← Fermi · FinancingEdit
Preferred Units (Macquarie-led consortium)
Aug 29, 2025 · ClosedTerms of issuance
Instrument
Private placement
Principal
$107.6M
Net proceeds
Coupon
15%
Issue date
Aug 29, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
n/ano datapoint on or before the issue date
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Other financing outstanding (excl. this instrument)
IPO — common stock, Nasdaq/LSE: FRMI ($784.9M), Senior secured equipment loan warehouse facility (Fermi Turbine Warehouse LLC) ($500.0M), Senior secured equipment warehouse credit facility (Keystone Master Loan Agreement) ($120.0M), Senior secured equipment supply term loan facility (Beal Credit Agreement, CLMG Corp. as agent) ($165.0M), 5.00% Convertible Senior Notes due 2031 ($431.3M)
— of which existing debt
$2.00B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedFermi closes $107.6 million Preferred Units Financing led by Macquarie
Aug 29, 2025