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Creditor 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 Creditor Relations Presentation here.

Major financing instruments

Financing and currency mix including IFRS 16

as of September 30, 2021

Bonds and convertible bonds

Instrument Maturity/Term Amount in M ISIN Code
5.875% Bond 2012-2022 $ 700 USU31434AC42
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 September 30, 2021

Leverage ratio: net debt / EBITDA

as of September 30, 2021

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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