{"schema_version":"secwatch.filing_event.v1","accession":"0001437749-23-013989","form_type":"8-K","ticker":"GVA","cik":"0000861459","company_name":"GRANITE CONSTRUCTION INC","filed_at":"2023-05-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:42.460943+00:00","generated_at":"2026-06-15T05:24:36.057695+00:00","sec_items":["1.01","1.02","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Granite Construction closes $373.75M 3.75% convertible note offering due 2028","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001437749-23-013989","json":"https://secwatch.observer/filing/0001437749-23-013989.json","markdown":"https://secwatch.observer/filing/0001437749-23-013989.md","text":"https://secwatch.observer/filing/0001437749-23-013989.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/gva20230510_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T05:24:36.057695+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"115790061033085cf74b7ab189f6a12314a08198","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$373.75 million aggregate principal amount"},{"label":"Counterparty","value":"qualified institutional buyers"},{"label":"Rate","value":"3.75% per year"},{"label":"Maturity","value":"May 15, 2028"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"1359e72b5144ee1487911b3f75fc7b7b207c687e","claim":"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).","evidence_excerpt":"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\").","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"certain of the initial purchasers of the Notes or their respective affiliates and certain other financial institutions (the \"option counterparties\")"},{"label":"Effective","value":"2023-05-08"}],"fact_type":"material_agreement"},{"claim_id":"518c6441e6dcff65e64e98444b2e20fe8f810261","claim":"GRANITE CONSTRUCTION INC entered into Additional Capped Call Transactions with each of the option counterparties (effective 2023-05-09).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"each of the option counterparties"},{"label":"Effective","value":"2023-05-09"}],"fact_type":"material_agreement"},{"claim_id":"ea73670094b02ad766d021bc31641e311f9b5286","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Wilmington Trust, National Association"},{"label":"Value","value":"$373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028"},{"label":"Effective","value":"2023-05-11"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}