Granite Construction prices $325M 3.25% convertible notes due 2030; conversion premium ~30%

GRANITE CONSTRUCTION INC

$325M aggregate principal of 3.25% convertible senior notes due 2030, plus $48.75M option for initial purchasers.
Initial conversion price ~$77.88/share, a ~30% premium to June 6 closing price of $59.91.
Net proceeds ~$316.6M; $40M for capped call, $57.6M to repurchase $30.2M of existing 2.75% 2024 notes.
Concurrent repurchase of up to $15M of common stock in privately negotiated transactions.
Closing expected June 11, 2024.

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