2023-05-08 16:39:02 ET
- Granite Construction ( NYSE: GVA ) on Monday said it intends to offer $325 million of convertible senior notes due 2028.
- Granite expects to grant the initial purchasers of the convertible notes an option to purchase up to an additional $48.75 million of convertible notes.
- The notes will be senior unsecured obligations of Granite, will bear interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2023, and will mature on May 15, 2028.
- Granite intends to use a portion of the net proceeds from the offering to pay the cost of entering into capped call transactions in connection with the convertible notes.
- In addition, Granites expects to pay a portion of the net proceeds from the offering and issue shares of Granite’s common stock in exchange for a portion of its outstanding 2.75% convertible senior notes due 2024.
- Press Release .
For further details see:
Granite Construction plans for $325M convertible notes offering