Obligation Fresenius Financial B.V. 3% ( XS1013955379 ) en EUR

Fresenius Financial B.V.

100 % ▼

Allemagne

XS1013955379 ( en EUR )

3% par an ( paiement semestriel )

31/01/2021 - Obligation échue

Prospectus brochure de l'obligation Fresenius Finance B.V XS1013955379 en EUR 3%, échue

1 000 EUR

450 000 000 EUR

Fresenius Finance B.V. est une filiale du groupe Fresenius, opérant dans le financement des activités du groupe, notamment via des prêts et des émissions d'obligations pour soutenir ses opérations et investissements.

L'Obligation émise par Fresenius Financial B.V. ( Allemagne ) , en EUR, avec le code ISIN XS1013955379, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/01/2021

PROSPECTUS/OFFERING MEMORANDUM
NOT FOR GENERAL DISTRIBUTION
IN THE UNITED STATES
Fresenius Finance B.V.
300,000,000 2.375% Senior Notes due 2019
450,000,000 3.000% Senior Notes due 2021
guaranteed on a senior basis by Fresenius SE & Co. KGaA, Fresenius Kabi AG and Fresenius ProServe GmbH
Fresenius Finance B.V. (the "Issuer") is offering 750,000,000 aggregate principal amount of its senior notes,
consisting of 300,000,000 aggregate principal amount of its 2.375% senior notes due 2019 (the "Notes due 2019") and
450,000,000 aggregate principal amount of its 3.000% senior notes due 2021 (the "Notes due 2021" and, together with
the Notes due 2019, the "Notes"). The Issuer will pay interest on the Notes semi-annually on February 1 and August 1 of
each year, commencing August 1, 2014. The Notes due 2019 will mature on February 1, 2019, and the Notes due 2021 will
mature on February 1, 2021.
The Notes will be senior unsecured obligations of the Issuer and will rank equally with all of its existing and future
senior unsecured indebtedness. The Notes will be guaranteed on a senior unsecured basis (the "Guarantees") by Fresenius
SE & Co. KGaA (the "Parent Guarantor" or the "Company" and together with its subsidiaries, the "Fresenius Group" or the
"Group"), as well as Fresenius Kabi AG and Fresenius ProServe GmbH (together the "Subsidiary Guarantors" and, together
with the Parent Guarantor, the "Guarantors"). Other subsidiaries of the Parent Guarantor will not guarantee the Notes. The
Notes and the Guarantees will be effectively subordinated to all secured indebtedness of the Issuer and the Guarantors to the
extent of the value of the collateral securing such indebtedness and structurally subordinated to all liabilities of the Parent
Guarantor's subsidiaries that are not guaranteeing the Notes.
The Notes are subject to the redemption provisions as set out elsewhere in this prospectus/offering memorandum.
This prospectus constitutes a prospectus within the meaning of Article 5 para. 3 of the Directive 2003/71/EC of the European
Parliament and of the Council of November 4, 2003 (as amended, inter alia, by Directive 2010/73/EU of the European Parliament
and of the Council of November 24, 2010) (the "Prospectus Directive") and has been drafted in accordance with the
Luxembourg law on prospectuses for securities of July 10, 2005, as amended, (Loi relative aux prospectus pour valeurs mobilières)
(the "Luxembourg Prospectus Law"), which implements the Prospectus Directive into Luxembourg law.
This prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF"), in its
capacity as competent authority under the Luxembourg Prospectus Law, and will be published in electronic form on the
website of the Luxembourg Stock Exchange (http://www.bourse.lu). We have requested that the CSSF provide the competent
authority in the Federal Republic of Germany ("Germany") with a certificate of approval attesting that this prospectus has
been prepared in accordance with the Luxembourg Prospectus Law (the "Notification"). Until such Notification is given in
Germany, and at all times in other member states of the European Economic Area (the "EEA"), offers will be made only
pursuant to an exception under Section 3 of the German Securities Prospectus Act (Wertpapierprospektgesetz, "WpPG") or
an applicable exception under the national legislation of the relevant member state of the EEA implementing the Prospectus
Directive, as the case may be. The CSSF assumes no responsibility with regard to the economic and financial soundness of
the transaction and the quality and solvency of the Issuer.
Application has been made to list the Notes on the official list of the Luxembourg Stock Exchange and to admit the Notes to
trading on the regulated market of the Luxembourg Stock Exchange, a market appearing on the list of regulated markets issued
by the European Commission pursuant to Directive 2004/39/EC of April 21, 2004 on markets in financial instruments.
Investing in the Notes involves risks. See "Risk Factors" beginning on page 1.
Notes due 2019 Issue Price: 99.647% plus accrued interest from the issue date
Notes due 2021 Issue Price: 98.751% plus accrued interest from the issue date
Delivery of the Notes in book-entry form will be made through Euroclear and Clearstream, expected in each case on
January 23, 2014.
The Notes and the Guarantees have not been, and will not be, registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"). The Notes may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration
provided by Rule 144A under the Securities Act ("Rule 144A") and to certain non-U.S. persons in offshore transactions
in reliance on Regulation S under the Securities Act ("Regulation S"). You are hereby notified that sellers of the Notes
may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. See
"Notice to Investors" for additional information about eligible offerees and transfer restrictions.
Joint Lead Managers and Bookrunners
Deutsche Bank Barclays Commerzbank Crédit Agricole CIB SOCIÉTÉ GÉNÉRALE Unicredit Bank
Co-Lead Managers
Bayern LB
Banco Bilbao Vizcaya Argentaria, S.A.
BHF-BANK
DZ BANK AG
Helaba
HSBC
ING
J.P. Morgan
Landesbank Baden-Württemberg
Lloyds Bank
Mediobanca
Mizuho Securities
Raiffeisen Bank International AG
Santander
SEB
SMBC Nikko
The date of this prospectus/offering memorandum is January 10, 2014.

You should rely only on the information contained in this prospectus/offering memorandum.
We have not authorized anyone to provide you with any information that is different or represent
anything about us or this offering that is not contained in this prospectus/offering memorandum.
If given or made, any such other information or representation should not be relied upon as
having been authorized by us or the Initial Purchasers. We are not, and the Initial Purchasers are
not, making an offer to sell these Notes in any jurisdiction where an offer or sale is not
permitted. You should not assume that the information contained in this prospectus/offering
memorandum is accurate as of any date other than the date hereof. The business, financial
condition, results of operations and prospects of the Issuer or the Guarantors or any of their
subsidiaries may have changed since that date.
TABLE OF CONTENTS
IMPORTANT INFORMATION ABOUT AND DEFINITIONS USED IN THIS PROSPECTUS/
OFFERING MEMORANDUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iv
RESPONSIBILITY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vi
NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vii
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
xi
EXCHANGE RATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
xiv
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
A -- INTRODUCTION AND WARNINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
B -- ISSUER AND GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-2
C -- SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-19
D -- RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-21
E -- OFFER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-23
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISKS RELATING TO OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISKS RELATING TO THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
RISKS RELATING TO THE GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
RISKS RELATING TO THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
CAPITALIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
SELECTED CONSOLIDATED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
DIFFERENCES BETWEEN U.S. GAAP AND IFRS FINANCIAL INFORMATION . . . . . . . . . . . . .
31
SELECTED UNCONSOLIDATED FINANCIAL DATA FOR THE ISSUER . . . . . . . . . . . . . . . . . . .
32
SELECTED UNCONSOLIDATED FINANCIAL DATA OF SUBSIDIARY GUARANTORS,
FRESENIUS KABI AG AND FRESENIUS PROSERVE GMBH . . . . . . . . . . . . . . . . . . . . . . . . . .
33
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL
CONDITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
SEGMENT RESULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
SALES BY GEOGRAPHICAL REGION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
LIQUIDITY AND CAPITAL RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK . . . . . . . . . . . . . .
67
CRITICAL ACCOUNTING POLICIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72
BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
HISTORY AND DEVELOPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
KEY STRENGTHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
76
(i)

STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
INTELLECTUAL PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99
EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101
FACILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102
QUALITY MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
ENVIRONMENTAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
REGULATORY MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131
MANAGEMENT BOARD OF THE MANAGEMENT SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131
SUPERVISORY BOARD OF THE MANAGEMENT SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135
SUPERVISORY BOARD OF FRESENIUS SE & CO. KGAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
MANAGEMENT AND EMPLOYEE PARTICIPATION PLANS . . . . . . . . . . . . . . . . . . . . . . . . . . .
139
CONFLICTS OF INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144
PRINCIPAL SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
147
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS . . . . . . . . . . . . . . . . . . .
148
REAL PROPERTY LEASE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
148
INTELLECTUAL PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
148
GENERAL INFORMATION ON GROUP STRUCTURE, ISSUER AND GUARANTORS . . . . . . .
152
THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
153
GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
154
DOCUMENTS AVAILABLE FOR INSPECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
INTEREST OF THE COMPANY IN FMC AG & CO. KGAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
159
DESCRIPTION OF OTHER FINANCING ARRANGEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . .
161
FRESENIUS SE & CO. KGAA AND ITS SUBSIDIARIES OTHER THAN FRESENIUS MEDICAL
CARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
161
FRESENIUS MEDICAL CARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
164
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
167
BOOK-ENTRY, DELIVERY AND FORM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
197
GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
197
ISSUANCE OF DEFINITIVE REGISTERED NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
197
REDEMPTION OF GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
198
PAYMENTS ON GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
198
CURRENCY OF PAYMENT FOR THE GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
199
ACTION BY OWNERS OF BOOK-ENTRY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
199
TRANSFERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
199
INFORMATION CONCERNING EUROCLEAR AND CLEARSTREAM BANKING . . . . . . . . . . . .
200
GLOBAL CLEARANCE AND SETTLEMENT UNDER THE BOOK-ENTRY SYSTEM . . . . . . . . .
201
SECONDARY MARKET TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
201
TAXATION CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
NETHERLANDS TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
GERMAN TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
204
LUXEMBOURG TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
206
EU SAVINGS DIRECTIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
209
THE PROPOSED FINANCIAL TRANSACTION TAX ("FTT") . . . . . . . . . . . . . . . . . . . . . . . . . . . .
210
U.S. FEDERAL INCOME TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
210
PLAN OF DISTRIBUTION AND OFFER OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
213
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
213
OFFER OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
215
NOTICE TO INVESTORS IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
218
SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES . . . . . . . . . . . . . . . . .
221
(ii)

INDEPENDENT AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
221
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
221
LISTING AND GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
LISTING AND ADMISSION TO TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
CLEARING INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
NO SIGNIFICANT CHANGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
GENERAL INFORMATION ABOUT THE ISSUER AND THE GUARANTORS . . . . . . . . . . . . . . .
223
AUTHORIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
224
DOCUMENTS INCORPORATED BY REFERENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
225
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G-1
INDEX TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-1
GERMAN TRANSLATION OF THE SUMMARY OF THE PROSPECTUS/OFFERING
MEMORANDUM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
ZUSAMMENFASSUNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
A -- EINLEITUNG UND WARNHINWEISE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
B -- EMITTENT UND GARANTIEGEBER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-2
C -- WERTPAPIERE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-21
D -- RISIKEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-24
E -- ANGEBOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-26
GERMAN TRANSLATION OF THE DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . AA-1
BESCHREIBUNG DER SCHULDVERSCHREIBUNGEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AA-1
ALLGEMEINES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AA-1
(iii)

IN CONNECTION WITH THIS OFFERING, DEUTSCHE BANK AG, LONDON BRANCH (THE
"STABILIZING MANAGER"), AND ANY PERSON ACTING FOR IT MAY OVER-ALLOT OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE
APPLICABLE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL
FOR A LIMITED PERIOD AFTER THE ISSUE DATE. HOWEVER, THERE IS NO OBLIGATION ON
THE STABILIZING MANAGER OR ANY AGENT FOR IT TO DO THIS. SUCH STABILIZING, IF
COMMENCED, MAY BE DISCONTINUED AT ANYTIME, AND MUST BE BROUGHT TO AN END
AFTER A LIMITED PERIOD. SUCH STABILIZATION SHALL BE IN COMPLIANCE WITH ALL
APPLICABLE LAWS, REGULATIONS AND RULES.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN
APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF
THE NEW HAMPSHIRE REVISED STATUTES ANNOTATED, 1955, AS
AMENDED ("RSA 421-B"), WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS
LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY
THE SECRETARY OF STATE OF THE STATE OF NEW HAMPSHIRE THAT ANY
DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT
MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN
ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED
OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS
UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE
PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT
WITH THE PROVISIONS OF THIS PARAGRAPH.
IMPORTANT INFORMATION ABOUT AND DEFINITIONS USED IN THIS
PROSPECTUS/OFFERING MEMORANDUM
You should not assume that the information contained in this prospectus/offering memorandum
is accurate as of any date other than the date hereof. The business, financial condition, results of
operations and prospects of the Issuer, the Parent Guarantor or any of its other subsidiaries, or the
Group may have changed since that date.
In this prospectus/offering memorandum, unless otherwise indicated or the context so requires:
·
"Fresenius SE & Co. KGaA", the "Parent Guarantor" and the "Company" refer to Fresenius
SE & Co. KGaA (until January 28, 2011, known as Fresenius SE and previously, until July 13,
2007, known as Fresenius AG) only and not to any of its subsidiaries;
·
"we", "us", "our", the "Fresenius Group", the "Group" and "Fresenius" refer to Fresenius
SE & Co. KGaA and its subsidiaries on a consolidated basis;
·
"2012 FMC Senior Credit Agreement" refers to Fresenius Medical Care's syndicated
agreement which it entered into in order to refinance certain of its existing indebtedness.
·
"2013 Senior Credit Agreement" refers to the syndicated credit agreement of the Guarantors
and certain other Fresenius Group companies entered into in connection with the
refinancing of the senior credit agreement made in 2008;
·
"Bridge Financing Facility" refers to the bridge term loan facility agreement entered into on
October 15, 2013, between Fresenius SE & Co. KGaA, as borrower, and Fresenius Kabi AG
and Fresenius ProServe GmbH, as guarantors, in which a group of banks have agreed to
(iv)

make available up to 1.8 billion to be utilized to partially fund the purchase of hospitals and
certain other related companies from Rhön-Klinikum AG and to pay expenses in connection
with such purchase;
·
"CVR" refers to the contingent value rights that were issued in connection with the
acquisition of Fresenius Kabi USA and were delisted in the first quarter of 2011;
·
"Damp Group" refers collectively to Damp Holding GmbH (formerly Damp Holding AG) and
those of its affiliates that together constitute a group of companies acquired by HELIOS on
March 19, 2012;
·
"Dutch GAAP" refers to accounting principles generally accepted in the Netherlands
pursuant to the Dutch Civil Code;
·
"euro" or "" refers to Euro, the currency of the European Union member states
participating in the European Monetary Union;
·
"Fenwal" refers to Fenwal Holdings, Inc., a U.S.-based company acquired by Fresenius Kabi;
·
"FMCH" refers to Fresenius Medical Care Holdings, Inc., only;
·
"FMC Management AG" refers to Fresenius Medical Care Management AG, only;
·
"FPS Beteiligungs-AG" refers to FPS Beteiligungs-AG, only;
·
"Fresenius AG" was the legal name of the Company until July 13, 2007;
·
"Fresenius Biotech" refers to Fresenius Biotech GmbH;
·
"Fresenius Finance II B.V." refers to Fresenius Finance II B.V., only;
·
"Fresenius Finance B.V." or the "Issuer" refers to Fresenius Finance B.V., only;
·
"Fresenius Helios" and "HELIOS" refer to HELIOS Kliniken GmbH and Wittgensteiner
Kliniken GmbH and their subsidiaries on a consolidated basis;
·
"Fresenius Kabi" refers to Fresenius Kabi AG and its subsidiaries on a consolidated basis;
·
"Fresenius Kabi AG" refers to Fresenius Kabi AG and not to any of its subsidiaries;
·
"Fresenius Kabi USA" refers to Fresenius Kabi USA, Inc. (previously known as APP
Pharmaceuticals, Inc.) and its subsidiaries on a consolidated basis;
·
"Fresenius Medical Care" refers to Fresenius Medical Care AG & Co. KGaA and its
subsidiaries on a consolidated basis, as a standalone company and/or as our consolidated
subsidiary and business segment, as the context may require;
·
"FMC AG & Co. KGaA" refers to Fresenius Medical Care AG & Co. KGaA only;
·
"FMC Germany" refers to Fresenius Medical Care Deutschland GmbH;
·
"Fresenius ProServe" refers to Fresenius ProServe GmbH and its subsidiaries on a
consolidated basis;
·
"Fresenius ProServe GmbH" refers to Fresenius ProServe GmbH and not to any of its
subsidiaries;
·
"Fresenius SE" was the legal name of the Company between July 13, 2007, until January 28,
2011;
·
"Fresenius US Finance I" refers to Fresenius US Finance I, Inc.;
·
"Fresenius US Finance II" refers to Fresenius US Finance II, Inc.;
·
"Fresenius Vamed" and "VAMED" refer to VAMED AG and its subsidiaries on a consolidated
basis;
·
"German GAAP" refers to accounting principles generally accepted in Germany pursuant to
the German Commercial Code (Handelsgesetzbuch -- HGB);
(v)

·
"Guarantors" refers to the Parent Guarantor and the Subsidiary Guarantors;
·
"IFRS" refers to International Financial Reporting Standards of the International Accounting
Standards Board, as adopted by the European Union;
·
"Initial Purchasers" refers to Deutsche Bank AG, London Branch, Barclays Bank PLC,
Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Société
Générale, UniCredit Bank AG, Bayerische Landesbank, Banco Bilbao Vizcaya Argentaria,
S.A., BHF-BANK Aktiengesellschaft, DZ BANK AG Deutsche Zentral-Genossenschaftsbank,
Frankfurt am Main, Landesbank Hessen-Thüringen Girozentrale, HSBC Bank plc,
ING Bank N.V., London Branch, J.P. Morgan Securities plc, Landesbank Baden-
Württemberg, Lloyds Bank plc, Mediobanco Banca di Credito Finanziario S.p.A., Mizuho
International plc, Raiffeisen Bank International AG, Banco Santander, S.A., Skandinaviska
Enskilda Banken AB (publ), and SMBC Nikko Capital Markets Limited, in their respective
capacities as initial purchasers of Notes to be offered pursuant to private placements;
·
"Indentures" refers collectively to the respective indentures (each an "Indenture") to be
entered into on or about January 23, 2014, under which the respective Notes tranches,
particularly the Notes due 2019 and the Notes due 2021, will be issued;
·
"Leverage Ratio" refers to the ratio of net debt to EBITDA for the consolidated Fresenius
Group;
·
"MEB" refers to the mandatory exchangeable bonds that were issued in connection with the
acquisition of Fresenius Kabi USA and matured on August 14, 2011;
·
"Notes" refers to the Notes due 2019 and the Notes due 2021 that are the subject of this
prospectus/offering memorandum;
·
"Notes due 2019" refers to the Issuer's 2.375% senior Notes due 2019 that are the subject of
this prospectus/offering memorandum;
·
"Notes due 2021" refers to the Issuer's 3.000% senior Notes due 2021 that are the subject of
this prospectus/offering memorandum;
·
"Outstanding Senior Notes" refers to the various outstanding senior unsecured notes to
which the Guarantors are parties as guarantors thereof;
·
"Principal Paying and Transfer Agent" refers to Deutsche Bank Aktiengesellschaft Frankfurt,
Grosse Gallusstrasse 10-14, 60262 Frankfurt am Main, Germany;
·
"RCG" refers to Renal Care Group, Inc. and its subsidiaries on a consolidated basis;
·
"Rhön-Klinikum" and "Rhön" refer to Rhön-Klinikum AG and its subsidiaries on a
consolidated basis;
·
"Subsidiary Guarantors" refers to Fresenius Kabi AG and Fresenius ProServe GmbH;
·
"Trustee" refers to Deutsche Trustee Company Limited, Winchester House, 1 Great
Winchester Street, London EC2N 2D, United Kingdom;
·
"U.S. dollar" or "US$" refers to the U.S. dollar, the currency of the United States of America;
and
·
"U.S. GAAP" refers to accounting principles generally accepted in the United States of
America.
Under the caption "Glossary" we have included the definitions of certain technical terms used in
this prospectus/offering memorandum.
RESPONSIBILITY STATEMENT
Fresenius Finance B.V., Amersfoortseweg 10E, 3705 GJ, Zeist, Netherlands, along with Fresenius
SE & Co. KGaA, Fresenius Kabi AG and Fresenius ProServe GmbH, all located at Else-Kröner-Strasse
(vi)

1, 61352 Bad Homburg vor der Höhe, Germany, assume responsibility for the content of this
prospectus/offering memorandum and hereby declare that the information contained in this
prospectus/offering memorandum is, to the best of their knowledge, in accordance with the facts and
that no material circumstances are omitted, and that they have taken all reasonable care to ensure
that the information contained in this prospectus/offering memorandum is, to the best of their
knowledge, in accordance with the facts and contains no omission likely to affect its import.
The information contained under the headings "Summary", "Exchange Rates" and "Business"
includes extracts from information and data publicly released by official and other sources. Although
we accept responsibility for the accurate extraction and summarization of such information and data,
we accept no further responsibility in respect of such information. In addition, the information set out
in relation to sections of this prospectus/offering memorandum describing clearing arrangements is
subject to any change in or reinterpretation of the rules, regulations and procedures of Euroclear
Bank S.A./N.V., as operator of the Euroclear System ("Euroclear"), and Clearstream Banking Société
Anonyme ("Clearstream") currently in effect. While we accept responsibility for accurately
summarizing the information concerning Euroclear and Clearstream, we accept no further
responsibility in respect of such information.
Neither the Initial Purchasers nor any other person mentioned in this prospectus/offering
memorandum or the incorporated documents, except for the Issuer and the Guarantors, is
responsible for the information contained in this prospectus/offering memorandum, and accordingly,
and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts
any responsibility for the accuracy and completeness of the information contained herein.
NOTICE TO INVESTORS
Neither we nor the Initial Purchasers nor any of our respective affiliates or representatives are
making any representation to you regarding the legality of an investment in the Notes, and you
should not construe anything in this prospectus/offering memorandum as legal, business, tax or other
advice. You should consult your own advisors as to the legal, tax, business, financial and related
aspects of an investment in the Notes. Laws in certain jurisdictions may restrict the distribution of
this prospectus/offering memorandum and the offer and/or sale of the Notes. You must comply with
all laws applicable in any jurisdiction in which you buy, offer or sell the Notes or possess or distribute
this prospectus/offering memorandum, and you must obtain all applicable consents and approvals;
we shall not have any responsibility for any of the foregoing legal requirements.
The Initial Purchasers make no representation or warranty, express or implied, as to the
accuracy or completeness of the information contained in this prospectus/offering memorandum.
Nothing contained in this prospectus/offering memorandum is or should be relied upon as a promise
or representation by any Initial Purchaser as to the past or the future. You agree to the foregoing by
accepting this prospectus/offering memorandum.
Neither the Notes nor the Guarantees have been registered under the Securities Act or the
securities laws of any state of the United States, and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under
the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. We have not registered, and do not intend to register,
the Notes or the Guarantees under the Securities Act. Notwithstanding anything in this prospectus/
offering memorandum to the contrary, you (and each of your employees, representatives or other
agents) may disclose to any and all persons, without limitation of any kind, the U.S. federal tax
treatment and U.S. tax structure of the offering and all materials of any kind (including opinions or
other tax analyses) that are provided to you relating to such U.S. federal tax treatment and U.S. tax
structure. However, any such disclosure of the U.S. federal tax treatment or U.S. tax structure may be
subject to restrictions reasonably necessary to comply with any applicable securities laws.
The Notes are being offered and sold outside the United States in reliance on Regulation S and
within the United States to "qualified institutional buyers" in reliance on Rule 144A under the
Securities Act. Prospective purchasers are hereby notified that the sellers of the Notes may be relying
(vii)

on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a
description of these and certain other restrictions on offers, sales and transfers of the Notes and the
distribution of this prospectus/offering memorandum, see "Notice to New Hampshire Residents",
"Notice to Investors in the European Economic Area", "Notice to Investors in the United Kingdom" and
"Notice to Investors". By purchasing any Notes, you will be deemed to have represented and agreed
to all of the provisions contained in those sections of this prospectus/offering memorandum. You may
be required to bear the financial risks of this investment for an indefinite period of time.
Each person receiving this prospectus/offering memorandum acknowledges that (1) we have
afforded it an opportunity to request and to review, and it has received, all additional information
considered by it to be necessary to verify the accuracy of or to supplement the information contained
in this prospectus/offering memorandum, (2) investing in the Notes involves risks, (3) it has not relied
upon any Initial Purchaser or any person affiliated with any Initial Purchaser in connection with its
investigation of the accuracy of such information or its investment decision, (4) this prospectus/
offering memorandum relates to offerings exempt from registration under the Securities Act and does
not comply in important respects with Securities and Exchange Commission ("SEC") rules that would
apply to an offering document relating to a public offering of securities and (5) no person has been
authorized to give information or to make any representation concerning us, this offering or the
Notes, other than as contained in this prospectus/offering memorandum and the incorporated
documents, in connection with an investor's examination of us and the terms of this offering.
Neither the U.S. Securities and Exchange Commission, nor any state securities commission,
nor any non-U.S. securities authority has approved or disapproved of these securities or
determined that this prospectus/offering memorandum is accurate or complete. Any
representation to the contrary is a criminal offense.
You may not use any information herein for any purpose other than considering an investment in
the Notes. We reserve the right to withdraw this offering of the Notes at any time. We and the Initial
Purchasers also reserve the right to reject any offer to purchase the Notes in whole or in part for any
reason or no reason and to allot to any prospective purchaser less than the full amount of the Notes
sought by it.
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA
In relation to each member state of the EEA which has implemented the Prospectus Directive
(each, a "Relevant Member State"), the Initial Purchasers have represented and agreed that with
effect from and including the date on which the Prospectus Directive is implemented in that Relevant
Member State (the "Relevant Implementation Date") it has not made and will not make an offer of
the Notes to the public in that Relevant Member State, unless and until a prospectus has been
approved by the competent regulatory authority and, as applicable, published and notified to the
relevant competent authority in another Relevant Member State in accordance with the Prospectus
Directive as implemented in such other Relevant Member State, except that it may make an offer of
such Notes in such Relevant Member State:
(a)
to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b)
to fewer than 100 or, if the Relevant Member State has already implemented the relevant
provision of the Directive 2010/73/EU, 150 natural or legal persons (other than qualified
investors as defined in the Prospectus Directive), as permitted under the Prospectus
Directive, subject to obtaining the prior consent of the Initial Purchasers nominated by the
relevant Issuer for any such offer; or
(c)
in any other circumstances falling within Article 3 para. (2) of the Prospectus Directive,
provided that no such offer of Notes shall require the Issuer or the Initial Purchasers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer to the public" in relation to any of the
Notes in any Relevant Member State means the communication in any form and by any means of
(viii)

sufficient information on the terms of the offering and the Notes to be offered so as to enable an
investor to decide to purchase or subscribe for the Notes, as the same may be varied in that Relevant
Member State by any measure implementing the Prospectus Directive in that Relevant Member State.
NOTICE TO INVESTORS IN GERMANY
No public offer may be made in Germany unless and until the CSSF notifies the Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). Unless and until such
notification is made, the Notes will only be available in Germany (i) to, and this prospectus/offering
memorandum and any other offering material in relation to the Notes are directed only at, persons
who are qualified investors (qualifizierte Anleger) within the meaning of Section 2 No. 6 of the
Securities Prospectus Act (Wertpapierprospektgesetz); or (ii) under any other circumstances that do
not require the publication of a prospectus pursuant to Section 3 para. 2 of the Securities Prospectus
Act. Any resale of the Notes in Germany may only be made in accordance with the Securities
Prospectus Act and other applicable laws.
NOTICE TO INVESTORS IN THE NETHERLANDS
The Notes are not and may not be offered in The Netherlands other than to persons or entities
who or which are "Qualified Investors" as defined in the Prospectus Directive.
NOTICE TO INVESTORS IN THE UNITED KINGDOM
This prospectus/offering memorandum is for distribution only to, and is only directed at, persons
who (i) have professional experience in matters relating to investments falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the
"Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth
companies, unincorporated associations, etc.) of the Financial Promotion Order or (iii) are persons to
whom an invitation or inducement to engage in investment activity (within the meaning of section 21
of the Financial Services and Markets Act 2000) in connection with the issue or sale of any Notes may
otherwise lawfully be communicated or caused to be communicated (all such persons together being
referred to as "relevant persons"). This prospectus/offering memorandum is directed only at relevant
persons and must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this document relates is available only to relevant persons
and will be engaged in only with relevant persons. The Notes are being offered solely to "qualified
investors" as defined in the Prospectus Directive and accordingly the offer of Notes is not subject to
the obligation to publish a prospectus within the meaning of the Prospectus Directive.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus/offering memorandum contains forward-looking statements. Any statements
about our expectations, beliefs, plans, objectives, assumptions or future events or performance are
not historical facts and may be forward-looking. These statements are often, but not always, made
through the use of words or phrases such as "believes", "anticipates", "estimates", "intends",
"expects", "predicts", "plans", "seeks", "projects", "could" or "will" and similar formulations. These
statements involve estimates, assumptions and uncertainties which could cause actual results,
performance or events to differ materially from those expressed in them. Although we believe that
the expectations reflected in such forward-looking statements are reasonable, forward-looking
statements are inherently subject to risks and uncertainties, many of which cannot be predicted with
accuracy and some of which might not even be anticipated, and future events and actual results,
financial and otherwise, could differ materially from those set forth in or contemplated by the
forward-looking statements contained elsewhere in this prospectus/offering memorandum. We have
based these forward-looking statements on current estimates and assumptions made to the best of
our knowledge. By their nature, such forward-looking statements involve risks, uncertainties,
assumptions and other factors which could cause actual results, including our financial condition and
profitability, to differ materially and be more negative than the results expressly or implicitly
(ix)