Granite Construction Plans $600 Million Private Notes Offering
MT Newswires Live
May 18
Granite Construction (GVA) said Monday that it is planning a $600 million private offering of senior notes due 2034.
The company said the terms, pricing, and timeline of the offering are subject to market and other standard closing conditions.
Granite said it intends to use the net proceeds from the offering, along with existing cash, to redeem all of its outstanding 3.75% convertible senior notes due 2028, potentially repay debt, and for general corporate purposes.
The company added that, related to any conversions or redemption of the 2028 notes, it expects to unwind and terminate the capped call transactions originally signed in connection with the notes issuance.
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