← Fermi · FinancingEdit
Senior secured equipment supply term loan facility (Beal Credit Agreement, CLMG Corp. as agent)
Mar 26, 2026 · ClosedTerms of issuance
Instrument
Term loan / DDTL
Principal
$165.0M
Net proceeds
Drawn (of commitment)
$14.7M as of Jun 30, 2026
Coupon
12%
Issue date
Mar 26, 2026
Maturity
Seniority
senior
Conversion ratio
n/a
Settlement
n/a
Redemption terms
Issuer call date
Issuer call condition
Holder put terms
Make-whole
Exit fee at maturity or earlier payment in full equal to $37.0 million less cumulative interest and commitment fees paid to the lenders through such date
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)
629,839,790
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Fund the acquisition of six Siemens Energy SGT-800 industrial gas turbines and related equipment for Project Matador, including progress payments to Siemens Energy under an equipment supply agreement originally entered into in October 2025 and assigned to FTW II, and pay financing costs including interest and fees
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 warehouse credit facility (Keystone Master Loan Agreement) ($120.0M), 5.00% Convertible Senior Notes due 2031 ($431.3M)
— of which existing debt
$1.94B
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 up to $165 million Beal turbine equipment loan
Mar 26, 2026