Short answer
Varex Imaging Corp (VREX) filed an 8-K current report with the SEC on March 16, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement), Item 2.03 (Creation of a Direct Financial Obligation), Item 8.01 (Other Events). New $490M credit facility: $350M term loan (fully drawn), $100M revolver, $40M delayed draw term loan; all maturing March 13, 2031.
Varex Imaging Corp 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- New $490M credit facility: $350M term loan (fully drawn), $100M revolver, $40M delayed draw term loan; all maturing March 13, 2031
- Full $350M term loan drawn on March 13, 2026 to fund redemption of existing 2027 Notes plus transaction expenses
- Interest rate floating: SOFR + margin or base rate + margin, with pricing grid tied to consolidated total net leverage ratio
- Refinancing extends debt maturity wall from 2027 to 2031, reducing near-term refinancing risk
- Covenants include limits on additional debt, liens, restricted payments, and affiliate transactions: change of control triggers default
Item 1.02 · Termination of a Material Definitive Agreement
- Redeemed $368M of 7.875% Senior Secured Notes due 2027 on March 16, 2026, fully discharging the indenture and releasing all guarantor obligations
- Redemption funded via new Credit Agreement (closed March 13, 2026), signaling a debt refinancing rather than deleveraging
- Simultaneously terminated $155M revolving credit facility with Zions Bancorporation (maturity Sept 2027): no outstanding borrowings at termination
- Net effect: old high-cost secured debt (7.875%) replaced by new credit structure; interest cost reduction likely material given rate differential
Item 2.03 · Creation of a Direct Financial Obligation
- Investors should review the full 8-K on SEC EDGAR for borrowing terms, amount, interest rate, and maturity details for VREX
Item 8.01 · Other Events
- Credit Facility officially closed as of March 16, 2026: signals new debt financing in place
- Full terms (size, rate, maturity) expected in press release Exhibit 99.1, which is the key document to review
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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