Varian Board Authorizes Buyback; Approves Increase Of Revolving Debt Facility

(RTTNews) - Varian Medical Systems, Inc. (VAR) announced that its board has authorized the company to repurchase an additional 8 million shares of its common stock between November 21, 2015 and December 31, 2016. The company has completed a 6 million share repurchase authorization that covered the period between August 15, 2014 and December 31, 2015. The company expects to begin repurchasing shares under the new authorization during the first quarter of fiscal 2016.

The board of Varian also authorized the company to amend its credit agreement to increase the aggregate commitments under its 2013 revolving credit facility from $300 million to $500 million. The company said the additional funds would be used for working capital, capital expenditures, share repurchases, acquisitions, and other corporate purposes.