Varian Medical assigns $72.98 million loan commitment to Deutsche Bank

By Marisa Wong

Morgantown, W.Va., June 28 – Varian Medical Systems, Inc.’s indirect wholly owned subsidiary, Varian Medical Systems International AG, assigned to Deutsche Bank AG, London Branch its entire $72,975,000 senior first-lien loan commitment issued to MM Proton I as borrower under two loan agreements providing financing for the New York Proton Center in New York City, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the assignments were made under an assignment and assumption dated June 27 between Varian International, Deutsche Bank and JPMorgan Chase Bank, NA as administrative agent, relating to a $45,674,288 senior first-lien loan commitment under a loan agreement dated July 15, 2015 with JPMorgan, Varian International and an affiliate of Goldman Sachs Group, Inc. as lenders; and an assignment and assumption dated June 27 between Varian International, Deutsche Bank and JPMorgan as administrative agent, relating to a $27,300,712 senior first-lien loan commitment under a loan agreement dated July 15, 2015 with JPMorgan, Varian International and Goldman Sachs as lenders.

As of Monday, about $10.5 million of Varian International’s senior first-lien loan commitments had been funded under both loan agreements.

Total consideration paid by Deutsche Bank to Varian International in consideration for the assignments was about $8.3 million in cash, representing the funded portion of Varian International’s senior first-lien loan commitments plus accrued interest, less a 3% discount.

Based in Palo Alto, Calif., Varian manufactures medical devices and software for treating cancer and other medical conditions with radiation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.