Granite Construction Incorporated (GVA), a provider of infrastructure solutions, Monday announced that it plans to offer $600 million of senior notes due 2034 in a private offering.
The notes are guaranteed on an unsecured basis by the company's existing and future domestic subsidiaries.
Granite Construction will use the net proceeds from this offering along with cash and any cash payments received from financial institutions that are counterparties to the capped call transactions of the company's 3.75 percent Convertible Senior Notes due 2028 to redeem all of the 2028 notes, to repay borrowings under its revolving credit facility and for general corporate purposes.
The estimated market value of the 2028 Notes is approximately $827.3 million, based on closing price of its stock on May 15 which was $138.55 per share.
Granite expects that all or substantially all of the holders of the 2028 Notes will elect to convert their notes in connection with the notice of redemption, and it may decide to settle such conversions partially in shares of Granite common stock, reducing the amount of cash used to settle.
In pre-market activity, GVA shares were trading at $138.55, down 0.09% on the New York Stock Exchange.
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