Bond Fresenius Medica 4.25% ( USU31436AG04 ) in USD

Issuer Fresenius Medica
Market price 100 %  ▼ 
Country  United States
ISIN code  USU31436AG04 ( in USD )
Interest rate 4.25% per year ( payment 2 times a year)
Maturity 31/01/2021 - Bond has expired



Prospectus brochure of the bond Fresenius Medical USU31436AG04 in USD 4.25%, expired


Minimal amount 2 000 USD
Total amount 60 050 000 USD
Cusip U31436AG0
Standard & Poor's ( S&P ) rating BBB ( Lower medium grade - Investment-grade )
Moody's rating N/A
Detailed description Fresenius Medical Care is a global leader in dialysis products and services, providing treatment for patients with chronic kidney failure.

The Bond issued by Fresenius Medica ( United States ) , in USD, with the ISIN code USU31436AG04, pays a coupon of 4.25% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/01/2021
The Bond issued by Fresenius Medica ( United States ) , in USD, with the ISIN code USU31436AG04, was rated BBB ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







LISTING PROSPECTUS
NOT FOR GENERAL DISTRIBUTION
IN THE UNITED STATES
Fresenius US Finance II, Inc.
$300,000,000 4.250% Senior Notes due 2021
guaranteed on a senior basis by Fresenius
SE & Co. KGaA, Fresenius Kabi AG and
Fresenius ProServe GmbH
Fresenius US Finance II, Inc. (the "Issuer") has issued on February 11, 2014 (the "Issue Date") US$300,000,000 aggregate
principal amount of its 4.250% fixed rate senior notes due 2021 (the "Notes due 2021" or the "Notes") (the "offering"). 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
2021 will mature on February 1, 2021.
The Notes due 2021 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 listing prospectus (the "prospectus").
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. According
to article 7 (7) of the Luxembourg Law on prospectuses for securities the CSSF assumes no responsibility as to the economical and
financial soundness of the transaction and the quality or 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 2021 Issue Price: 100% plus accrued interest from the issue date
Delivery of the Notes due 2021 was made to investors in book entry form through the Depository Trust Company, on or about
February 14, 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
J.P. Morgan
BofA Merrill Lynch
DNB Markets
Scotiabank
Co-Lead Managers
Citigroup
Goldman, Sachs & Co.
The date of this prospectus is February 18, 2014.


You should rely only on the information contained in this prospectus. 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. 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 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
NOTICE TO NEW HAMPSHIRE RESIDENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iv
IMPORTANT INFORMATION ABOUT AND DEFINITIONS USED IN THIS PROSPECTUS . . .
iv
RESPONSIBILITY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vi
NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vii
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
A -- INTRODUCTION AND WARNINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
B -- ISSUER AND GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-1
C -- SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-18
D -- RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-20
E -- OFFER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-22
GERMAN TRANSLATION OF THE SUMMARY OF THE PROSPECTUS . . . . . . . . . . . . . . . . . .
A-1
ZUSAMMENFASSUNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
A -- EINLEITUNG UND WARNHINWEISE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
B -- EMITTENT UND GARANTIEGEBER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
C -- WERTPAPIERE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-21
D -- RISIKEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-23
E -- ANGEBOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-26
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISKS RELATING TO THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISKS RELATING TO THE GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISKS RELATING TO OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
RISKS RELATING TO THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
EXCHANGE RATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
CAPITALIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
SELECTED CONSOLIDATED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
DIFFERENCES BETWEEN U.S. GAAP AND IFRS FINANCIAL INFORMATION . . . . . . . . . . . .
34
SELECTED UNCONSOLIDATED FINANCIAL DATA FOR THE ISSUER . . . . . . . . . . . . . . . . . . .
35
SELECTED UNCONSOLIDATED FINANCIAL DATA OF SUBSIDIARY GUARANTORS,
FRESENIUS KABI AG AND FRESENIUS PROSERVE GMBH . . . . . . . . . . . . . . . . . . . . . . . . . .
36
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL
CONDITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
SEGMENT RESULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
SALES BY GEOGRAPHICAL REGION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
LIQUIDITY AND CAPITAL RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK . . . . . . . . . . . . .
70
CRITICAL ACCOUNTING POLICIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
(i)


BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
HISTORY AND DEVELOPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
78
KEY STRENGTHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81
INTELLECTUAL PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
102
EMPLOYEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
FACILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
QUALITY MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106
ENVIRONMENTAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106
INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
REGULATORY MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
134
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
134
MANAGEMENT BOARD OF THE MANAGEMENT SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
134
SUPERVISORY BOARD OF THE MANAGEMENT SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
138
SUPERVISORY BOARD OF FRESENIUS SE & CO. KGAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
139
MANAGEMENT AND EMPLOYEE PARTICIPATION PLANS . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142
CONFLICTS OF INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
146
CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
147
PRINCIPAL SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150
CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS . . . . . . . . . . . . . . . . . . .
151
REAL PROPERTY LEASE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
151
INTELLECTUAL PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
151
GENERAL INFORMATION ON GROUP STRUCTURE, ISSUER AND GUARANTORS . . . . . . .
155
THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
156
GUARANTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
157
DOCUMENTS AVAILABLE FOR INSPECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
161
INTEREST OF THE COMPANY IN FMC AG & CO. KGAA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
162
DESCRIPTION OF OTHER FINANCING ARRANGEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . .
164
FRESENIUS SE & CO. KGAA AND ITS SUBSIDIARIES OTHER THAN FRESENIUS MEDICAL
CARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
164
FRESENIUS MEDICAL CARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
168
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
171
BOOK-ENTRY, DELIVERY AND FORM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
201
FORM OF NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
201
REDEMPTION OF THE GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
201
PAYMENTS ON GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
CURRENCY OF PAYMENT FOR THE GLOBAL NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
ACTION BY OWNERS OF BOOK-ENTRY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
TRANSFERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
DEFINITIVE REGISTERED NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
203
INFORMATION CONCERNING DTC, EUROCLEAR AND CLEARSTREAM . . . . . . . . . . . . . . . .
204
GLOBAL CLEARANCE AND SETTLEMENT UNDER THE BOOK-ENTRY SYSTEM . . . . . . . . . .
205
PAYING AGENT AND REGISTRAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
206
TAXATION CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
207
GERMAN TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
207
LUXEMBOURG TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
209
EU SAVINGS DIRECTIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
212
THE PROPOSED FINANCIAL TRANSACTION TAX ("FTT") . . . . . . . . . . . . . . . . . . . . . . . . . . . .
212
U.S. FEDERAL INCOME TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
212
PLAN OF DISTRIBUTION AND OFFER OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
216
NOTICE TO INVESTORS IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
219
(ii)


SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES . . . . . . . . . . . . . . .
222
INDEPENDENT AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
222
LISTING AND GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
LISTING AND ADMISSION TO TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
CLEARING INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
NO SIGNIFICANT CHANGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
224
GENERAL INFORMATION ABOUT THE ISSUER AND THE GUARANTORS . . . . . . . . . . . . .
224
AUTHORIZATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
225
INTERESTS THAT ARE MATERIAL TO THE ISSUE/OFFER . . . . . . . . . . . . . . . . . . . . . . . . . . .
225
DOCUMENTS INCORPORATED BY REFERENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
226
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G-1
INDEX TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-1
GERMAN TRANSLATION OF THE DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . .
AA-1
(iii)


IN CONNECTION WITH THIS OFFERING, J.P. MORGAN SECURITIES LLC (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 ANY TIME, 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
You should not assume that the information contained in this prospectus 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, 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 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;
(iv)


·
"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;
·
"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." 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" or the " Issuer" 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);
·
"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 J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, DNB Markets, Inc., Scotia Capital (USA) Inc., Citigroup Global Markets
Inc. and Goldman, Sachs & Co., in their respective capacities as initial purchasers of Notes to
be offered pursuant to private placements;
(v)


·
"Indenture" refers to the indenture to be entered into, under which the Notes due 2021 were
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" or "Notes due 2021" refers to the Issuer's 4.250% fixed rate senior notes due 2021
that are the subject of this prospectus;
·
"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 The Bank of New York Mellon, London
Branch, One Canada Square, London E14 5AL, United Kingdom;
·
"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 The Bank of New York Mellon, London Branch, One Canada Square,
London E14 5AL, United Kingdom;
·
"U.S. dollar", "US$" or "$" 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.
RESPONSIBILITY STATEMENT
Fresenius US Finance II, Inc., 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808,
United States, along with Fresenius SE & Co. KGaA, Fresenius Kabi AG and Fresenius ProServe
GmbH, all located at Else-Kröner-Strasse 1, 61352 Bad Homburg vor der Höhe, Germany, assume
responsibility for the content of this prospectus and hereby declare that the information contained in
this prospectus 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 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 overview given by 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 describing clearing arrangements is subject to any change in
or reinterpretation of the rules, regulations and procedures of the Depository Trust Company
("DTC"), 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 giving an accurate overview of the information concerning DTC, 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 or the
incorporated documents, except for the Issuer and the Guarantors, is responsible for the information
contained in this prospectus, 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.
(vi)


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 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 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, 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. Nothing contained in this
prospectus 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.
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 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
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, 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. You may be required to bear the financial risks of this
investment for an indefinite period of time.
Each person receiving this prospectus 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,
(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 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
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 is accurate or complete. Any representation to the contrary is a
criminal offense.
(vii)


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, 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
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
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. The Notes will only be available in Germany (i) to, and
this prospectus 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 UNITED KINGDOM
This prospectus 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 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.
(viii)


DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus 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. 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 described in or suggested by these statements. Moreover,
forward-looking estimates or predictions derived from third parties' studies or information may prove
to be inaccurate. Consequently, we cannot give any assurance regarding the future accuracy of the
opinions set forth in this prospectus or the actual occurrence of the developments described herein.
In addition, even if our future results meet the expectations expressed here, those results may not be
indicative of our performance in future periods. These risks, uncertainties, assumptions, and other
factors that could cause actual results to differ from our projected results include, among others, the
following:
·
changes in general economic conditions, particularly economic conditions in our core
markets;
·
changes in the markets in which we operate;
·
changes affecting interest rates;
·
changes affecting currency exchange rates;
·
changes in levels of competition;
·
changes in governmental and commercial insurer reimbursement for our complete products
and services portfolio, including the new Medicare reimbursement system for dialysis
services;
·
changes in utilization patterns for pharmaceuticals and in our costs of purchasing
pharmaceuticals;
·
the outcome of ongoing government investigations;
·
the influence of private insurers and managed care organizations;
·
the impact of recently enacted and possible future healthcare reforms;
·
product liability risks;
·
the outcome of ongoing potentially material litigation;
·
risks relating to the integration of acquisitions and our dependence on additional
acquisitions;
·
risks relating to compliance with the myriad government regulations applicable to our
business including anti-corruption acts and other comparable regulatory regimes in many of
the countries in which we supply services or products;
·
introduction of generic or new pharmaceuticals that compete with our pharmaceutical
products;
(ix)