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Bridge-to-permanent structure allowed a PE-backed colocation provider to secure long-lead power and cooling infrastructure while a broader refinancing remained in process

IRVINE, Calif., July 29, 2026 /PRNewswire-³Ô¹ÏºÚÁÏÍø/ -- , one of the largest independent providers of capital equipment and project financing in North America, today announced it has structured a $12 million equipment financing solution supporting a multi-megawatt AI and GPU compute expansion for a regional colocation and hybrid data center services provider.

The client, a private equity-backed operator of multiple U.S. facilities, identified an expansion opportunity driven by accelerating enterprise demand for high-density colocation capable of supporting AI workloads. The build-out carried a single-tenant commitment and a fixed deployment deadline, and required substantial near-term capital for UPS systems, chillers, power distribution units, and battery and resiliency equipment — much of it subject to extended vendor lead times and upfront deposits at the point of order.

The company was simultaneously completing a broader refinancing of its existing credit facility, creating a timing conflict between two capital events. Equipment procurement could not wait for the refinancing to close without jeopardizing the deployment schedule, while funding the equipment from working capital or the existing facility would have consumed liquidity and covenant headroom during a critical expansion.

First National structured the transaction in two stages to match the client's sequence. An initial $6 million bridge tranche funded immediately, enabling procurement and deployment of critical infrastructure without waiting on the refinancing. Upon completion of that refinancing, First National will fund the remaining approximately $6 million and convert the bridge into a standard equipment loan, providing an uninterrupted transition from interim to permanent financing.

"In data centers, the procurement slot is the deadline," said Philip Gronnerud, SVP, Co-founder of First National Capital Corporation. "The equipment market does not care what stage a company's refinancing is in. This client had contracted demand, existing facilities, and a tenant waiting — what they needed was capital that arrived on the schedule the equipment imposed rather than the schedule the credit markets preferred. Structuring around that sequence, rather than asking the client to work around ours, is what the transaction actually required."

The transaction reflects a broader constraint reshaping data center development. Industry analysis has estimated that a substantial share of planned 2026 U.S. data center capacity is at risk of delay or cancellation because long-lead electrical equipment cannot be delivered on schedule — a constraint driven by manufacturing capacity rather than by capital availability. First National has published a companion analysis of the issue, , examining why equipment procurement timing has become the binding constraint on AI infrastructure deployment and what capital structures address it. The analysis is available at firstncc.com.

First National Capital Corporation has completed more than $4.5 billion in funding of equipment, technology, aircraft, and capital projects for mid-sized and large companies across North America, with transaction capacity from $500,000 to $250 million.

Media Contact

Tahir Baloch, First National Capital, 1 949.707.2070 x 243, [email protected],

SOURCE First National Capital