Granite Construction to exchange $100 million of 2028 convertible notes, mostly for cash
On February 18, 2026, Granite Construction agreed with a limited number of holders to exchange $100 million of its 3.75% Convertible Senior Notes due 2028, with consideration based partly on its share price over a 15 trading-day period. At an assumed price of $128.61 per share, the total purchase price would be about $283 million, paid entirely in cash. The company also partly unwound related capped call transactions, and it expects $273.75 million of the notes to remain outstanding and about 2.2 million shares to leave its diluted share count.
Key points
- Exchange of $100 million principal of 3.75% Convertible Senior Notes due 2028, agreed on February 18, 2026
- At an assumed $128.61 daily VWAP, total purchase price is about $283 million including accrued interest, all in cash
- Stock is delivered only if the average VWAP exceeds $140.00 over the 15 trading-day Measurement Period beginning February 18, 2026
- Expected notes outstanding after closing: $273.75 million; about 2.2 million shares removed from diluted share count
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 February 18, 2026.
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.