Varian extends revolver, increasing to $300 million, cutting rates

By Aleesia Forni

Columbus, Ohio, Aug. 26 - Varian Medical Systems, Inc. amended and restated its revolving credit facility, increasing the amount to $300 million from $225 million, according to an 8-K filed with the Securities and Exchange Commission.

Amendments to the facility with Bank of America, NA also extend its expiration date to June 30, 2012 from Nov. 20, 2011.

The interest rate was also decreased to Libor plus a range of 75 basis points to 12.5 bps. Pricing was originally 125 bps to 150 bps.

The company also entered into an accelerated share repurchase program with Bank of America NA to repurchase $250 million of its common stock.

Varian Medical is a Palo Alto, Calif.-based manufacturer of medical equipment.

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