secwatch.observer — SEC 8-K summary
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Issuer:     Varex Imaging Corp (VREX)
CIK:        0001681622
Form:       8-K
Filed at:   2024-09-11T23:59:59+00:00
Accession:  0001681622-24-000083
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Varex amends credit agreement to relax covenants on convertible note payments and leverage
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- Amendment dated Sept 11, 2024 with Zions Bancorporation modifies Payment Conditions to allow restricted payments up to greater of 50% of CNI or $50M when leverage >2.50x.
- Fixed Charge Coverage Ratio definition now excludes up to $200M in convertible note payments for covenant measurement.
- For Q4 FY2024 and Q1/Q2 FY2025, cash deduction for leverage ratio calculation increased from $100M to $150M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1681622/000168162224000083/0001681622-24-000083-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1681622/000168162224000083/vrex-20240911.htm
  HTML page:      https://secwatch.observer/filing/0001681622-24-000083

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer