Granite Construction issues $325M 3.75% convertible notes due 2028

GRANITE CONSTRUCTION INC

Offered $325M principal of 3.75% convertible senior notes due 2028; initial conversion price $46.12 per share (30% premium).
Exchanged $198.7M of existing 2.75% 2024 notes for cash + ~1.39M shares; enters capped calls with cap price $79.83.
Net proceeds ~$316M ($363.6M if overallotment exercised); uses ~$46.1M for capped calls, $13.2M to unwind warrant transactions.
Remainder repays revolving credit facility and for general corporate purposes; credit agreement amended to permit the exchange.
Notes mature May 15, 2028; redeemable after May 20, 2026 if stock price ≥130% conversion price for specified period.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GRANITE CONSTRUCTION INC amended Amendment No. 1 to Fourth Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders party thereto (effective 2023-05-08).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders party thereto
Effective: 2023-05-08

Exact text from the filing

Granite Construction Incorporated (the “Company”) entered into the Amendment No. 1 to Fourth Amended and Restated Credit Agreement, dated as of May 8, 2023, among the Company and certain subsidiaries of the Company, each as borrowers, Bank of America, N.A., as administrative agent, and the lenders party thereto (the “Amendment”).

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GRANITE CONSTRUCTION INC filing history →

Source: SEC EDGAR

accession 0001437749-23-013308

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