$FRMI (Fermi) — 8-K: Fermi Wins Waiver Removing 400 MW Lease Covenant, Avoiding $56 Million in Payments

MUFG amended Fermi's Equipment Supply Loan Financing Agreement to eliminate the covenant requiring a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026, along with the related amortization increase. The company estimates this eliminates potential required principal payments of approximately $22 million in Q4 2026, $19 million in Q1 2027, and $15 million in Q2 2027. Fermi paid $25 million in amendment fees to MUFG, which remains administrative agent for a new lender syndicate.

MUFG amended Fermi's Equipment Supply Loan Financing Agreement to eliminate the covenant requiring a lease or offtake arrangement for 400 MW at Project Matador by November 10, 2026, along with the rel