Loan & DebtJun 2, 2026, 04:23 PM
Granite Construction Closes $600M Senior Notes Offering
AI Summary
Granite Construction Inc. closed its offering of $600.0 million aggregate principal amount of 6.375% senior notes due 2034. The company estimates net proceeds of approximately $590.0 million, which will primarily be used to redeem all outstanding 3.75% Convertible Senior Notes due 2028. Any remaining proceeds will be used to repay borrowings under its revolving credit facility and for general corporate purposes. The notes are senior unsecured obligations, guaranteed by domestic subsidiaries, and bear interest semiannually.
Key Highlights
- Granite Construction closed $600.0 million senior notes offering.
- Notes bear 6.375% interest, payable semiannually.
- Notes mature on June 15, 2034.
- Estimated net proceeds are approximately $590.0 million.
- Proceeds will redeem outstanding 3.75% Convertible Senior Notes due 2028.
- Remaining proceeds for revolving credit facility repayment and general corporate purposes.
Price Impact
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