Polar, an H.I.G. Capital Portfolio Company, Completes Record-breaking EUR 800 million Nordic Bond Issue

LONDON, June 1, 2026 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $75 billion of capital under management, is pleased to announce that its portfolio company, PolarDC Group Limited ("Polar" or the "Company"), has successfully raised a EUR 800 million senior secured bond in the Nordic bond market, through its wholly owned subsidiary, PolarDC Finance NO1 AS. The landmark transaction sets a new record for deal size in the Nordic market and cements Polar's scaled, market-leading position as a developer, owner, and operator of European data centre infrastructure that targets high-performance computing applications.

The bond proceeds will be applied to refinancing existing debt on the Company's first data centre in Drangedal, Norway, and finalizing construction of two additional data centre facilities targeted for completion in 2026 and 2027. The transaction attracted strong interest from institutional investors globally and was significantly oversubscribed.

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."

Andrew Liau, Head of Europe Infrastructure at H.I.G., said, "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."

Arctic Securities and DNB Carnegie acted as joint bookrunners in connection with the issuance. Thommessen and Wikborg Rein acted as counsel to the issuer and the joint bookrunners, respectively.

About Polar

Polar develops and operates sustainable, high-performance data centres optimized for AI and high-density computing workloads. The Company specializes in creating energy-efficient facilities powered by renewable sources, serving the growing demands of AI and technology companies across Europe. For more information, please visit polardc.com.

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $75 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contact:

Andrew Liau
Managing Director
Head of Europe Infrastructure
aliau@hig.com

Michael Pothitos
Managing Director
mpothitos@hig.com

Philippe de Limburg Stirum
Managing Director
plimburg@hig.com

H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P: +44 (0) 207 318 5700
hig.com

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