• Granite Construction launched a private offering of USD 600 million of senior notes due 2034.
• Net proceeds earmarked to redeem the outstanding 3.75% Convertible Senior Notes due 2028, with any remaining funds targeted for revolver repayment and general corporate purposes.
• The 2028 convertible notes had an estimated market value of about USD 827.3 million based on the May 15, 2026 close of USD 138.55.
• Holders are expected to convert all or most of the 2028 notes, with potential partial share settlement that could reduce the cash required.
• Granite expects to unwind its capped call transactions tied to the 2028 notes, receiving a payment equal to their fair value at termination.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Granite Construction Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 202605180834BIZWIRE_USPR_____20260517_BW992326) on May 18, 2026, and is solely responsible for the information contained therein.