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Credit relations

Fresenius Medical Care - Credit Relations

Financing strategy & instruments

Financial flexibility takes top priority in Fresenius Medical Care’s financing strategy besides optimizing the financial costs. The company ensures this flexibility by using a wide range of financial instruments and securing a high level of diversification with regard to our investors and banks. Our financing profile is characterized by a wide spread of maturities up to 2024.

Our main financing instrument is the syndicated amended 2012 credit agreement with revolving credit facilities and loans in U.S. dollars and euros. In addition, in recent years, we have placed unsecured senior notes in euros and U.S. dollars. Furthermore, Fresenius Medical Care has sufficient financing  flexibility in the form of credit facilities and an accounts receivable facility.

Major financing instruments

1 At the beginning before amortisation.
2 Concurrently with the bond issuance, Fresenius Medical Care has purchased call options (cash-settled) on its shares to off-set in full the economic exposure from a potential exercise of the conversion rights embedded in the bonds. Therefore, the instrument will not result in the issuance of new shares upon conversion. A dilution of Fresenius Medical Care's share capital through issuance of new shares in connection with this transaction is ruled out.

Commercial Paper Program

Debt maturity profile

As of June 30, 2017; based on utilization of major financing instruments

Rating

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