Granite Construction issues $373.75M of 3.25% convertible notes due 2030; repurchases $30.2M of 2024 notes

GRANITE CONSTRUCTION INC

Net proceeds ~$365M; $46M used for capped call hedges, $57.6M to repurchase $30.2M of existing 2.75% 2024 notes.
Initial conversion price ~$77.88/share (30% premium to $59.91 close); cap price $119.82 (100% premium).
Interest rate 3.25% p.a., payable semiannually; maturity June 15, 2030; callable after June 21, 2027.
Remaining 2024 notes after repurchase ~$1.1M principal; remainder of proceeds for term loan repayment and general purposes.
Capped call transactions with Bank of America, Mizuho, Morgan Stanley, Nomura to offset potential dilution.

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