secwatch.observer — SEC 8-K summary
======================================

Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001437749-23-013989
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Granite Construction closes $373.75M 3.75% convertible note offering due 2028
-----------------------------------------------------------------------------

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/0001437749-23-013989-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000143774923013989/gva20230510_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-013989

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer