---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-013308"
form_type: "8-K"
ticker: "GVA"
cik: "0000861459"
company_name: "GRANITE CONSTRUCTION INC"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:15:00.079050+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-013308
- form_type: 8-K
- ticker: GVA
- cik: 0000861459
- company_name: GRANITE CONSTRUCTION INC
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/861459/000143774923013308/0001437749-23-013308-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/861459/000143774923013308/gva20230508_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-013308
- JSON: https://secwatch.observer/filing/0001437749-23-013308.json
- Plain text: https://secwatch.observer/filing/0001437749-23-013308.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/861459/000143774923013308/0001437749-23-013308-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.