---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-020086"
form_type: "8-K"
ticker: "GVA"
cik: "0000861459"
company_name: "GRANITE CONSTRUCTION INC"
filed_at: "2024-06-12T23:59:59+00:00"
generated_at: "2026-06-01T04:57:25.414322+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-020086
- form_type: 8-K
- ticker: GVA
- cik: 0000861459
- company_name: GRANITE CONSTRUCTION INC
- filed_at: 2024-06-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/861459/000143774924020086/0001437749-24-020086-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/861459/000143774924020086/gva20240611_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-020086
- JSON: https://secwatch.observer/filing/0001437749-24-020086.json
- Plain text: https://secwatch.observer/filing/0001437749-24-020086.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.