Financing will support construction and expansion of two data center properties

NEW YORK — April 8, 2026 — First Citizens Bank today announced that its Technology, Media and Telecommunications Finance business served as the administrative agent, joint lead arranger, and joint bookrunner on $525 million in financing for T5 Data Centers (“T5”). The financing will be used for the construction and expansion of two data center properties in Chicago, IL and Charlotte, NC.

As a leading developer of world-class data centers, T5 is actively growing its portfolio in key markets. This recent financing will support the construction of a new 36 MW data center, T5@Chicago III, and expand the power capacity of existing data center, T5@Charlotte II, to 28 MW. Both facilities will be developed and scaled to meet the growing demands of AI, cloud computing, and other critical applications.

“This financing represents an important step in advancing our strategy to deliver scalable, high-performance data center capacity in key markets,” said Peter Almond, President of T5 Properties. “With strong financial partners like First Citizens Bank, we are well-positioned to accelerate development, meet increasing customer demand, and continue building infrastructure that supports the next generation of AI, cloud, and enterprise workloads.”

“T5 Data Centers is a leader in providing reliable high-performance computing environments for the world’s most advanced businesses,” said Jeremy Wolfe, Managing Director with First Citizens' Technology, Media and Telecommunications Finance business. “We are excited to expand on our longstanding relationship with T5 and provide them with an efficient and tailored financing structure that fits their unique project needs.”

First Citizens' Technology, Media and Telecommunications Finance team provides cash flow, construction, and asset based senior debt for communications and technology companies in the middle market throughout the United States.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

Media Contact
Katie Ellis
Katie.Ellis@firstcitizens.com