secwatch.observer — SEC 8-K summary
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Issuer:     GRANITE CONSTRUCTION INC (GVA)
CIK:        0000861459
Form:       8-K
Filed at:   2026-06-02T20:17:31+00:00
Accession:  0001437749-26-019166
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Granite issues $600M 6.375% notes due 2034; redeems $273.7M convertibles, expects ~$500M derivative charge
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861459/000143774926019166/0001437749-26-019166-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861459/000143774926019166/gva20260601_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-019166

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer