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VAR > SEC Filings for VAR > Form 8-K on 16-Jun-2014All Recent SEC Filings

Show all filings for VARIAN MEDICAL SYSTEMS INC

Form 8-K for VARIAN MEDICAL SYSTEMS INC


16-Jun-2014

Other Events


Item 8.01. Other Events.

On June 10, 2014, Varian Medical Systems, Inc., through its Swiss subsidiary (collectively, the "Company"), entered into a series of agreements pursuant to which JPMorgan Chase Bank, N.A. ("J.P. Morgan") will assume $45.0 million of the Company's original $115.3 million loan commitment to fund the development, construction and initial operations of the Scripps Proton Therapy Center in San Diego, California. Pursuant to these agreements, J.P. Morgan purchased $38.1 million of the Company's outstanding loans and is obligated to fund up to an additional $6.9 million of the remaining loan commitment for the Scripps Proton Therapy Center. The Company also assigned a pro rata portion of its revenue share from the Scripps Proton Therapy Center to J.P. Morgan. Concurrent with these agreements, the Company amended its loan agreement with California Proton Treatment Center, LLC to extend the maturity to September 30, 2017, increase the interest rate to LIBOR + 700 basis points and increase the Company's loan commitment by $10.0 million. The additional $10.0 million commitment will be subordinated to the original $115.3 million commitment in the event of a default.

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