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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>___________</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Date of report (Date of earliest event reported) </TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">April 27, 2012</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; text-transform: uppercase; font-weight: bold">VARIAN MEDICAL SYSTEMS, INC.</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Exact Name of Registrant as Specified in its Charter)</TD></TR>
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    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">1-7598</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">94-2359345</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or Other Jurisdiction <BR> of Incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File <BR> Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR> &nbsp;Identification No.)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">3100 Hansen Way, Palo Alto, CA</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">94304-1030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Registrant's telephone number, including area code</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">(650) 493-4000</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; color: black">&uml;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Item 1.01.</TD><TD STYLE="text-align: justify"><U>Entry Into a Material Definitive Agreement</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The response to this item is set forth in
Item 2.03 below and is by this reference incorporated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Item 1.02.</TD><TD STYLE="text-align: justify"><U>Termination of a Material Definitive Agreement</U>.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 27, 2012, Varian Medical Systems,
Inc. (the &ldquo;Company&rdquo;) replaced its $300 million revolving credit facility with the revolving credit facility described
under Item 2.03 below, terminating the Amended and Restated Credit Agreement entered into as of November&nbsp;10, 2008 by and between
the Company and Bank of America, N.A. (&ldquo;BofA&rdquo;), as amended (the &ldquo;Prior Credit Facility&rdquo;), and repaying
in full the approximately $100 million then-outstanding principal balance, plus accrued interest and fees. BofA is a Lender and
the Administrative Agent, Swing Line Lender and L/C Issuer (as such terms are defined in the Credit Agreement (as defined in Item
2.03 below)) with respect to the credit facility described under Item 2.03 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Item 2.03.</TD><TD STYLE="text-align: justify"><U>Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 27, 2012, Varian Medical Systems,
Inc. (the &ldquo;Company&rdquo;) entered into a credit agreement (the &ldquo;Credit Agreement&rdquo;) with certain lenders party
thereto from time to time (collectively, the &ldquo;Lenders&rdquo;), BofA, as Administrative Agent for the Lenders (the &ldquo;Agent&rdquo;),
Swing Line Lender and L/C Issuer. Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated is the sole lead arranger and sole bookrunner
under the Credit Agreement. The Credit Agreement provides for a revolving credit facility of $300 million (the &ldquo;Credit Facility&rdquo;).
The Credit Facility also includes a $50 million sub-facility for the issuance of letters of credit and permits swing line loans
of up to $25 million. Under the Credit Agreement, the Company has the right to make up to three requests to increase the aggregate
commitments under the Credit Facility by an aggregate amount for all such requests of up to $200 million, provided that the Lenders
are willing to provide such new or increased commitments and certain other conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Credit Facility replaces the Prior Credit
Facility. The Company borrowed $175&nbsp;million under the Credit Facility on the effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Credit Facility is secured, subject
to certain limitations on the amount secured, by a pledge of stock issued by certain of our present and future subsidiaries that
are deemed to be material under the terms of the Credit Facility. All hedging or treasury management obligations entered into by
the Company with a Lender are also secured by the stock pledges. As of April 27, 2012, the only subsidiary for which a stock pledge
is required is Varian Medical Systems Nederland Holdings B.V., a direct, wholly-owned subsidiary of the Company that is incorporated
under the laws of the Netherlands, and the Company has pledged 65% of the voting shares that it holds in that subsidiary. The Credit
Agreement provides that certain material domestic subsidiaries must guaranty the Credit Facility, subject to certain limitations
on the amount secured. However, as of April 27, 2012, no subsidiary guaranties were required to be executed under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, as well as to satisfy the outstanding obligation under the Prior Credit Facility. The Credit Facility will
expire, if not extended by mutual agreement of the Company, the Agent and the Lenders on April 27, 2017. Borrowings under the Credit
Facility accrue interest either (i) based on a Eurodollar rate, as defined in the Credit Agreement, plus a margin of 1.25% to 1.50%
based on a leverage ratio involving funded indebtedness and EBITDA (earnings before interest, tax and depreciation and amortization)
or (ii) based upon a base rate of either the federal funds rate plus 0.50% or BofA&rsquo;s announced prime rate, whichever is greater,
plus a margin of 0.25% to 0.50% based on the same leverage ratio, depending upon instructions from the Company to the Agent as
to whether advances are to be based on the Eurodollar rate or the base rate. The Company also must pay a commitment fee on the
unused portion of the Credit Facility at a rate from 0.25% to 0.50% based on the same leverage ratio. The Company may prepay, reduce
or terminate the commitments without penalty. Swing line loans under the Credit Facility will bear interest at the base rate plus
the then applicable margin for base rate loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Credit Agreement contains affirmative
and negative covenants applicable to the Company and its subsidiaries that are typical for credit facilities of this type, and
that are subject to materiality and other qualifications, carve-outs, baskets and exceptions. The covenants are similar to those
in the Prior Credit Agreement, and include covenants that restrict, subject to certain limitations, exceptions and qualifications,
the Company's and its subsidiaries&rsquo; ability to engage in certain actions, including restrictions on the granting of liens,
making investments, providing guarantees by subsidiaries, engaging in mergers, consolidations or acquisitions, selling off or disposing
of substantial assets, paying dividends to stockholders and repurchasing its stock. The Company has also agreed to maintain certain
financial covenants including (i) a maximum consolidated leverage ratio, involving funded indebtedness and earnings before interest,
taxes, depreciation and amortization (&ldquo;EBITDA&rdquo;), and (ii) a minimum cash flow coverage ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Credit Agreement contains customary
events of default that entitle the Agent and the Lenders to cause any or all of the Company&rsquo;s indebtedness under the Credit
Facility to become immediately due and payable, including failure to pay any principal when due and payable, failure to pay interest
within three business days after due, failure to comply with any covenant, representation or condition of any loan document or
swap contract, any change of control, cross-defaults to other agreements, material monetary judgments that remain unstayed, and
certain other events as set forth in the Credit Agreement, with grace periods in some cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">Varian Medical Systems, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: underline">&nbsp;/s/ JOHN W. KUO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">John W. Kuo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Title:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Corporate Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: April 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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{"company-data": {"conformed-name": "VARIAN MEDICAL SYSTEMS INC", "cik": "0000203527", "assigned-sic": "3845", "irs-number": "942359345", "state-of-incorporation": "DE", "fiscal-year-end": "1001"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07598", "film-number": "12790913"}, "business-address": {"street1": "3100 HANSEN WAY", "city": "PALO ALTO", "state": "CA", "zip": "94304-1000", "phone": "650-424-5834"}, "mail-address": {"street1": "3100 HANSEN WAY", "city": "PALO ALTO", "state": "CA", "zip": "94304-1000"}, "former-company": [{"former-conformed-name": "VARIAN ASSOCIATES INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "VARIAN DELAWARE INC", "date-changed": "19761123"}]}
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
April 27, 2012
VARIAN MEDICAL SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
1-7598
94-2359345
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
3100 Hansen Way, Palo Alto, CA
94304-1030
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code
(650) 493-4000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.
Entry Into a Material Definitive Agreement
.
The response to this item is set forth in
Item 2.03 below and is by this reference incorporated herein.
Item 1.02.
Termination of a Material Definitive Agreement
.
On April 27, 2012, Varian Medical Systems,
Inc. (the "Company") replaced its $300 million revolving credit facility with the revolving credit facility described
under Item 2.03 below, terminating the Amended and Restated Credit Agreement entered into as of November 10, 2008 by and between
the Company and Bank of America, N.A. ("BofA"), as amended (the "Prior Credit Facility"), and repaying
in full the approximately $100 million then-outstanding principal balance, plus accrued interest and fees. BofA is a Lender and
the Administrative Agent, Swing Line Lender and L/C Issuer (as such terms are defined in the Credit Agreement (as defined in Item
2.03 below)) with respect to the credit facility described under Item 2.03 below.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
.
On April 27, 2012, Varian Medical Systems,
Inc. (the "Company") entered into a credit agreement (the "Credit Agreement") with certain lenders party
thereto from time to time (collectively, the "Lenders"), BofA, as Administrative Agent for the Lenders (the "Agent"),
Swing Line Lender and L/C Issuer. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the sole lead arranger and sole bookrunner
under the Credit Agreement. The Credit Agreement provides for a revolving credit facility of $300 million (the "Credit Facility").
The Credit Facility also includes a $50 million sub-facility for the issuance of letters of credit and permits swing line loans
of up to $25 million. Under the Credit Agreement, the Company has the right to make up to three requests to increase the aggregate
commitments under the Credit Facility by an aggregate amount for all such requests of up to $200 million, provided that the Lenders
are willing to provide such new or increased commitments and certain other conditions are met.
The Credit Facility replaces the Prior Credit
Facility. The Company borrowed $175 million under the Credit Facility on the effective date.
The Credit Facility is secured, subject
to certain limitations on the amount secured, by a pledge of stock issued by certain of our present and future subsidiaries that
are deemed to be material under the terms of the Credit Facility. All hedging or treasury management obligations entered into by
the Company with a Lender are also secured by the stock pledges. As of April 27, 2012, the only subsidiary for which a stock pledge
is required is Varian Medical Systems Nederland Holdings B.V., a direct, wholly-owned subsidiary of the Company that is incorporated
under the laws of the Netherlands, and the Company has pledged 65% of the voting shares that it holds in that subsidiary. The Credit
Agreement provides that certain material domestic subsidiaries must guaranty the Credit Facility, subject to certain limitations
on the amount secured. However, as of April 27, 2012, no subsidiary guaranties were required to be executed under the Credit Agreement.
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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, as well as to satisfy the outstanding obligation under the Prior Credit Facility. The Credit Facility will
expire, if not extended by mutual agreement of the Company, the Agent and the Lenders on April 27, 2017. Borrowings under the Credit
Facility accrue interest either (i) based on a Eurodollar rate, as defined in the Credit Agreement, plus a margin of 1.25% to 1.50%
based on a leverage ratio involving funded indebtedness and EBITDA (earnings before interest, tax and depreciation and amortization)
or (ii) based upon a base rate of either the federal funds rate plus 0.50% or BofA's announced prime rate, whichever is greater,
plus a margin of 0.25% to 0.50% based on the same leverage ratio, depending upon instructions from the Company to the Agent as
to whether advances are to be based on the Eurodollar rate or the base rate. The Company also must pay a commitment fee on the
unused portion of the Credit Facility at a rate from 0.25% to 0.50% based on the same leverage ratio. The Company may prepay, reduce
or terminate the commitments without penalty. Swing line loans under the Credit Facility will bear interest at the base rate plus
the then applicable margin for base rate loans.
The Credit Agreement contains affirmative
and negative covenants applicable to the Company and its subsidiaries that are typical for credit facilities of this type, and
that are subject to materiality and other qualifications, carve-outs, baskets and exceptions. The covenants are similar to those
in the Prior Credit Agreement, and include covenants that restrict, subject to certain limitations, exceptions and qualifications,
the Company's and its subsidiaries' ability to engage in certain actions, including restrictions on the granting of liens,
making investments, providing guarantees by subsidiaries, engaging in mergers, consolidations or acquisitions, selling off or disposing
of substantial assets, paying dividends to stockholders and repurchasing its stock. The Company has also agreed to maintain certain
financial covenants including (i) a maximum consolidated leverage ratio, involving funded indebtedness and earnings before interest,
taxes, depreciation and amortization ("EBITDA"), and (ii) a minimum cash flow coverage ratio.
The Credit Agreement contains customary
events of default that entitle the Agent and the Lenders to cause any or all of the Company's indebtedness under the Credit
Facility to become immediately due and payable, including failure to pay any principal when due and payable, failure to pay interest
within three business days after due, failure to comply with any covenant, representation or condition of any loan document or
swap contract, any change of control, cross-defaults to other agreements, material monetary judgments that remain unstayed, and
certain other events as set forth in the Credit Agreement, with grace periods in some cases.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Varian Medical Systems, Inc.
By:
/s/ JOHN W. KUO
Name:
John W. Kuo
Title:
Corporate Senior Vice President, General Counsel and Corporate Secretary
Dated: April 27, 2012