Granite Construction closes $600M senior notes at 6.375% to redeem convertibles

Filed June 2, 2026 · Period ending June 2, 2026 · ~1 min read

Key Changes

• high

  Closed $600M senior notes offering at 6.375% due 2034; net proceeds of ~$590M will redeem all $273.7M outstanding convertible notes due 2028 and repay revolving credit facility borrowings.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Convertible note redemption triggers ~$500M non-cash derivative liability charge due to 253% stock price appreciation since issuance; charge will be remeasured through settlement and excluded from non-GAAP metrics.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
• medium

  Conversion settlement structure pays cash up to $120/share with stock for excess value, limiting dilution; 2026 adjusted EBITDA margin guidance unchanged.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →