Varian Medical increases revolver to $500 million, reduces pricing

By Wendy Van Sickle

Columbus, Ohio, Nov. 25 – Varian Medical Systems, Inc. increased its revolving credit facility to $500 million from $300 million on Wednesday, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also reduced the revolver’s commitment fees and interest rate margin and increased the maximum consolidated leverage ratio the company must maintain.

The additional funds will be used for working capital, capital expenditures, share repurchases, acquisitions and other corporate purposes, the company said.

The credit agreement is dated Aug. 27, 2013.

Bank of America, NA is the administrative agent.

Based in Palo Alto, Calif., Varian manufactures medical devices and software for treating cancer and other medical conditions with radiation.

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