Granite Construction Prices Convertible Senior Notes Offering

(RTTNews) - Granite Construction (GVA) announced the pricing of its offering of $325 million aggregate principal amount of 3.25% Convertible Senior Notes due 2030. In connection with the offering of the Convertible Notes, Granite granted the initial purchasers of the Convertible Notes the right to purchase up to an additional $48.75 million aggregate principal amount of Notes. The sale of the Convertible Notes is anticipated to close on June 11, 2024.

Granite estimates that the net proceeds will be approximately $316.6 million, after deducting the initial purchasers' discount and estimated offering expenses payable by Granite.