THE DOCKET · PMF-26-004 · May 2026 · Member program
Pacific Manufacturing Finance Facility
A $1.5B revolving facility for factory tooling and first-of-a-kind production lines. Members underwrite each other's expansion the way railroads once did — first tranche of $400M closed Jul 2026.
The brief
Banks finance the hundredth factory, not the first. Tooling for a new heat-pump line is too specific for project finance and too capital-heavy for venture money, so the machines that would end scarcity wait on balance sheets that were never built to carry them.
PMF-26-004 is the Federation's answer: a $1.5 billion revolving facility, underwritten by the membership, for factory tooling and first-of-a-kind production lines. Members guarantee each other's expansion the way nineteenth-century railroads underwrote track — because every member's order book depends on every other member's capacity.
The first tranche of $400 million closed in July 2026. Proceeds funded compressor tooling at Formosa Coil and a second assembly line at Busan Heat Works, lifting network capacity to one hundred shipped units a month. Repayments revolve into the next line.