secwatch.observer — SEC 8-K summary
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Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2023-12-05T23:59:59+00:00
Accession:  0000861459-23-000029
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Granite acquires Lehman-Roberts and Memphis Stone & Gravel for $278M, expands into Memphis market
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- Purchase price $278M funded by new $150M term loan, revolver draw, and cash on hand.
- 2024 revenue target raised to $3.8-4.0B; adjusted EBITDA margin maintained at 9-11%.
- Lehman-Roberts operates 7 asphalt plants; Memphis Stone has 3 mines with 57M tons proven/probable reserves.
- Senior leadership led by Pat Nelson remains in place to manage the business.
- Term loan matures June 2027, interest at SOFR plus 1.25-2.25% margin.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/0000861459-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/gva-20231130.htm
  HTML page:      https://secwatch.observer/filing/0000861459-23-000029

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer