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VAR > SEC Filings for VAR > Form 8-K on 25-Jul-2013All Recent SEC Filings

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Form 8-K for VARIAN MEDICAL SYSTEMS INC


25-Jul-2013

Regulation FD Disclosure


Item 7.01. Regulation FD Disclosure.

On July 24, 2013, the Board of Directors of Varian Medical Systems, Inc. (the "Company") authorized the Company to proceed with the negotiation, documentation and syndication of a new senior credit facility in an aggregate principal amount of up to $800,000,000 (the "New Credit Facility"). Bank of America, N.A. has offered to be the sole administrative agent for the New Credit Facility. It is contemplated that the New Credit Facility would be comprised of (i) a five-year term loan facility in an aggregate principal amount of up to $500,000,000, subject to an increase option of an additional amount of up to $100,000,000, and
(ii) a five-year revolving credit facility, including subfacilities for letters of credit and swing line loans, in an aggregate principal amount of up to $300,000,000, subject to an increase option of an additional amount up to $200,000,000. The terms of the New Credit Facility would provide for customary representations and warranties and negative and affirmative covenants, and will also include customary events of default such as payment defaults, cross-defaults to other indebtedness of the Company, bankruptcy and insolvency, and a change in control, in each case substantially similar to those in the Company's existing $300 million revolving credit facility. The Company has not yet entered into definitive documents relating to the New Credit Facility, and there are no assurances that the New Credit Facility will close and be available to the Company. The Company expects that the New Credit Facility would be used to refinance and replace its existing $300 million revolving credit facility and that it would be available for all general corporate purposes including working capital uses, acquisitions and share repurchases.

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