Fermi Wins MUFG Covenant Waiver, Defers ~$56M of Principal for $25M in Fees
FRMI is trading near its 52-week low of $3 (13% above the low).
Summary
Fermi's lender MUFG waived the November 10, 2026 deadline to sign a 400 MW lease or offtake deal at Project Matador and removed the related amortization step-up, deferring roughly $56M of principal payments through mid-2027 in exchange for $25M in amendment fees.
Key Events · Financing and Capital Events · FRMI
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MUFG Waives 400 MW Covenant
Amendment No. 1 to the February 10, 2026 Equipment Supply Loan Financing Agreement eliminates the requirement that Fermi secure a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026.
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~$56M of Principal Payments Deferred
Removing the amortization step-up avoids roughly $22M of required principal payments in Q4 2026, $19M in Q1 2027 and $15M in Q2 2027.
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$25M in Amendment Fees Paid
Fermi paid MUFG amendment fees totaling $25 million in connection with the waiver and the new lender syndicate.
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Lender Group Re-Syndicated Under MUFG
MUFG Bank, Ltd. remains administrative agent for a new syndicate of lenders following the Amendment.
Analysis · FRMI · Real Estate & Construction
Fermi was on the hook to sign a lease or offtake deal for 400 MW at its Project Matador site by November 10, 2026, or face accelerated amortization on its equipment loan. MUFG has now removed that requirement entirely, along with the amortization step-up it triggered. That takes roughly $22M of principal payments off the table in Q4 2026, $19M in Q1 2027 and $15M in Q2 2027 — about $56M of near-term cash the company does not have to find. The price is $25M in amendment fees paid to MUFG, and the lender group has been re-syndicated under MUFG as administrative agent. For a company that disclosed a going concern warning and a material weakness in its Q2 10-Q, buying breathing room on a secured facility is a real improvement in near-term liquidity, but it is cash out the door today to avoid cash out the door later. The 400 MW lease or offtake obligation itself has not gone away — only the deadline and the penalty for missing it.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 38.4% of the 908 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.42%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, FRMI was trading at $3.39 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $3.00 to $31.47. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.