H.I.G. Capital's Portfolio Company Polar Secures Record €800 Million Nordic Bond Issuance
On June 2, 2026, PolarDC Group Limited, a company under the management of H.I.G. Capital, celebrated a notable achievement in the financial markets with the successful issuance of a senior secured bond amounting to €800 million in the Nordic bond market. This significant milestone, facilitated via PolarDC Finance NO1 AS—an entirely owned subsidiary—sets a new record for transaction volume in the Nordic region, solidifying Polar's status as a dominant player in the European data center infrastructure sector, particularly for high-performance computing applications.
The proceeds from this bond issuance are earmarked for refinancing existing debts linked to Polar’s first data center located in Drangedal, Norway, as well as for the completion of two additional data centers slated to be operational in 2026 and 2027. This move comes amidst a growing demand from institutional investors globally, as the issuance was significantly oversubscribed, showcasing robust market confidence in Polar’s business model and future growth prospects.
Andy Hayes, CEO of Polar, expressed optimism regarding this pivotal funding, stating, "This financing marks a key inflection point as Polar continues to emerge as one of Europe’s leading data center platforms, equipped with infrastructure designed for AI and high-performance computing workloads." He emphasized the increasing demand from neo-cloud and hyperscale customers, highlighting Polar's commitment to expanding its reach in the tech landscape through strong partnerships with major clients and suppliers.
Andrew Liau, Head of Europe Infrastructure at H.I.G., shared his excitement about the issuance and the backing from prominent institutional investors, noting that since H.I.G.'s initial investment, Polar has rapidly scaled to meet customer demand and has nurtured a significant development pipeline across Europe. This issuance stands as a testament to the high quality and potential of the company.
Arctic Securities and DNB Carnegie acted as co-book runners for this issuance, while Thommessen and Wikborg Rein provided legal counsel to the issuer and co-book runners, respectively.
Polar specializes in the development and operation of sustainable, high-performance data centers optimized for AI workloads and high-density computing tasks. With a focus on energy efficiency and the use of renewable energy sources, Polar addresses the growing needs of AI and technology companies throughout Europe. More details about their operations can be found at polardc.com.
Founded in 1993, H.I.G. Capital is a leading global alternative investment firm managing $75 billion in capital. With offices in major cities across the United States and international branches in locations such as London, Madrid, and Hong Kong, H.I.G. focuses on providing both debt and equity capital to mid-sized companies with a flexible, operationally-focused approach. The firm's investment strategies include management buyouts, recapitalizations, and real estate investments, as well as financing for companies of all sizes. Currently, H.I.G. oversees a portfolio of more than 100 companies with a combined revenue exceeding $53 billion. To learn more, visit hig.com.
The proceeds from this bond issuance are earmarked for refinancing existing debts linked to Polar’s first data center located in Drangedal, Norway, as well as for the completion of two additional data centers slated to be operational in 2026 and 2027. This move comes amidst a growing demand from institutional investors globally, as the issuance was significantly oversubscribed, showcasing robust market confidence in Polar’s business model and future growth prospects.
Andy Hayes, CEO of Polar, expressed optimism regarding this pivotal funding, stating, "This financing marks a key inflection point as Polar continues to emerge as one of Europe’s leading data center platforms, equipped with infrastructure designed for AI and high-performance computing workloads." He emphasized the increasing demand from neo-cloud and hyperscale customers, highlighting Polar's commitment to expanding its reach in the tech landscape through strong partnerships with major clients and suppliers.
Andrew Liau, Head of Europe Infrastructure at H.I.G., shared his excitement about the issuance and the backing from prominent institutional investors, noting that since H.I.G.'s initial investment, Polar has rapidly scaled to meet customer demand and has nurtured a significant development pipeline across Europe. This issuance stands as a testament to the high quality and potential of the company.
Arctic Securities and DNB Carnegie acted as co-book runners for this issuance, while Thommessen and Wikborg Rein provided legal counsel to the issuer and co-book runners, respectively.
About Polar
Polar specializes in the development and operation of sustainable, high-performance data centers optimized for AI workloads and high-density computing tasks. With a focus on energy efficiency and the use of renewable energy sources, Polar addresses the growing needs of AI and technology companies throughout Europe. More details about their operations can be found at polardc.com.
About H.I.G. Capital
Founded in 1993, H.I.G. Capital is a leading global alternative investment firm managing $75 billion in capital. With offices in major cities across the United States and international branches in locations such as London, Madrid, and Hong Kong, H.I.G. focuses on providing both debt and equity capital to mid-sized companies with a flexible, operationally-focused approach. The firm's investment strategies include management buyouts, recapitalizations, and real estate investments, as well as financing for companies of all sizes. Currently, H.I.G. oversees a portfolio of more than 100 companies with a combined revenue exceeding $53 billion. To learn more, visit hig.com.
Topics Financial Services & Investing）
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