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 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 September 30, 2020

Bonds and convertible bonds

European Medium Term Note Program

Commercial Paper Program

Debt maturity profile1

as of September 30, 2020

1 As of September 30, 2020 and based on utilization of major financing instruments, excl. Commercial Paper of EUR 261m.

Leverage ratio: net debt / EBITDA

as of September 30, 2020

1 2018/19 excluding IFRS 16, as of 2019 including IFRS 16; including adjustments for acquisitions and divestitures made within the reporting period with a purchase price above a EUR 50m threshold as defined in the Amended 2012 Credit Agreement; the respective ratios in 2012 and 2018 are calculated excluding strategic charges / special items.
2 Net debt decrease in Q3 2020 mainly driven by the increase in cash and cash equivalents which was primarily related to federal relief funding and advanced payments under the U.S. CARES Act and other COVID-19 relief.

Rating

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