secwatch.observer — SEC 8-K summary
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Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001437749-23-013308
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000143774923013308/0001437749-23-013308-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000143774923013308/gva20230508_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-013308

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