Varex Imaging Corporation to Redeem Its 7.875% Senior Secured Notes Due 2027

Varex Imaging Corporation (NASDAQ:VREX) (the "Company" or "Varex") today 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 conditional full redemption required under the indenture governing the Notes, which notice shall be provided by the trustee on behalf of the Company. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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, as well as X-ray imaging systems for industrial applications. 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 the company'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 2,400 people located in North America, Europe, and Asia. For more information visit vareximaging.com.

Forward-Looking Statements

Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "anticipate," "can," "should," "would," "could," "estimate," "may," "intend," "potential," and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially include the inability of the Company to successfully complete the New Financing or to otherwise satisfy or waive the Financing Condition, as well as other risks set forth as risk factors in the Company's filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Company cautions you not to place undue reliance on the forward-looking statements contained in this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260306169746/en/

For Information Contact:

Christopher Belfiore

Director of Investor Relations

Varex Imaging Corporation

801.973.1566 | [email protected]