Fri, Mar 27, 2026
Fermi subsidiary enters up to $165 million Beal turbine equipment loan
Key points
- Subsidiary Fermi Turbine Warehouse II LLC entered an Equipment Supply Loan Financing Agreement dated March 26, 2026 with CLMG Corp. as agent for the Beal lenders
- Senior secured term loan facility of up to $165.0 million to fund the acquisition of six Siemens Energy SGT-800 industrial gas turbines and related equipment for Project Matador
- Loans bear interest at 12.00% per annum, payable quarterly, and mature 33 months after the closing date; an exit fee of $37.0 million less cumulative interest and commitment fees is due at maturity or earlier repayment
- Proceeds fund progress payments to Siemens Energy under an October 2025 equipment supply agreement assigned to the subsidiary, plus financing costs; up to $22.9 million is reserved for interest and fees
- Fermi Inc. provided a guaranty and agreed to a minimum $5,490,000 equity contribution under a Sponsor Equity Contribution and Guaranty Agreement