Fermi Inc. Amends Financing Agreement, Avoiding ~$56M in Near-Term Principal Payments

Fermi Inc. (FRMI) announced an amendment to its Equipment Supply Loan Financing Agreement with MUFG Bank, which eliminates a key covenant related to its Project Matador site. This change removes the requirement to secure a 400 MW lease or offtake agreement by November 10, 2026, thereby preventing accelerated amortization and providing significant near-term financial flexibility.

Key Details

• Agreement: On October 16, 2026, the company's subsidiaries entered into the "Limited Waiver and Amendment No. 1" with MUFG Bank.
• Financial Impact: The amendment is expected to eliminate required principal payments of approximately $22 million in Q4 2026, $19 million in Q1 2027, and $15 million in Q2 2027.
• Covenant Removed: The amendment eliminates the covenant requiring a lease or offtake arrangement for 400 MW at the Project Matador site by November 10, 2026.
• Fees Paid: In connection with the amendment, Fermi Inc. paid fees totaling $25 million.