8-K
filed May 11, 2023, 7:59 PM ET
ticker GVA
CIK 0000861459
debt
confidence high
sentiment neutral
materiality 0.60
GRANITE CONSTRUCTION INC (GVA): debt financing — Granite Construction closes $373.75M 3.75% convertible note offering due 2028
GRANITE CONSTRUCTION INC
- $373.75M aggregate principal of 3.75% notes due 2028; net proceeds ~$364.4M after discounts.
- Used $198.8M and 1.39M shares to exchange $198.7M of 2.75% 2024 notes; $31.3M remain outstanding.
- Paid $53M for capped call transactions (cap price $79.83, 125% premium) to offset dilution on conversion.
- Initial conversion price $46.12, a 30% premium to May 8 closing price of $35.48.
- Remaining net proceeds to repay revolving credit facility and for general corporate purposes.
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 convertible notes of $373.75 million aggregate principal amount with qualified institutional buyers at 3.75% per year maturing May 15, 2028.
- Instrument
- convertible notes
- Principal
- $373.75 million aggregate principal amount
- Counterparty
- qualified institutional buyers
- Rate
- 3.75% per year
- Maturity
- May 15, 2028
- Event
- incurrence
Exact text from the filing
On May 11, 2023, Granite Construction Incorporated (the “Company”) closed its offering of $373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GRANITE CONSTRUCTION INC entered into Capped Call Transactions with certain of the initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the "option counterparties") (effective 2023-05-08).
- Action
- entry
- Counterparty
- certain of the initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the "option counterparties")
- Effective
- 2023-05-08
Exact text from the filing
On May 8, 2023, the Company entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”) in connection with the offering of the Notes, with certain of the initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the "option counterparties").
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GRANITE CONSTRUCTION INC entered into Additional Capped Call Transactions with each of the option counterparties (effective 2023-05-09).
- Action
- entry
- Counterparty
- each of the option counterparties
- Effective
- 2023-05-09
Exact text from the filing
on May 9, 2023, in connection with the initial purchasers’ exercise of their option to purchase additional Notes, the Company entered into additional capped call transactions (the “Additional Capped Call Transactions” and, together with the Base Capped Call Transactions, the “Capped Call Transactions”) with each of the option counterparties.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
GRANITE CONSTRUCTION INC entered into Indenture with Wilmington Trust, National Association valued at $373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028 (effective 2023-05-11).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Wilmington Trust, National Association
- Value
- $373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028
- Effective
- 2023-05-11
Exact text from the filing
On May 11, 2023, Granite Construction Incorporated (the “Company”) closed its offering of $373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028 (the “Notes”) for gross proceeds of $373.75 million.
View on SEC.gov
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