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SUBSEQUENT EVENTS
6 Months Ended
Mar. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Sirtex. On January 30, 2018, the Company signed an agreement to acquire Sirtex, an Australian company that is listed on the Australian Securities Exchange, for A$28 per share or approximately A$1.6 billion ($1.2 billion as of March 30, 2018). The transaction has received all necessary regulatory approvals, is subject to the approval of the Sirtex shareholders, the Federal Court of Australia and the satisfaction of other customary closing conditions.

On May 4, 2018, Sirtex received an unsolicited non-binding, indicative and conditional proposal from CDH, a China-based alternative asset manager, for the acquisition of all of the issued shares in Sirtex for A$33.60 per share. The Sirtex board of directors has determined to engage with CDH to further understand the conditions associated with the CDH proposal. As a result, the meeting of Sirtex shareholders to approve the acquisition by Varian, which was scheduled to occur on Monday, May 7, 2018 (Sydney time), was adjourned to a time and date to be determined.

Borrowings. On April 3, 2018, the Company entered into the 2018 Credit Agreement with certain lenders and Bank of America, N.A. as administrative agent. The 2018 Credit Agreement provides for a five-year revolving credit facility (the "2018 Revolving Credit Facility") in an aggregate principal amount of up to $1.8 billion. The 2018 Revolving Credit Facility also includes a $50.0 million sub-facility for the issuance of letters of credit and permits swing line loans of up to $25 million. Under the 2018 Revolving Credit Facility, the Company has the right to make (i) a request to increase the aggregate commitments by an aggregate amount for all such requests of up to $100.0 million and (ii) request an additional increase in the commitments or establish one or more term loans, provided that, in each case, the lenders are willing to provide such new or increased commitments and certain other conditions are met. The proceeds of the 2018 Revolving Credit Facility may be used for working capital, capital expenditures, to pay the consideration for the Sirtex acquisition, Company share repurchases, permitted acquisitions and other corporate purposes, as well as to satisfy the outstanding obligation under the 2017 Revolving Credit Facility.
The 2018 Revolving Credit Facility replaces the 2017 Revolving Credit Facility of $600 million. The Company borrowed $255.0 million under the 2018 Revolving Credit Facility and repaid in full the $255.0 million then outstanding principal balance on its 2017 Revolving Credit Facility, plus accrued interest and fees.