GRANITE CONSTRUCTION INC (GVA): debt financing — Granite issues $600M 6.375% notes due 2034; redeems $273.7M convertibles, expects ~$500M derivative charge

GRANITE CONSTRUCTION INC

Issued $600M 6.375% senior notes due 2034; net proceeds ~$590M to redeem all outstanding 3.75% convertible notes due 2028 ($273.7M).
Called 2028 Notes for redemption Aug 10, 2026; elected cash-settlement conversion to limit dilution, triggering derivative bifurcation under ASC 815.
Estimated derivative liability ~$500M as non-cash charge in Q2/Q3 2026; company to exclude from non-GAAP; 2026 adjusted EBITDA guidance unchanged.
Notes are senior unsecured, guaranteed by certain domestic subsidiaries; redeemable at make-whole premium prior to June 2029.
Remainder of net proceeds to repay revolver borrowings and for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GRANITE CONSTRUCTION INC incurred senior notes of $600.0 million with U.S. Bank Trust Company, National Association at 6.375% per year maturing June 15, 2034.

Instrument: senior notes
Principal: $600.0 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 6.375% per year
Maturity: June 15, 2034
Event: incurrence

Exact text from the filing

On June 2, 2026, Granite Construction Incorporated (the “Company”) closed its offering of $600.0 million aggregate principal amount of its 6.375% senior notes due 2034 (the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

GRANITE CONSTRUCTION INC entered into Indenture for 6.375% Senior Notes due 2034 with U.S. Bank Trust Company, National Association valued at $600,000,000 6.375% senior notes due 2034 (effective 2026-06-02).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $600,000,000 6.375% senior notes due 2034
Effective: 2026-06-02

Exact text from the filing

On June 2, 2026, Granite Construction Incorporated (the “Company”) closed its offering of $600.0 million aggregate principal amount of its 6.375% senior notes due 2034 (the “Notes”).

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GRANITE CONSTRUCTION INC filing history →

Source: SEC EDGAR

accession 0001437749-26-019166

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