Monitor for customer agreement announcement by year-end 2026 deadline, as failure to secure one would trigger mandatory loan repayment. Track equipment purchase progress and liquidity levels, as these are key covenant requirements.
Price Chart
Executive Summary
Fermi Inc. subsidiary entered into a $120 million senior secured credit facility to finance equipment for its Project Matador data center development. The loan is structured with an 80/20 debt/equity split, requires a $20 million liquidity covenant, and includes a mandatory prepayment clause if an approved customer agreement isn't secured by December 31, 2026.
Key Financial Metrics
Key Facts
- Fermi High Voltage Warehouse LLC entered into a $120 million senior secured credit facility with Keystone National Group and Cape Commercial Finance
- Loan proceeds will finance equipment for Project Matador, an energy and data center development at Texas Tech University
- Lenders will fund 80% of equipment purchase price, with borrower providing 20% equity contribution
- $46.1 million in prefunded amounts are being applied to satisfy part of the equity requirement
- Company must maintain $20 million liquidity until either full repayment or securing an approved customer agreement
- Mandatory prepayment required if approved customer agreement not received by December 31, 2026
- Loan has 12.90% annual interest rate with August 19, 2031 maturity date
- Facility can be expanded by up to $100 million through accordion feature
Financial Impact
Creates $120 million in debt obligation with 12.90% interest rate, requiring $20 million minimum liquidity to be maintained
Risk Factors
- Mandatory prepayment if approved customer agreement not secured by December 31, 2026
- Loan covenant requiring $20 million liquidity maintenance could constrain capital allocation
- High interest rate of 12.90% increases financing costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-020399 |
| Document: ea0277810-8k_fermi.htm | 0001213900-26-020399 |
| Document: 0001213900-26-020399-index-headers.html | 0001213900-26-020399 |
| Document: 0001213900-26-020399-index.html | 0001213900-26-020399 |
| Document: 0001213900-26-020399.txt | 0001213900-26-020399 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 11w ago | 8-K | $5.93 $6.60 | ▼ −11.30% | ▼ −7.68% | $4.16 (+29.76%) |
Jul 13, 2026 11w ago | 8-K | $6.31 $5.88 | ▲ +6.81% | ▲ +10.00% | $4.16 (+33.99%) |
Jul 9, 2026 12w ago | 8-K | $6.59 $6.18 | ▲ +6.22% | ▲ +8.65% | $4.16 (+36.80%) |
Jul 8, 2026 12w ago | DFAN14A | $7.36 $6.19 | ▲ +15.90% | ▲ +19.17% | $4.16 (+43.41%) |
Jul 6, 2026 12w ago | DFAN14A | $7.38 $6.03 | ▲ +18.29% | ▲ +19.62% | $4.16 (+43.56%) |
Jul 1, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.45 $7.40 | ▼ −21.69% | ▼ −21.41% | $4.16 (−55.93%) |
US Market Status
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