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Granite Construction (GVA) just unveiled an announcement.
Granite Construction Incorporated successfully completed a private offering of $373.75 million in convertible senior notes due in 2030, with net proceeds estimated at $365 million after discounts. The company plans to utilize these funds for general corporate purposes, including debt repayment, acquisitions, and share repurchases. Additionally, they entered into capped call transactions to minimize potential dilution from the conversion of the notes. The notes, which are not registered under the Securities Act, bear interest at 3.25% per annum and may be converted under specific circumstances, with the company able to redeem them after June 2027, subject to conditions outlined in the indenture.
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