8-K - Varex Imaging Corporation | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Varex Imaging Corporation entered into a $490 million Credit and Guaranty Agreement on March 13, 2026, providing a $350 million term loan (fully drawn), $100 million revolving facility, and $40 million delayed draw term loan maturing March 13, 2031. Proceeds funded redemption of $368 million 7.875% Senior Secured Notes due 2027 and termination of prior $155 million revolving credit agreement.

Key Takeaways

1Entered Credit and Guaranty Agreement dated March 13, 2026, with Zions Bancorporation, N.A. as administrative agent

2Drew $350 million term loan to redeem $368 million 7.875% Senior Secured Notes due 2027 on March 16, 2026

3Terminated Revolving Credit and Guaranty Agreement dated March 26, 2024, with $155 million facility and no outstanding borrowings

4Credit Facility totals $490 million aggregate commitments maturing March 13, 2031

5Interest at SOFR plus margin or ABR plus margin based on consolidated total net leverage ratio

6Press release states refinancing used $42 million cash and expected to reduce annualized interest expense by more than $7 million

Current Report Details

Event Type

Material Agreement

Financing

Exhibits Only

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

above and is incorporated herein by reference. Item 8.01 Other Events On March 16, 2026, the Company issued a press release announcing the closing of the Credit

Material Agreement

Source Document

1.02

Termination of a Material Definitive Agreement On March 6, 2026, the Company delivered a notice of conditional full redemption (the “Redemption Notice”) relatin

Material Agreement

$368.0M$155000.00B

Source Document

2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this item is inclu

Financing

9.01

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit Description 10.1 Credit and Guaranty Agreement, dated as of March 13, 2026, by and among, am

Exhibits Only

Source Document

Transaction Details

Material Agreement

Agreement: Credit and Guaranty Agreement
Parties: Varex Imaging Corporation, certain subsidiaries, lenders and issuing banks party thereto, Zions Bancorporation, N.A. dba Zions First National Bank as administrative agent and collateral agent, Citizens Bank, 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, U.S. Bank National Association, Capital One, N.A., Fifth Third Bank, National Association, UMB Bank, N.A. as joint lead arrangers

•secured term loan facility in aggregate principal amount of $350,000,000
•secured revolving credit facility in aggregate principal amount of $100,000,000 including $35,000,000 letter of credit sub-facility and $20,000,000 swingline sub-facility
•secured delayed draw term loan facility in aggregate principal amount of $40,000,000
•facilities mature on March 13, 2031
•borrowings bear interest at SOFR plus margin or alternative base rate plus margin based on consolidated total net leverage ratio
•obligations guaranteed by certain domestic and international subsidiaries
•customary affirmative and negative covenants including negative pledge, limitations on indebtedness, liens, fundamental changes, transactions with affiliates, restricted payments
•customary financial maintenance provisions and events of default

Debt / Financing

Instrument: Credit Facility
Principal: $490,000,000 aggregate ($350,000,000 term loan, $100,000,000 revolving credit, $40,000,000 delayed draw term loan)
Rate: Secured Overnight Financing Rate (SOFR) plus margin or alternative base rate plus margin, priced by grid based on consolidated total net leverage ratio
Maturity: 2031-03-13
Use of Proceeds: fund consideration for redemption of 2027 Notes and ancillary expenses; revolving credit facility available for working capital and general corporate purposes

Exhibits (3)

10.1

EX-10.1

8-K

99.1

EX-99.1