Fermi amends MUFG loan, drops 400 MW lease covenant and cuts $56M in principal payments
Fermi Inc. and a subsidiary signed a Limited Waiver and Amendment No. 1 to an equipment supply loan agreement with MUFG Bank, Ltd. The amendment removes a requirement to secure a lease or offtake arrangement for 400 MW at the Project Matador site by November 10, 2026, and removes a potential increase in amortization tied to that requirement. The company believes this eliminates potential required principal payments of about $56 million across the fourth quarter of 2026 and first half of 2027, while it paid amendment fees totaling $25 million.
Key points
- Covenant removed: lease or offtake arrangement for 400 MW on Project Matador site, originally due by November 10, 2026
- Estimated potential principal payments avoided: about $22 million in Q4 2026, $19 million in Q1 2027 and $15 million in Q2 2027
- Amendment fees paid: $25 million; MUFG Bank remains administrative agent for a new syndicate of lenders
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 16, 2026.
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