Loan & DebtJul 10, 2026, 04:23 PM
Granite Construction Calls $273.3M Convertible Notes for Redemption
AI Summary
Granite Construction Inc. announced the redemption of its outstanding $273.3 million aggregate principal amount of 3.75% Convertible Senior Notes due 2028, with a redemption date of August 10, 2026. Holders have until August 6, 2026, to convert their notes, receiving cash and common stock. Due to Market Disruption Events on July 9 and 10, 2026, the observation period for conversion settlement has been extended to August 10, 2026, with settlement expected on August 12, 2026.
Key Highlights
- Granite Construction called $273.3 million aggregate principal amount of 3.75% Convertible Senior Notes due 2028 for redemption.
- Redemption date for the 2028 Notes is August 10, 2026.
- Holders can surrender notes for conversion until August 6, 2026.
- Conversions will be settled with cash up to $2,617.40 per $1,000 principal amount and common stock for any remainder.
- Market Disruption Events occurred on July 9 and July 10, 2026.
- Observation Period for conversion settlement, which began May 27, 2026, is now expected to run through August 10, 2026.
- Settlement of validly surrendered converted notes is expected on August 12, 2026.
Price Impact
More from GVA