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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 December 31, 2023

1 Includes debt and lease liabilities included within liabilities directly associated with assets held for sale

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
0.625% 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
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
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 December 31, 2023

1 Based on utilization of major financing instruments, excl. Commercial Paper, A/R Facility, and other cash management lines
2 Calculations based on total financial debt, excluding Lease & Purchase Money Obligations

Net Leverage Ratio

as of December 31, 2023

1 As of 2019 including IFRS 16

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
Contact us for further information
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Company profile

Fresenius Medical Care is the leading provider of dialysis products and services. Find out more about the Company’s key facts and figures.

Our annual and quarterly reports can be found in this section.