H.I.G. Capital Portfolio Company Polar Closes Record EUR 800 Million Nordic Bond for Data Center Development

LONDON — June 1, 2026 — PolarDC Group Limited, a portfolio company of H.I.G. Capital, has completed a EUR 800 million senior secured bond issuance in the Nordic bond market, marking what the company describes as a record-breaking transaction for deal size in that market. The financing, issued through the wholly owned subsidiary PolarDC Finance NO1 AS, will be used to refinance existing debt on the company's first data center in Drangedal, Norway, and to fund the completion of two additional data center facilities targeted for delivery in 2026 and 2027.

Transaction Overview

The bond attracted strong interest from institutional investors globally and was described by the company as significantly oversubscribed. The EUR 800 million issuance functions as both a recapitalization of an existing asset and a growth financing vehicle for the broader development pipeline.

Andy Hayes, CEO at Polar, said: "This financing represents a pivotal moment as Polar scales to represent one of Europe's leading data centre platforms, building infrastructure ready for AI and high-performance compute workloads. We continue to see significant demand growth across neocloud, hyperscale, and enterprise customers for Polar's purpose-built facilities, and we look forward to further enhancing the robust partnerships we have built with the industry's leading customers, suppliers, and future sites."

Use of Proceeds and Development Pipeline

Bond proceeds will be applied in two ways: refinancing the existing debt on Polar's first data center in Drangedal, Norway, and finalizing construction of two additional data center facilities. The first new facility is targeted for completion in 2026, with the second expected in 2027.

Polar describes its facilities as sustainable, energy-efficient data centers powered by renewable energy sources, optimized for AI and high-density computing workloads. The company serves neocloud, hyperscale, and enterprise customers across Europe. Specific details regarding the square footage, occupancy rates, or customer commitments at the Drangedal facility were not disclosed in the announcement.

Arctic Securities and DNB Carnegie served as joint bookrunners for the issuance. Law firm Thommessen acted as counsel to the issuer, while Wikborg Rein acted as counsel to the joint bookrunners.

H.I.G. Capital's Infrastructure Strategy

H.I.G. Capital, a global alternative investment firm with $75 billion of capital under management, backed the transaction through its infrastructure investment platform. Andrew Liau, Head of Europe Infrastructure at H.I.G., commented: "We are thrilled by this transaction and the validation provided through the participation of leading institutional investors. Since H.I.G.'s initial investment, Polar has grown rapidly to meet customer demand and has executed on a substantial development pipeline across Europe. This issuance reflects the quality of the business."

H.I.G. Capital, founded in 1993 and headquartered in Miami, has invested in and managed more than 400 companies worldwide. The firm maintains offices across the United States — including Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford — as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, Dubai, and Hong Kong. Its current portfolio includes more than 100 companies with combined sales in excess of $53 billion.

H.I.G.'s infrastructure arm focuses on value-add and core-plus investments in the infrastructure sector.

Market Context

Polar has positioned its facilities as infrastructure built for AI and high-performance compute workloads, targeting a customer base that spans neocloud operators, hyperscale cloud providers, and enterprise users. With two additional facilities under construction and one already operational in Drangedal, Norway, Polar's development pipeline spans multiple years. Locations for the two facilities under construction were not disclosed in the announcement.

About the Companies

PolarDC Group Limited develops and operates data centers optimized for AI and high-density computing workloads across Europe. H.I.G. Capital is a global alternative investment firm specializing in debt and equity capital for middle market companies, with additional platforms covering real estate and infrastructure. More information on H.I.G. Capital is available at hig.com, and on Polar at polardc.com.

Sources: H.I.G. Capital press release, June 1, 2026. hig.com