07:26 AM EDT, 06/12/2024 (MT Newswires) -- Granite Construction ( GVA ) said Tuesday that it closed its offering of about $373.8 million aggregate principal amount of 3.25% convertible senior notes due 2030.

The company said the proceeds include the initial purchasers' full exercise of their option to purchase an additional $48.8 million of the notes.

Granite Construction ( GVA ) also said it used a portion of the proceeds to repurchase about $30.2 million principal amount of its 2.75% convertible senior notes due 2024, with the remaining funds to be used to repay outstanding amounts under its term loan and for general working capital.