NEWS BRIEF: Utah-based Varex Imaging is Raising $125 Million through the Sale of 7.857% Senior Secured Notes

One of the world's largest manufacturers of components for medical and industrial X-ray machines, Salt Lake City, Utah-based Varex Imaging (NASDAQ:VREX), has announced plans to raise $125 million through a bond sale.

According to its news release earlier this week, Varex expects to sell $125 million of 7.857% senior secured notes tomorrow (Friday, 20 December 2024), bonds that will mature 15 October 2027.

Further, Varex stated that it "... intends to use the net proceeds from the sale of the notes to fund the partial repayment of the company’s outstanding Convertible Notes due June 2025."

Varex generated revenue of $811 million in fiscal 2024 (ended 27 September 2024), as per its 2024 annual report filed with the U.S. Securities and Exchange Commission on Form 10-K.

That was a decrease of 9% versus revenue of $893 million in fiscal 2023.

Varex traces its earliest roots back to 1948 with the formation of Varian, with Varex Imaging spun-off from Varian Medical Systems in January 2017.

Today, Varex has over 2,300 full-time equivalent employees based in locations all over the world as

Varex has become "... a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems."

Roughly 72% of Varex revenue comes from the medical imaging marketplace, while approximately 28% comes from industrial applications, with sales spread fairly equally across

• The Americas (at 32.9%),
• Europe, the Middle East, and Africa (at 34.6%), and
• The Asia Pacific region (at 32.6%).

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