secwatch.observer — SEC 8-K summary
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Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2024-06-12T23:59:59+00:00
Accession:  0001437749-24-020086
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000143774924020086/0001437749-24-020086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000143774924020086/gva20240611_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-020086

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