Wed, Feb 25, 2026
Fermi subsidiary enters $120 million Keystone equipment warehouse credit facility
Key points
- Subsidiary Fermi High Voltage Warehouse LLC entered a Master Loan Agreement dated February 19, 2026 with Keystone National Group as agent, Keystone Private Income Fund as initial lender and Cape Commercial Finance as sole arranger
- Senior secured credit facility of $120 million, increasable by up to an additional $100 million through an accordion feature
- Proceeds finance the purchase of equipment for Project Matador and fund reserves; advances are capped at 80% of the equipment purchase price with a 20% borrower equity contribution
- Notes bear interest at 12.90% per annum and mature August 19, 2031; $893,554.71 advanced under Note No. 1 and $9,987,390.25 under Note No. 2
- Fermi Inc. provided a limited guaranty for up to 25% of the principal amount and must maintain at least $20 million of liquidity until an approved customer agreement is executed