Granite Construction announces $600M senior notes offering to refinance convertible notes

GRANITE CONSTRUCTION INC

Offering $600M in senior notes due 2034 in a private placement to redeem all outstanding 3.75% Convertible Senior Notes due 2028.
Estimated market value of 2028 Notes is $827.3M based on GVA closing price of $138.55 on May 15, 2026.
Expects to receive ~$160M from unwinding capped call transactions entered with the 2028 Notes.
Net proceeds plus cash on hand and capped call unwind cash to fund redemption; any remaining may repay revolver.
Notes will be guaranteed by certain domestic subsidiaries; offering only to QIBs and non-U.S. persons.

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