Credit Relations
Overview:
- Mandatory Exchangeable Bonds (MEB)
- Maturities
- Financial targets
- Company rating
- Key Figures Fresenius Group
- Company rating
- Frequently Asked Questions
Senior Notes
List of the Fresenius Group's Senior Notes:
| Issuer | Volume in million |
Coupon |
Maturity |
| Fresenius Finance B.V. | €500 |
5.00% |
2013 |
| Fresenius Finance B.V. | €650 |
5.50% |
2016 |
| Fresenius US Finance II, Inc. | $500 |
9.00% |
2015 |
| Fresenius US Finance II, Inc. | €275 |
8.75% |
2015 |
| FMC Finance VI S.A. | €250 |
5.50% |
2016 |
| FMC Finance VII S.A. | €300 |
5.25% |
2021 |
|
€100 |
3-month Euribor |
2016 |
|
|
€400 |
6.50% |
2018 |
|
| FMC Finance VIII S.A. | €250 | 5.25% |
2019 |
| Fresenius Medical Care US Finance, Inc. |
$500 |
6.875% |
2017 |
| Fresenius Medical Care US Finance, Inc. |
$650 |
5.75% |
2021 |
|
$400 |
6.50% |
2018 |
|
| Fresenius Medical Care US Finance II, Inc. | $800 | 5.625% |
2019 |
| Fresenius Medical Care US Finance II, Inc. | $700 | 5.875% |
2022 |
Mandatory Exchangeable Bonds (MEB)
To finance the acquisition of APP Pharmaceuticals, Inc., Mandatory Exchangeable Bonds (MEB) in an aggregate nominal amount of ~€554 million were launched in July 2008.
Mandatory Exchangeable Bonds (MEB) in an aggregate nominal amount of ~€554 million (nominal value of €50,000 per MEB) came to maturity on August 14, 2011. Upon maturity, each holder of the MEB received 1,418 ordinary shares of Fresenius Medical Care per MEB. This corresponds to a final conversion price of €35.26. The ordinary shares of Fresenius Medical Care were owned by Fresenius, and there was no issuance of new shares. Fresenius’ shareholding in Fresenius Medical Care was thus reduced by 15,722,644 ordinary shares to 30.4% of the ordinary share capital.
Maturities
Debt maturity profile of the major financing instruments1 of the Fresenius Group as of September 30, 2011:
Financial targets
Net debt/EBITDA is a key financial ratio used within the Fresenius Group. As of September 30, 2011, this ratio was 2.7. It is therefore back within our target corridor of 2.5 to 3.0.
Company rating
Fresenius is covered by the leading rating agencies Standard & Poor's, Moody's and Fitch. The following table shows Fresenius SE & Co. KGaA's current ratings:
| Standard & Poor's | Moody's | Fitch | |
| Corporate Credit Rating | BB | Ba1 | BB+ |
| Outlook | positive | stable | stable |
Key Figures Fresenius Group (US GAAP; unaudited)
Due to the separate financing of Fresenius SE & Co. KGaA and Fresenius Medical Care, we have prepared the following overview for information purposes for our debt investors. The overview includes key figures of the Fresenius Group before consolidation of Fresenius Medical Care.
Frequently Asked Questions
Why are the bond prospectuses not available on your website? Can you send me the prospectuses?
Please be informed that, due to legal reasons, we are not allowed to post the prospectuses on the Internet or to distribute them to private investors. However, you can download the prospectuses from the Luxembourg Stock Exchange website www.bourse.lu at no charge (2 downloads per month). Alternatively, you can ask your financial advisor to order a printed copy from Fresenius Investor Relations.
Are the 5.00% 2006/2013 bonds and the 5.50% 2006/2016 bonds considered to be financial innovations (Finanzinnovationen) in the meaning of the German Income Tax Act (Einkommensteuergesetz)?
At the time of the issuance of the bonds, Fresenius believed that the notes should qualify as financial innovations. This belief was mainly based on the fact that the issuer – in specific cases of an early redemption – has to pay an amount that exceeds the notional value of the bonds (Vorfälligkeitsentschädigung). However, the respective tax authority must designate the final qualification as a financial innovation.