---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-020399"
form_type: "8-K"
ticker: "FRMI"
cik: "0002071778"
company_name: "Fermi Inc."
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:32:24.427716+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Fermi Inc. subsidiary enters $120M credit facility for Project Matador equipment

## Summary
- Fermi High Voltage Warehouse LLC entered a $120M senior secured credit facility with Keystone National Group as agent and Cape Commercial Finance as arranger.
- Facility can be increased by up to $100M, with initial $48.9M Note No. 1 and $57.5M Note No. 2 partially drawn.
- Loan matures August 2031 at 12.90% interest; proceeds finance equipment for Project Matador.
- Fermi Inc. provides limited guaranty for 25% of principal; Borrower must maintain $20M liquidity until customer agreement.
- Prepayment triggers include failure to deliver approved customer agreement by Dec 31, 2026, requiring prepayment at 105% of principal.

## SEC filing metadata
- accession: 0001213900-26-020399
- form_type: 8-K
- ticker: FRMI
- cik: 0002071778
- company_name: Fermi Inc.
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2071778/000121390026020399/0001213900-26-020399-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2071778/000121390026020399/ea0277810-8k_fermi.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-020399
- JSON: https://secwatch.observer/filing/0001213900-26-020399.json
- Plain text: https://secwatch.observer/filing/0001213900-26-020399.txt

## Source-grounded claims
- claim_id: 805d43ff78afbd63a73566c677be8c6422c51fa8
  claim: Fermi Inc. incurred credit facility of $120,000,000 with Keystone National Group, LLC (as Agent) and Keystone Private Income Fund (as Initial Lender) at 12.90% per annum maturing August 19, 2031.
  evidence_excerpt: have the meaning given to them in the Credit Agreement. The Credit Agreement provides for a senior secured credit facility (the “Loan”) in an aggregate principal amount of $120,000,000 (the “Maximum Principal Amount”), which may be increased by an additional $100,000,000 subject to the terms and conditions of the Credit Agreement, to be advanced by the Lenders
  evidence_url: https://www.sec.gov/Archives/edgar/data/2071778/000121390026020399/0001213900-26-020399-index.htm
- claim_id: 7c9bdd069644451f4f1efa81567616ab6cefed50
  claim: Fermi Inc. entered into Credit Agreement with Keystone National Group, LLC, Keystone Private Income Fund, Cape Commercial Finance LLC valued at $120,000,000 (effective 2026-02-19).
  evidence_excerpt: On February 19, 2026, Fermi High Voltage Warehouse LLC (the “Borrower”), a Texas limited liability company, entered into a Master Loan Agreement (the “Credit Agreement”) with Keystone National Group, LLC, a Delaware limited liability company, as collateral agent and administrative agent (the “Agent”) for the lenders from time to time party thereto (each, a “Lender”), Keystone Private Income Fund (the “Initial Lender”), and Cape Commercial Finance LLC (“CCF”), as sole arranger (the “Sole Arranger”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/2071778/000121390026020399/0001213900-26-020399-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.