Credit Relations
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 | € 275 | 8 3/4 % | 2015 |
| Fresenius US Finance II, Inc | $ 500 | 9.00 % | 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, the initial minimum exchange price and the initial maximum exchange price were adjusted to € 32.34 € and € 38.16, respectively.
Click here to download the details of the Mandatory Exchangeable Bonds (PDF-file 49 KB).
Maturities
Click here for an overview of the maturity profile of the financing facilities of the Fresenius Group (PDF-file, 19 KB).
Financial targets
Net Debt/EBITDA is a key financial ratio used within the Fresenius Group. As of September 30, 2009, this ratio was 3.1. Fresenius expects the ratio to be in the range 2.5−3.0 by 2010.
Company rating
Fresenius has been covered by the two leading rating agencies Moody's and Standard & Poor's since end of 2002.
The following table shows Fresenius SE's current ratings:
 | Standard & Poor's | Moody's | Fitch |
| Corporate Credit Rating | BB | Ba1 | BB |
| Senior Debt | BB | Ba1 | BB |
| Outlook Corporate Credit Rating | stable | negative | 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 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.