VAREX IMAGING CORPORATION TO REDEEM ITS 7.875% SENIOR SECURED NOTES DUE 2027

About this update from Varex Imaging Corporation

SALT LAKE CITY - Varex Imaging Corporation (Nasdaq: VREX) (the 'Company' or 'Varex') announced it has issued a notice of conditional full redemption of all of its outstanding 7.875% senior secured notes due October 15, 2027 (the 'Notes') on March 16, 2026 (the 'Redemption Date'). The aggregate principal amount of the outstanding Notes is $368,000,000. The redemption price for the Notes will be equal to 101.969% of the principal amount of the Notes, together with accrued and unpaid interest on the Notes to, but not including the Redemption Date, for a total payment to holders of $1,052.72125 per $1,000 principal amount of the Notes. The Company intends to fund the redemption of the Notes with proceeds from the funding of a new credit facility to be entered into between or among the Company and one or more lenders (the 'New Financing') and cash on hand. In accordance with the terms of the indenture governing the Notes, the obligation of the Company to redeem the Notes and pay the redemption price to the holders of the Notes on the Redemption Date is subject to consummation of the New Financing that will provide sufficient funds to pay the redemption price (the 'Financing Condition') and the Redemption Date may be delayed until the Financing Condition has been satisfied or waived by the Company. If the Financing Condition is not satisfied, the Company may elect to rescind the notice of conditional full redemption and terminate the redemption. If the Redemption Date is extended or the redemption is terminated, the Company will provide notice to holders of the Notes on the second business day immediately preceding the Redemption Date. Assuming satisfaction or waiver by the Company of the Financing Condition, on and after the Redemption Date, the Notes will no longer be deemed outstanding, interest will cease to accrue thereon, and all rights of the holders of the Notes will cease, except for the right to receive the redemption price. Payment of the redemption price for the Notes will be made in accordance with the applicable procedures of the Depository Trust Company.Computershare Trust Company, N.A. is the trustee, collateral agent, paying agent and registrar of the Notes. This press release is for information purposes only and shall not constitute a notice of redemption. The conditional redemption shall be made solely pursuant to the official notice of condi...

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