Varian Medical Systems replaced its $600 million revolving credit facility with a $41.5 billion revolving credit facility in a transaction agented by Bank of America.

According to a related 8-K filing, Varian replaced its $600 prior credit facility, repaying in full the approximately $255 million outstanding principal balance, plus accrued interest and fees.

Varian Medical then entered into a new credit agreement with Bank of America as administrative agent, swing line lender and L/C issuer. Merrill Lynch, Wells Fargo, Citibank, DNB Market, Fifth Third Bank, JPMorgan, PNC Capital Markets, RBC Capital Markets, Sumitomo Mitsui Banking and TD Bank are joint lead arrangers.

The credit agreement provides for a five-year, revolving credit facility in an aggregate principal amount of up to $1.8 billion and includes a $50 million sub-facility for the issuance of letters of credit and permits swing line loans of up to $25 million.

The credit facility includes an accordion feature that allows the company to request up to $100 million of additional funding.

The proceeds of the credit facility will be used for working capital, capital expenditures, permitted company share repurchases, permitted acquisitions and other lawful corporate purposes.