Granite Prices $600M Senior Notes Offering Due 2034

Granite Construction Incorporated priced a private offering of $600.0 million in 6.375% senior notes due 2034, with the closing expected on June 2, 2026. The company intends to use the net proceeds, along with cash on hand, to redeem all outstanding 3.75% Convertible Senior Notes due 2028, which have an estimated market value of $827.3 million. Any remaining funds will be used to repay revolving credit facility borrowings and for general corporate purposes, and Granite also expects to unwind related capped call transactions.