Credit Relations
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| Overview: |
Bonds
List of the Fresenius Group's bonds:
| 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 3/4 % | 2015 |
| FMC Finance III S.A. | $ 500 | 6 7/8 % | 2017 |
| FMC Finance VI S.A. | € 250 | 5.50 % | 2016 |
| Fresenius Medical Care Capital Trust IV | $ 225 | 7 7/8 % | 2011 |
| Fresenius Medical Care Capital Trust V | € 300 | 7 3/8 % | 2011 |
Click here for details of the debt instruments listed above (PDF-file 31KB).
Mandatory Exchangeable Bonds (MEB)
To finance the acquisition of APP Pharmaceuticals, Inc., Mandatory Exchangeable Bonds (MEB) in an aggregate nominal amount of € 554.4 million were launched in July 2008.
Upon maturity, the bonds will be mandatorily exchangeable into ordinary shares of Fresenius Medical Care AG & Co. KGaA. The Mandatory Exchangeable Bonds are not redeemable in cash.
The initial minimum exchange price was set at € 33.00 and the initial maximum exchange price was set at € 38.94. Due to the dividend payment of Fresenius Medical Care AG & Co. KGaA in May 2009 and in May 2010, the initial minimum exchange price and the initial maximum exchange price were adjusted to € 31.83 € and € 37.56, respectively.
Click here to download the details of the Mandatory Exchangeable Bonds (PDF-file 49 KB).
Maturities
Debt maturity profile of the major financing instruments of the Fresenius Group as of March 31, 2010:
Click here to download the debt maturity profile of the Fresenius Group (PDF-file 225 KB).
Financial targets
Net debt/EBITDA is a key financial ratio used within the Fresenius Group. As of March 31, 2010, this ratio was 3.0. We expect to bring down this ratio to <3.0 by the end of 2010.
Click here to download the overview of the net debt/EBITDA ratio of the Fresenius Group (PDF-file 225 KB).
Company rating
Fresenius is covered by the leading rating agencies Standard & Poor's, Moody's and Fitch. The following table shows Fresenius SE'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 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.
Please click here to download the overview as of March 31, 2010.
Please click here to download the overview as of December 31, 2009.
Please click here to download the overview as of September 30, 2009.
Please click here to download the overview as of June 30, 2009.
Please click here to download the overview as of March 31, 2009.
Please click here to download the overview as of December 31, 2008.
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. 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.