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.

Major financing instruments

Financing and currency mix including IFRS 16

as of December 31, 2019

Bonds and convertible bonds

1 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.

European Medium Term Note Program

Commercial Paper Program

Debt maturity profile

as of December 31, 2019

1) Based on utilization of major financing instruments

2) Excluding IFRS 16

Leverage ratio: net debt / EBITDA excl. IFRS 16


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