Varex Announces Partial Redemption of Senior Secured Notes
July 01 2021 - 8:05AM
Business Wire
Varex Imaging Corporation (Nasdaq: VREX) today announced the
partial redemption in the amount of $30 million of its $300 million
7.875% senior secured notes due 2027, in accordance with the terms
and conditions of the governing indenture. The redemption price of
the redeemed notes will be 103.0% of the principal amount thereof,
plus accrued and unpaid interest from and including April 15, 2021
to but excluding the redemption date of July 15, 2021.
“Our improving financial performance and cash generation in
recent quarters is enabling us to pay down some of our outstanding
debt and reduce our interest expense,” 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
2,000 people located in North America, Europe, and Asia. For more
information visit vareximaging.com.
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,” “outlook,” “future,”
“anticipate,” “will,” “could,” “estimate,” “guidance,” 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 the
severity and duration of the COVID-19 pandemic and its impact on
both the global economy and the Varex’s business; our ability to
maintain compliance with our financial covenants; shifts in product
mix; not receiving the intended benefit of current or future
restructurings or cost reduction actions; the continued impact of
tariffs or a global trade war on Varex’s products and customer
purchasing patterns; global economic conditions; demand for and
delays in delivery of products of Varex or its customers;
litigation costs; Varex’s ability to develop, commercialize and
deploy new products; the impact of reduced or limited demand by
purchasers of certain X-ray products; the impact of competitive
products and pricing; the ability to remediate material weaknesses
in internal control; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210701005143/en/
Christopher Belfiore Director of Investor Relations Varex
Imaging Corporation 801.973.1566 |
christopher.belfiore@vareximaging.com
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