← Fermi · FinancingEdit
Senior secured equipment warehouse credit facility (Keystone Master Loan Agreement)
Feb 19, 2026 · ClosedTerms of issuance
Instrument
Term loan / DDTL
Principal
$120.0M
Net proceeds
Drawn (of commitment)
$77.3M as of Jun 30, 2026
Coupon
12.9%
Issue date
Feb 19, 2026
Maturity
Aug 19, 2031 (5.5 years)
Seniority
senior
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
12.90%coupon + capped-call cost amortized straight-line over the note's life
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)
614,025,378
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Finance the purchase of equipment to be used in connection with Project Matador and fund reserves in the borrower's deposit account
Other financing outstanding (excl. this instrument)
Preferred Units (Macquarie-led consortium) ($107.6M), IPO — common stock, Nasdaq/LSE: FRMI ($784.9M), Senior secured equipment loan warehouse facility (Fermi Turbine Warehouse LLC) ($500.0M), 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
$1.99B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
Related site
Sources
ClosedFermi subsidiary enters $120 million Keystone equipment warehouse credit facility
Feb 19, 2026