Fermi closes $431.25M convertible notes offering; capped call limits dilution to 2% if stock triples

Fermi Inc.

Issued $431.25M aggregate principal of 5.00% convertible senior notes due 2031; net proceeds $416.81M after fees.
Initial conversion price $9.52/share (30% premium); capped call raises effective conversion to $14.64 (100% premium).
Used $34.5M for capped call transactions; remainder for general corporate purposes and Project Matador.
Notes mature July 15, 2031; no financial maintenance covenants; interest payable semi-annually.
Company states offering strengthens balance sheet for tenant agreements and power delivery milestones.

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