Radiation therapy firm Varian Medical Systems has signed an agreement with Bank of America to repurchase $250 million of its common stock.
Varian will pay $250 million to the bank and receive approximately 3.8 million shares, or 85% of the shares to be repurchased based on the stock's closing price on August 24.
The company also amended its credit facility with Bank of America to increase its borrowing capacity from $225 million to $300 million.
