Varex Imaging Corp (VREX): debt financing — Varex closes $490M credit facility, redeems $368M 7.875% notes due 2027

Varex Imaging Corp

New facility includes $350M term loan, $100M revolver, $40M delayed draw; matures March 13, 2031.
Redeemed all $368M of 7.875% Senior Secured Notes due 2027; used $42M cash including $7M call premium.
Borrowings at SOFR + 2.50% margin (3.65% fixed via swap); expected to reduce annualized interest by >$7M.
Terminated existing $155M revolver; no outstanding borrowings at termination.
CFO Maheshwari says refinancing strengthens balance sheet and improves cost of capital.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Varex Imaging Corp incurred credit facility of $350,000,000 with Zions Bancorporation, N.A. dba Zions First National Bank at SOFR plus a margin or an alternative base rate plus a margin maturing March 13, 2031.

Instrument: credit facility
Principal: $350,000,000
Counterparty: Zions Bancorporation, N.A. dba Zions First National Bank
Rate: SOFR plus a margin or an alternative base rate plus a margin
Maturity: March 13, 2031
Event: incurrence

Exact text from the filing

and UMB Bank, N.A. as joint lead arrangers (the “Credit Agreement”). The Credit Agreement provides for (i) a secured term loan facility in an aggregate principal amount of $350,000,000, (ii) a secured revolving credit facility in an aggregate principal amount of $100,000,000, which includes a $35,000,000 letter of credit sub‐facility and a $20,000,000 swingline

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Varex Imaging Corp entered into Credit and Guaranty Agreement with Zions Bancorporation, N.A. dba Zions First National Bank valued at Secured term loan facility of $350,000,000; secured revolving credit facility of $100,000,000 with $ (effective 2026-03-13).

Action: entry
Agreement: credit facility
Counterparty: Zions Bancorporation, N.A. dba Zions First National Bank
Value: Secured term loan facility of $350,000,000; secured revolving credit facility of $100,000,000 with $
Effective: 2026-03-13

Exact text from the filing

On March 13, 2026, Varex Imaging Corporation (the “Company”) and certain of its subsidiaries entered into a Credit and Guaranty Agreement with, among others, the lenders and issuing banks from time to time party thereto, Zions Bancorporation, N.A. dba Zions First National Bank, as administrative agent and collateral agent, Citizens Banks, National Association and Bank of Montreal as co-documentation agents, Zions Bancorporation, N.A. dba Zions First National Bank, as lead arranger and sole bookrunner, and U.S. Bank National Association, Capital One, N.A., Fifth Third Bank, National Association and UMB Bank, N.A. as joint lead arrangers (the “Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Varex Imaging Corp terminated Revolving Credit and Guaranty Agreement with Zions Bancorporation, N.A. dba Zions First National Bank valued at Terminated senior secured revolving credit facility of up to $155,000,000 (effective 2026-03-13).

Action: termination
Agreement: credit facility
Counterparty: Zions Bancorporation, N.A. dba Zions First National Bank
Value: Terminated senior secured revolving credit facility of up to $155,000,000
Effective: 2026-03-13

Exact text from the filing

Substantially concurrently with the closing of the Credit Agreement, on March 13, 2026, the Company terminated its Revolving Credit and Guaranty Agreement, dated as of March 26, 2024, by and among the Company, Varex Imaging West, LLC, Varex Imaging Deutschland AG, as borrowers, the guarantors party thereto, Zions Bancorporation, N.A. dba Zions First National Bank, as administrative and collateral agent, and the lenders party thereto (as amended, the “Terminated Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Varex Imaging Corp terminated 2027 Notes Indenture with Computershare Trust Company, N.A. valued at Satisfied and discharged $368,000,000 aggregate principal amount of outstanding 7.875% Senior Secure (effective 2026-03-13).

Action: termination
Agreement: notes offering
Counterparty: Computershare Trust Company, N.A.
Value: Satisfied and discharged $368,000,000 aggregate principal amount of outstanding 7.875% Senior Secure
Effective: 2026-03-13

Exact text from the filing

The 2027 Notes were issued pursuant to a Senior Secured Notes Indenture, dated as of September 30, 2020, among the Company, as issuer, the guarantors party thereto, Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee and collateral agent (the “Trustee”) (as amended and supplemented, the “2027 Notes Indenture”).

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Source: SEC EDGAR

accession 0001681622-26-000035

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