GRANITE CONSTRUCTION INC (GVA): debt financing — Granite Construction acquires Slats Lucas and Warren Paving for $540M, funded by $600M term loan

GRANITE CONSTRUCTION INC

Acquired all equity of Slats Lucas (MS LLC) and Warren Paving (MS corp) for $540M, subject to customary closing adjustments.
Purchase financed with a new $600M senior secured term loan under a Fifth Amended and Restated Credit Agreement.
New credit facility includes a $600M revolver and up to $75M delayed-draw term loan; matures August 5, 2030.
Sellers include LMS of Hattiesburg, L.P., Steven M. Warren, and Melissa W. McGee; no material litigation disclosed.
Representation and warranty insurance policy obtained; Sellers' indemnification subject to escrow and limitations.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GRANITE CONSTRUCTION INC incurred revolving credit of $600.0 million with Bank of America, N.A. at SOFR plus an applicable margin initially of 1.75%.

Instrument: revolving credit
Principal: $600.0 million
Counterparty: Bank of America, N.A.
Rate: SOFR plus an applicable margin initially of 1.75%
Event: incurrence

Exact text from the filing

to, among other things, provide for (1) a $600.0 million senior secured revolving credit facility

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GRANITE CONSTRUCTION INC incurred term loan of $75.0 million with Bank of America, N.A. at SOFR plus an applicable margin initially of 1.75%.

Instrument: term loan
Principal: $75.0 million
Counterparty: Bank of America, N.A.
Rate: SOFR plus an applicable margin initially of 1.75%
Event: incurrence

Exact text from the filing

credit facility (the “Revolver”), (2) a $600.0 million senior secured term loan (the “Initial Term Loan”) and (3) a senior secured term loan in an aggregate amount not to exceed $75.0 million (the “Delayed Draw Term Loan” and together with the Initial Term Loan, the “Term Loans”). The Delayed Draw Term Loan may be borrowed from the closing date of the A&R Credit

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GRANITE CONSTRUCTION INC incurred term loan of $600.0 million with Bank of America, N.A. at SOFR plus an applicable margin initially of 1.75%.

Instrument: term loan
Principal: $600.0 million
Counterparty: Bank of America, N.A.
Rate: SOFR plus an applicable margin initially of 1.75%
Event: incurrence

Exact text from the filing

from the Sellers for $540.0 million, subject to customary closing adjustments (the “Transaction”). The purchase price was paid using a portion of the proceeds from a new $600.0 million senior secured term loan, as described further below. The Purchase Agreement contained customary representations, warranties and covenants made by each of the Sellers and the

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Source: SEC EDGAR

accession 0000861459-25-000037

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