Granite Construction exchanges $100M of convertible notes for cash/stock; expected to remove ~2.2M diluted shares

GRANITE CONSTRUCTION INC

Exchange of $100M aggregate principal of 3.75% Convertible Senior Notes due 2028 for cash/stock consideration based on 15-day VWAP.
Total consideration ~$283M at $128.61 stock price; paid fully in cash if VWAP below $140.00.
After closing, $273.75M of notes remain outstanding; diluted share count reduced by ~2.2M shares.
Entered partial unwind agreements with capped call counterparties in connection with the exchange.
Any stock issued relies on Section 4(a)(2) exemption; closing subject to customary conditions.

item 1.03 item 1.02 item 1.01 item 3.02 item 9.01

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Source: SEC EDGAR

accession 0000861459-26-000008

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