05:23 PM EDT, 06/06/2024 (MT Newswires) -- Granite Construction ( GVA ) said Thursday it plans to raise $325 million from an offering of convertible senior notes due 2030.

The company said it expects to grant initial purchasers an option to buy an additional $48.8 million of notes.

A portion of the net proceeds will be used to repurchase a portion of its outstanding 2.75% convertible senior notes due 2024, and for general corporate purposes, it said.

Additionally, the company said it intends to redeem all its outstanding 2024 notes on Aug. 19 at a price equal to 100% of the principal amount, plus accrued and unpaid interest.

Shares of the company were down 1% in recent after-hours activity.

Price: 59.26, Change: -0.65, Percent Change: -1.08