The 3.75% convertible senior notes are due 2028

Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Granite Construction Incorporated of $373.75 million aggregate principal amount of its 3.75% convertible senior notes due 2028, which included the full exercise of the option by the initial purchasers to purchase an additional $48.75 million aggregate principal amount of the convertible notes. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering and advised the existing counterparties to the convertible note hedge and warrant transactions entered into in connection with Granite’s issuance of its 2.75% convertible senior notes due 2024 with respect to the unwind of such transactions.

Incorporated since 1922, Granite (NYSE: GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite is an industry leader in safety and an award-winning firm in quality and sustainability.

The Davis Polk corporate team included partner Shane Tintle and associate Xi (Brooke) Zheng. The equity derivatives team included partner Mark M. Mendez, counsel Joseph Luizzi and Hanbing Zhang and associates Jonathan Schlecht and Alexander S. Pettingell. Partner Lucy W. Farr provided tax advice. Counsel Loyti Cheng provided environmental advice. Counsel Charles Shi provided ERISA advice. All members of the Davis Polk team are based in the New York office.

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