Granite Construction buys Slats Lucas and Warren Paving for $540 million
Granite Construction said it bought all outstanding equity of Slats Lucas LLC and Warren Paving Inc. from their Mississippi sellers for $540.0 million, subject to customary closing adjustments, under an agreement dated August 5, 2025. The purchase was funded in part with a new $600.0 million senior secured term loan, and the company also amended and restated its credit agreement, which runs to August 5, 2030, and adds a revolver and a delayed draw term loan. Shareholders will bear the added debt and the covenants attached to it.
Key points
- Purchase price of $540.0 million for Slats Lucas LLC and Warren Paving Inc., subject to customary closing adjustments
- Initial $600.0 million senior secured term loan used in part to fund the purchase
- Revolver of $600.0 million with $570.4 million unused as of the filing date; delayed draw term loan up to $75.0 million
- Term Loans mature August 5, 2030; covenants require interest coverage of at least 3.00 to 1.00 and leverage no more than 3.75 to 1.00
The filing
Written by AI on Nov 8, 2026, 1:05 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 06, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.