March 8, 2022

Varex Announces Partial Redemption of Senior Secured Notes

Varex Imaging Corporation today announced the partial redemption of $27 million of its 7.875% senior secured notes due 2027, which represents 10% of the outstanding principal amount of the notes.

Varex Announces Partial Redemption of Senior Secured Notes

SALT LAKE CITY, March 7, 2022 – Varex Imaging Corporation (Nasdaq: VREX) today announced the partial redemption of $27 million of its 7.875% senior secured notes due 2027, which represents 10% of the outstanding principal amount of the notes. The redemption price of the redeemed notes will be 103.0% of the principal amount thereof, plus accrued and unpaid interest from and including October 15, 2021, to but excluding the redemption date of March 18, 2022. Upon completion of the partial redemption, the remaining outstanding aggregate principal amount of the senior secured notes will be $243 million.

“Our continued cash generation is enabling us to further pay down our senior secured debt, and this partial redemption will reduce our on-going cash interest expense by $2.1 million,” said Sam Maheshwari, Chief Financial Officer of Varex Imaging Corporation.

About Varex

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. With a 70+ year history of successful innovation, Varex’s products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate Varex’s X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose, protect and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,100 people located in North America, Europe, and Asia. For more information visit

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements concerning the announced partial note redemption; and any statements using the terms “believe,” “expect,” “intend,” “future,” “anticipate,” “will,” “could,” or similar statements are forward-looking statements that involve risks and uncertainties that could cause Varex’s actual results to differ materially from those anticipated. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Such risks and uncertainties include global political and economic conditions, events, and hostilities; Varex’s ability to maintain compliance with our financial covenants; the continued impact of tariffs or a global trade war on Varex’s products and customer purchasing patterns; demand for and delays in delivery of products of Varex or its customers; Varex’s ability to develop, commercialize and deploy new products; the impact of reduced or limited demand by purchasers of certain Xray products; the impact of competitive products and pricing; and the other risks listed from time to time in our filings with the U.S. Securities and Exchange Commission, which by this reference are incorporated herein.

Any forward-looking statements made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Varex assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

For Information Contact:
Christopher Belfiore
Director of Investor Relations
Varex Imaging Corporation
801.973.1566 |