This filing is a mechanical step in the previously announced note redemption. No new trading signal; monitor for completion of the redemption on August 12, which will reduce leverage modestly. The unwind proceeds depend on GVA's stock price over the next five days, but the impact is immaterial.
Price Chart
Executive Summary
Granite Construction entered into unwind agreements to terminate capped call transactions linked to its previously announced $273.7M convertible note redemption. The counterparties will pay cash based on a five-day VWAP averaging period; proceeds plus cash on hand will settle note conversions on August 12, 2026. This is a routine capital-structure execution step with no new strategic or financial information.
Key Facts
- Company called $273.7M of 3.75% Convertible Senior Notes due 2028 for redemption on May 19, 2026.
- On August 4, 2026, entered into unwind agreements with capped call counterparties to terminate related hedge positions.
- Counterparties will pay cash to the company based on VWAP during a five-day averaging period starting August 4, 2026.
- Settlement of unwind agreements expected August 11, 2026; note conversion settlement expected August 12, 2026.
- Proceeds from the unwind plus cash on hand will fund the note settlement.
Financial Impact
Company redeeming $273.7M in convertible notes, funded by capped call unwind proceeds (amount undetermined) and existing cash. No new debt or equity issuance.
Risk Factors
- Redemption execution risk is minimal; transaction is technically straightforward.
- If stock price drops sharply during the averaging period, unwind proceeds could be lower, but cash on hand covers any shortfall.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000861459-26-000032 |
| Document: 0000861459-26-000032-index-headers.html | 0000861459-26-000032 |
| Document: 0000861459-26-000032-index.html | 0000861459-26-000032 |
| Document: 0000861459-26-000032.txt | 0000861459-26-000032 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $127.10 $114.41 | ▼ −9.98% | ▼ −7.99% | $118.22 (−6.98%) |
Aug 7, 2026 8w ago | 8-K | $128.32 $119.30 | ▼ −7.03% | ▼ −6.63% | $118.22 (−7.87%) |
Aug 4, 2026 8w ago | 8-K | $122.11 $117.93 | ▼ −3.42% | ▼ −2.19% | $118.22 (−3.18%) |
Jul 30, 2026 9w ago | 8-K | $114.92 $124.71 | ▲ +8.52% | ▲ +4.55% | $118.22 (+2.88%) |
Jun 15, 2026 15w ago | Insider Cluster | $145.18 $120.93 | ▼ −16.70% | ▼ −16.90% | $118.22 (−18.57%) |
Jun 8, 2026 16w ago | Insider Cluster | $140.05 $144.07 | ▲ +2.87% | ▲ +1.42% | $118.22 (−15.58%) |
Jun 8, 2026 16w ago | Insider Cluster | $140.05 $144.07 | ▲ +2.87% | ▲ +1.42% | $118.22 (−15.58%) |
Jun 8, 2026 16w ago | Insider Cluster | $140.05 $144.07 | ▲ +2.87% | ▲ +1.42% | $118.22 (−15.58%) |
Jun 2, 2026 17w ago | 8-K | $139.03 $145.93 | ▲ +4.96% | ▲ +5.96% | $118.22 (−14.96%) |
May 18, 2026 19w ago | 8-K | $137.28 $145.18 | ▲ +5.75% | ▲ +4.17% | $118.22 (−13.88%) |
US Market Status
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