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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.

Credit Presentation

Major financing instruments

Financing and currency mix including IFRS 16

as of September 30, 2022

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 September 30, 2022

As of September 30, 2022, and based on utilization of major financing instruments, excl. Commercial Paper and A/R Facility

Deleveraging track record historically

Net leverage ratio

September 30, 2022

1 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

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 negative

 

Contact us for further information
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