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
Entered Credit and Guaranty Agreement dated March 13, 2026, with Zions Bancorporation, N.A. as administrative agent
Drew $350 million term loan to redeem $368 million 7.875% Senior Secured Notes due 2027 on March 16, 2026
Terminated Revolving Credit and Guaranty Agreement dated March 26, 2024, with $155 million facility and no outstanding borrowings
Credit Facility totals $490 million aggregate commitments maturing March 13, 2031
Interest at SOFR plus margin or ABR plus margin based on consolidated total net leverage ratio
Press release states refinancing used $42 million cash and expected to reduce annualized interest expense by more than $7 million