Noerr advises Fresenius Medical Care on its first-ever €10 billion EMTN programme and the issue of a €500 million bond

Noerr has advised Fresenius Medical Care AG & Co. KGaA on setting up its first-ever Euro Medium Term Notes Programme (EMTN) with a total value of up to €10 billion and issuing a €500 million bond. The company will act as issuer under the programme, which will be guaranteed by Fresenius Medical Care Holdings, Inc., the company controlling the group’s activities in North America.

The programme is intended to serve as long-term financing for the DAX-listed corporation on the capital market. It offers Fresenius Medical Care the chance to place senior notes in different currencies and with different maturities in a standardised form on the debt capital market. The base prospectus for the programme was approved by the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) on 29 June 2018. The company has applied to Luxembourg Stock Exchange for the senior notes issued under the programme to be admitted to the official list of Luxembourg Stock Exchange and for trading on the Regulated Market of Luxembourg Stock Exchange.

Under the new programme the company issued a bond with a total value of €500 million for the first time on 4 July 2018. The bond has a seven-year maturity and a coupon of 1.5% p.a. A team led by Frankfurt Noerr partners Holger Alfes and Julian Schulze De la Cruz assisted in setting up the EMTN and issuing the bond.

Noerr advises Fresenius Medical Care on a regular basis, primarily on capital markets and financing law topics.

Advisors to Fresenius Medical Care AG & Co. KGaA: Noerr LLP

Dr Holger Alfes und Dr Julian Schulze De la Cruz (joint lead, Capital Markets, both Frankfurt), Dr Dominik Kloka (Capital Markets, Frankfurt), Dr Nikolai Warneke (Banking & Finance, Frankfurt), Dr So-Ang Park (Private Equity, New York), Dr Michaela Engel, Elisabeth Dworschak (both Tax, Munich), Dr Bärbel Sachs (Foreign Trade, Berlin)

Associates: Philip Maximilian Schmoll, Dominique Stütz (both Capital Markets, Frankfurt), Eva Loef (Private Equity, New York)

Fresenius in-house: Dr Caroline Redeker and Hans-Christian Mick