GRANITE CONSTRUCTION INC

Granite Construction Inc. settled $273.7 million in 3.75% Convertible Senior Notes due 2028. The company issued 662,383 shares of common stock and paid approximately $715 million in cash to fulfill its obligations. This cash payment was partially funded by approximately $148 million received from unwinding capped call transactions related to the notes.

Granite Construction Incorporated announced the appointment of George L. Nash, Jr. to its Board of Directors, effective August 5, 2026. Mr. Nash will serve on the Audit/Compliance Committee and Risk Committee, with his term expiring at the 2028 Annual Meeting of Stockholders. The Board has determined that he meets the independence requirements of the New York Stock Exchange, and he will receive standard non-employee director compensation.

Granite Construction Inc. entered into unwind agreements with financial institutions for capped call transactions related to its 3.75% Convertible Senior Notes due 2028. This action follows the company's previous announcement to redeem the outstanding $273.7 million aggregate principal amount of these notes. The Capped Call Counterparties will pay cash to the Company, with the amount determined by a five-day volume-weighted average price of common stock beginning August 4, 2026. The proceeds from these agreements, combined with cash on hand, are expected to settle the note conversions around August 12, 2026.

Granite Construction reported a net loss of $(278.2) million, or $(6.36) per diluted share, for the second quarter of 2026, a significant decline from net income in the prior year, primarily due to a $359.7 million loss on convertible debt transactions. Despite this, revenue increased by 29.3% to $1.46 billion. The company also highlighted recent acquisitions, including Kenny Seng Construction, Warren Paving, Papich Construction, and Cinderlite, which contributed to its operational growth and vertical integration strategy.

Granite Construction reported a Q2 2026 net loss of $278 million, or $(6.36) per diluted share, primarily due to a non-operating loss on convertible debt transactions. However, adjusted net income increased to $101 million, or $2.16 per diluted share, up from $86 million in the prior year. The company also raised its 2026 revenue guidance by $100 million to a range of $5.3 billion to $5.5 billion, driven by strong revenue growth and increased Committed and Awarded Projects (CAP).

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.

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.

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.

Granite Construction Incorporated announced its intention to offer $600.0 million in senior notes due 2034 through a private offering. The company plans to use the net proceeds, along with cash on hand and funds from unwinding capped call transactions, to redeem all outstanding 3.75% Convertible Senior Notes due 2028, which have an estimated market value of $827.3 million. Granite expects to receive approximately $160.0 million from the capped call unwind. Any remaining proceeds will be used to repay borrowings under its revolving credit facility and for general corporate purposes.

Granite Construction Inc. (GVA) completed the acquisition of Kenny Seng Construction for $164.1 million in cash on April 23, 2026, funded partly by a $170.0 million draw on its revolving credit facility. For the first quarter ended March 31, 2026, the company reported a 30.4% increase in revenue to $912.5 million, but net loss attributable to GVA widened to $41.7 million, or $0.96 per diluted share. Cash and cash equivalents significantly decreased to $265.7 million from $529.2 million at year-end 2025, primarily due to substantial debt repayments and share repurchases.