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Chapter 344
“The private credit fund finally provided its payoff statement.”Daniel's announcement drew Adrian's attention away from the report he had been reviewing.“How much?”“Fourteen million in outstanding principal, plus accrued interest and contractual charges. The additional amount is manageable, but we'll need to account for it in the closing funds.”Adrian leaned back in his chair.“And the replacement financing?”“The commercial bank has advanced its proposed seven-million-euro facility to formal credit review. The independent lender is progressing with the remaining four million.”“Neither is approved yet?”“Not formally.”Elena joined Adrian at the conference table.“Then we still have work to do.”Daniel smiled.“Considerably less than we had a week ago.”Adrian examined the updated financing schedule.The proposed transaction had become increasingly concrete.Integrity would invest €10 million in new equity. Three million would reduce existing debt, four million would fund essenti
Chapter 343
“Tonight belongs to us.”Elena smiled at Adrian's words, her fingers tightening around his.“I'm going to hold you to that.”“I was counting on it.”They remained on the terrace, the city stretching beneath them in thousands of scattered lights. A gentle breeze moved through the evening air, carrying the distant sounds of traffic.For once, Adrian wasn't thinking about Integrity Capital's investments, Vostok's interference, or the responsibilities waiting for him.His attention belonged entirely to the woman beside him.“You know,” Elena said, leaning against his shoulder, “I was beginning to think Daniel would have to schedule an appointment for me to spend time with you.”Adrian chuckled.“He probably would have given you priority.”“Probably?”“Definitely.”She laughed and turned toward him.“I don't want to control your schedule, Adrian. I just want to be part of it.”“You're considerably more than that.”“Then prove it.”Adrian slipped his arm around her waist and pulled her clos
Chapter 342
“Falkenberg's attorneys returned the letter of intent,” Daniel announced.Adrian looked up from his tablet.“How much did they change?”“Less than I expected. Three issues remain: governance, future shareholder dilution, and exclusivity.”“Then we're getting somewhere.”Elena settled beside Adrian as Rebecca joined the conference.“The revisions are reasonable,” Rebecca began. “Markus wants stronger language protecting management's authority over ordinary business decisions.”“I have no objection to that,” Adrian replied.“He also wants protection against future equity issuances reducing his family's ownership.”“That depends on what he's asking for.”Rebecca nodded.“Exactly. We can provide customary preemptive rights, but we cannot guarantee existing ownership percentages will never change.”Elena examined the proposed revisions.“Especially if Falkenberg eventually needs additional capital for expansion.”“Correct,” Rebecca answered.Adrian considered the issue.“Give existing shar
Chapter 341
“The bank's willing to provide seven million euros,” Daniel announced. “But they've attached conditions.”Adrian looked up from the report Elena had placed in front of him.“Of course they have. What are they?”“Falkenberg must receive at least ten million in fresh equity. The bank also wants improved financial reporting, leverage covenants, and updated cash-flow projections.”“And the repayment schedule?”Daniel hesitated.Adrian raised an eyebrow.“That's the part I knew you were going to ask about,” Daniel admitted.Elena smiled faintly.“Then perhaps you should've started there.”Daniel brought the preliminary financing terms onto the display.“The bank is discussing a five-point-five percent interest rate on the additional seven million. However, its proposed amortization schedule would require meaningful principal repayments during the first three years.”Adrian studied the figures.“Lower interest doesn't help if the repayment schedule drains their operating cash.”“Agreed. I'm
Chapter 340
“The commercial bank is interested.”Daniel's announcement caught Adrian's attention as he entered the conference room.“How interested?”“Enough to consider additional financing, provided Falkenberg receives fresh equity and demonstrates improved financial stability.”Adrian took his seat beside Elena.“Have they given us a number?”“Not formally. Claudia believes they might provide approximately seven million euros toward replacing the private credit facility.”“And the remaining seven million?”“That's what we need to solve.”Daniel brought up three potential refinancing structures.The first relied on the existing commercial bank increasing its exposure. The second introduced an independent lender. The third used a larger portion of Integrity's proposed equity investment to reduce debt.Elena examined the alternatives.“Before we decide how to repay the lenders, how much of Falkenberg's equipment budget actually needs funding immediately?”Daniel opened the capital expenditure sch
Chapter 335
“Twenty million euros is going to make Markus uncomfortable,” Daniel said.Adrian studied the investment framework displayed across the conference screen.“Then we shouldn't be surprised when he negotiates.”Daniel smiled.The proposed investment would inject €20 million into Falkenberg Industrial Energy in exchange for newly issued shares. At a preliminary pre-money equity valuation of €25 million, Integrity would receive approximately 44.4 percent ownership.That was a substantial position in a family-controlled business.Elena examined the figures.“Does Falkenberg actually need all twenty million immediately?”“Not necessarily,” Daniel admitted. “Some would strengthen working capital, some would address equipment requirements, and the remainder could support debt restructuring.”“Which we're still negotiating separately,” Adrian reminded him.“Correct.”“Then don't confuse the two. Equity capital entering Falkenberg isn't the same as Integrity purchasing or refinancing its existin
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