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Fermi amends its MUFG turbine loan to remove the November 10 400 MW lease covenant
Fermi reported that two subsidiaries signed a limited waiver and amendment to the February 10, 2026 equipment supply loan agreement with MUFG Bank. The amendment removes the covenant requiring a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026, and the higher principal payments tied to missing it. Fermi said it paid $25 million in amendment fees.[1]
What the sources say
- ✓ Verified
Fermi Inc. (SEC filing): Fermi's October 16, 2026 Form 8-K says Fermi Turbine Warehouse LLC and Firebird Equipment Holdco LLC entered a Limited Waiver and Amendment No. 1 to the February 10, 2026 Equipment Supply Loan Financing Agreement with MUFG Bank, which eliminates the covenant requiring a lease or offtake arrangement for 400 MW on the Project Matador site by November 10, 2026 and the potential increase in amortization for failing it. Fermi estimates this removes potential required principal payments of about $22 million in the fourth quarter of 2026, $19 million in the first quarter of 2027 and $15 million in the second quarter of 2027, and says it paid amendment fees totaling $25 million. MUFG remains administrative agent for a new syndicate of lenders. [1]
- Amendment fees
- $25,000,000
- Q4 2026 principal avoided
- $22,000,000
- Q1 2027 principal avoided
- $19,000,000
- Q2 2027 principal avoided
- $15,000,000
