Fermi amends MUFG financing agreement to remove 400 MW lease covenant
FRMI•Fermi amended its equipment supply loan financing agreement with MUFG, paying $25 million in fees to remove a requirement for a 400 MW lease or offtake arrangement at Project Matador. The change is expected to avoid about $22 million in principal payments in fourth-quarter 2026, $19 million in first-quarter 2027 and $15 million in second-quarter 2027.
1. Amended loan terms
Fermi announced on October 16, 2026, that it amended its Equipment Supply Loan Financing Agreement with MUFG and paid $25 million in amendment fees. The amendment removes the requirement to secure a 400 MW lease or offtake arrangement at Project Matador by November 10, 2026. Fermi expects eliminating associated accelerated amortization to avoid approximately $22 million in required principal payments in the fourth quarter of 2026, $19 million in the first quarter of 2027 and $15 million in the second quarter.
