Granite Construction Settles 2028 Notes: $715M Cash Out, 662K Shares Issued
GVA sits 27% above its 52-week low of $97.26.
Summary
Granite Construction settled its 2028 convertible notes with $715 million in cash and 662,383 shares, funded in part by $148 million from unwinding capped calls.
Key Events · Financing and Capital Events · GVA
-
2028 Notes Settlement Completed
On August 12, 2026, Granite Construction paid approximately $715 million in cash and issued 662,383 shares of common stock to settle conversions of $273.7 million principal amount of its 3.75% Convertible Senior Notes due 2028.
-
Capped Call Unwind Proceeds
The company received approximately $148 million from unwinding the capped call transactions, which was used to partially fund the settlement.
-
Refinancing Sequence Finalized
This completes the refinancing initiated with the $600 million senior notes offering in May 2026, which was intended to refinance the convertible debt.
-
Capital Structure Simplification
The settlement removes the convertible overhang and associated capped call obligations, leaving the company with a cleaner debt profile.
Analysis · GVA · Real Estate & Construction
Granite Construction completed the redemption of its 2028 convertible notes, paying $715 million in cash and issuing 662,383 shares to settle $273.7 million of principal. The company received $148 million from unwinding capped call transactions, which partially funded the settlement. This marks the final step in the refinancing that began with the $600 million senior notes offering in May 2026, eliminating the convertible overhang and simplifying the capital structure.
How filings like this one have moved
In the 30 days to Aug 23, 2026, 29.5% of the 2875 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.02%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, GVA was trading at $123.64 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $97.26 to $162.08. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.