Fermi amends MUFG equipment supply loan, waives 400 MW Project Matador covenant
On October 16, 2026, Fermi Inc. announced that subsidiaries Fermi Turbine Warehouse LLC (Borrower) and Firebird Equipment Holdco LLC entered into Limited Waiver and Amendment No. 1 to the Equipment Supply Loan Financing Agreement (originally dated February 10, 2026) with MUFG Bank, Ltd. as administrative agent and lender. The Amendment eliminates the covenant requiring the Company to enter into a lease or offtake arrangement for 400 MW on the Project Matador site by November 10, 2026, and eliminates the correspo...
Key takeaways
Amendment waives the Project Matador 400 MW lease/offtake covenant that was due by November 10, 2026 and removes the related amortization step-up.
Avoided potential required principal payments total about $56 million across Q4 2026 (~$22M), Q1 2027 (~$19M), and Q2 2027 (~$15M) if the covenant had not been satisfied.
Amendment cost was $25 million in fees paid by the Company.
MUFG Bank, Ltd. remains administrative agent and lender, with a new syndicate of lenders now party to the Equipment Supply Loan Financing Agreement.
The Borrower is Fermi Turbine Warehouse LLC, with Firebird Equipment Holdco LLC also a party; both are indirect wholly owned subsidiaries of Fermi Inc.
Original Equipment Supply Loan Financing Agreement is dated February 10, 2026; principal amount, maturity, coupon/spread, and full covenant set for the amended facility are not disclosed in the 8-K.
Filed as Item 8.01 Other Events; the 8-K body is the only disclosure provided, with no attached press release or exhibit.
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