date of the final hearing on the matter, said debtor counsel Sam Della Fera of Trenk, DiPasquale, Webster, Della Fera & Sodono PC.

Stay tuned to TheDeal.com for updates to these stories and more.

- The editors

See TheDeal.com story on KKR Financial
See TheDeal.com story on Ambac
See TheDeal.com story on Collezione Europa

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