Short answer
GRANITE CONSTRUCTION INC (GVA) filed an 8-K current report with the SEC on June 2, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 7.01 (Regulation FD Disclosure). $600M senior notes issued at 6.375%, maturing June 15, 2034, creating substantial long-term refinancing obligations.
GRANITE CONSTRUCTION INC 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $600M senior notes issued at 6.375%, maturing June 15, 2034, creating substantial long-term refinancing obligations
- Approximately $590M net proceeds targeted for redeeming outstanding 3.75% convertible notes due 2028
- Remaining proceeds may repay revolver borrowings, potentially reducing near-term refinancing exposure
- Senior unsecured notes guaranteed by qualifying domestic subsidiaries, with covenants limiting additional debt, liens, and restricted payments
- Semiannual interest payments begin December 15, 2026, increasing recurring cash interest expense through 2034
Item 7.01 · Regulation FD Disclosure
- $273.7M of 2028 Notes called for redemption August 10, 2026
- Cash settlement up to $2,617.40 per $1,000 principal, equivalent to approximately $120 per share
- Conversion election designed to limit shareholder dilution through primarily cash settlement
- Approximately $500M derivative liability expected from ASC 815 accounting, creating non-cash operating charges
- Redemption accounting excluded from adjusted EBITDA and adjusted net income; 2026 adjusted EBITDA margin guidance unchanged
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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