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Creditor Relations

Financing strategy & instruments

Our financing strategy aims at ensuring financial flexibility, managing financial risks and optimizing our financing cost. 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 Debt Issuance Program. For short-term financing we use our commercial paper program in euro, Accounts Receivable Facility in U.S. dollar and bilateral credit lines. A syndicated credit facility in euro serves as a backup facility.

Please find our Creditor Relations Presentation here.

Major financing instruments

Financing and currency mix including IFRS 16

as of December 31, 2021

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

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 Bayern LB, Commerzbank, DZ BANK AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, Crédit Agricole, ING
Issuing and paying agent Commerzbank
Term Up to 2 years less 1 day

Debt maturity profile1

as of December 31, 2021

As of December 31, 2021, and based on utilization of major financing instruments, excl. Commercial Paper
2 Fresenius Medical Care US Finance II, Inc. USD 700m Bond repaid at maturity on January 31, 2022

Leverage ratio: net debt / EBITDA

as of December 31, 2021

As of 2019 including IFRS 16
Net debt decrease in FY 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
Excl. U.S. federal relief funding and advanced payments under the 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 stable stable stable

 

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