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Credit Relations

Fresenius Medical Care - Credit Relations

Financing strategy & instruments

Financial flexibility takes top priority in Fresenius Medical Care’s financial strategy besides optimizing the financing costs. The company ensures this flexibility by using a wide range of financial instruments and securing a high level of diversification regarding our investors and banks.

Our long-term debt consists mainly of term loans and bonds in Euro and U.S. dollar. In addition, Fresenius Medical Care uses an equity-neutral convertible bond and a syndicated credit agreement with revolving credit facilities in U.S. dollar and Euro. For short-term financing needs, we can use the revolving credit facilities as well as a commercial paper program, an accounts receivable facility and bilateral credit facilities.

Please find our Credit Relations Presentation here.

Major financing instruments

Financing and currency mix including IFRS 16

as of March 31, 2020

Bonds and convertible bonds

European Medium Term Note Program

Commercial Paper Program

Debt maturity profile

as of March 31, 2020

1) Based on utilization of major financing instruments

2) Excluding Commercial Paper (EUR 930m)

 

Leverage ratio: net debt / EBITDA

1 Excl. Strategic Charges / Special Items
2 Excl. IFRS 16 effect
3 Incl. IFRS 16 effect

Rating

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