Creditor Relations
Our financing strategy aims at ensuring financial flexibility, managing financial risks and optimizing our financing cost.
Find out more about our financing strategy, major financing instruments and our credit ratings on this website or download our Credit Presentation for more information.
Financing strategy
We ensure our financial flexibility through maintaining sufficient liquidity. Our refinancing risks are limited due to our balanced maturity profile, which is characterized by a wide range of maturities of up to 2031. Corporate bonds in euro and U.S. dollar form the basis of our mid- and long-term financing instruments. Corporate bonds in euro are issued under our €10 BN debt issuance program. For short-term financing, we use our €1.5 BN commercial paper program, Accounts Receivable Facility in U.S. dollar, and bilateral credit lines. The €2 BN Syndicated Credit Facility, signed in July 2021, serves as a backup facility.
Financing & Currency Mix
as of June 30, 2023
Bonds and convertible bonds
| Instrument | Maturity/Term | Amount in M | ISIN Code |
|---|---|---|---|
| 4.75% Bond | 2014-2024 | $ 400 | USU31434AE08 |
| 1.5% Bond | 2018-2025 | € 500 | XS1854532949 |
| 3.75% Bond | 2019-2029 | $ 500 | USU3149FAA76 |
| 0.250% Bond | 2019-2023 | € 650 | XS2084510069 |
| 0.625% Bond | 2019-2026 | € 600 | XS2084497705 |
| 1.250% Bond | 2019-2029 | € 500 | XS2084488209 |
| 1.000% Bond | 2020-2026 | € 500 | XS2178769076 |
| 1.500% Bond | 2020-2030 | € 750 | XS2178769159 |
| 2.375% Bond | 2020-2031 | $ 1,000 | USU3149FAB59 |
| 1.875% Bond | 2021-2026 | $ 850 | USU3149FAC33 |
| 3.000% Bond | 2021-2031 | $ 650 | USU3149FAD16 |
| 3.875% Bond | 2022-2027 | € 750 | XS2530444624 |
European Medium Term Note Program
| Issuer | Fresenius Medical Care AG & Co. KGaA |
| Program Amount | € 10,000,000,000 |
| Arranger: | Deutsche Bank |
| Dealer: | Barclays, Commerzbank, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, HSBC, ING Bank, J.P. Morgan, Société Générale Corporate & Investment Banking |
| Fiscal and Paying Agent | Deutsche Bank |
Commercial Paper Program
The Commercial Paper Program enables Fresenius Medical Care to issue short-term notes of up to € 1.5 billion on the money market. The issuances are made through the European Commercial Paper Program (ECP).
| Issuer | Fresenius Medical Care AG & Co. KGaA |
| Program amount | € 1,500,000,000 |
| Arranger | Commerzbank |
| Dealer | Barclays, Commerzbank, Crédit Agricole, DZ BANK AG, ING, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen |
| Issuing and paying agent | Commerzbank |
| Term | Up to 2 years less 1 day |
Well-balanced maturity profile1
as of June 30, 2023
1 Based on utilization of major financing instruments, excl. Commercial Paper and A/R Facility
2 Calculations based on total financial debt, excluding Lease & Purchase Money Obligations
Net Leverage Ratio
June 30, 2023
1 As of 2019 including IFRS 16
2 Excl. federal relief funding and advanced payments under the U.S. CARES Act
Rating
Standard & Poor's, Moody's and Fitch, the leading rating agencies, have assigned Fresenius Medical Care the following rating:
| Standard & Poor's | Moody's | Fitch | |
|---|---|---|---|
| Corporate credit rating | BBB- | Baa3 | BBB- |
| Outlook | negative | negative | negative |
