Granite Construction Incorporated Announces Redemption of Outstanding 3.75% Convertible Senior Notes due 2028

About this update from Granite Construction Incorporated

WATSONVILLE, Calif., May 19, 2026--(BUSINESS WIRE)--Granite Construction Incorporated (NYSE: GVA) ("Granite") today announced that it has called all of its outstanding 3.75% Convertible Senior Notes due 2028 (the "2028 Notes") (CUSIP No. 387328 AD9) for redemption on August 10, 2026 (the "Redemption Date"). The redemption price will be an amount in cash equal to 100% of the principal amount of each 2028 Note called for redemption, plus accrued and unpaid interest on such 2028 Note to, but excluding, the Redemption Date (the "Redemption Price"). To receive payment of the Redemption Price, any certificated 2028 Notes and any other required documents must be surrendered to Wilmington Trust, National Association, as paying agent, on or prior to the Redemption Date. 2028 Notes held through the Depository Trust Company ("DTC") should be presented for redemption in accordance with the applicable procedures of DTC. 2028 Notes called for redemption may be converted at the election of the applicable holder at any time before the close of business on August 6, 2026. As a result of sending the notice of redemption, the current conversion rate has been increased for all conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 by 0.1309 shares. The conversion rate (including the additional shares) for all conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 is 21.8116 shares of Granite’s common stock per $1,000 principal amount of 2028 Notes. This conversion rate will remain subject to adjustment in accordance with the indenture from time to time for certain events. Granite has elected to settle conversions of 2028 Notes on or after today and through the close of business on August 6, 2026 by paying cash up to $2,617.40 per $1,000.00 principal amount of the 2028 Notes to be converted and delivering shares of Granite’s common stock in respect of the remainder, if any, of the conversion obligation in excess thereof. In connection with the issuance of the 2028 Notes, Granite entered into capped call transactions (the "2028 capped call transactions") with certain financial institutions (the "existing counterparties"). In connection with the redemption of the 2028 Notes and the settlement of any conversions in connection the...

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