Polar Raises EUR 800 Million in Record Nordic Bond Issuance

June 01, 2026
Polar, backed by H.I.G. Capital, has completed a EUR 800 million senior secured bond issue in the Nordic market, setting a record for deal size and supporting expansion of its European data center infrastructure.

Polar, a portfolio company of H.I.G. Capital, has completed a EUR 800 million senior secured bond issue in the Nordic market, announced in a press release. The transaction, executed through PolarDC Finance NO1 AS, marks the largest bond issuance of its kind in the region.

The proceeds will be used to refinance existing debt on Polar's data center in Drangedal, Norway, and to complete construction of two additional facilities scheduled for 2026 and 2027. The bond attracted strong demand from institutional investors and was significantly oversubscribed.

According to the company, the financing supports Polar's expansion as a developer and operator of data centers across Europe that are optimized for AI and high performance computing workloads. Arctic Securities and DNB Carnegie served as joint bookrunners, while Thommessen and Wikborg Rein provided legal counsel.

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