XML 55 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
3.0% Convertible Senior Notes
9 Months Ended
Apr. 30, 2014
Debt Disclosure [Abstract]  
3.0% Convertible Senior Notes
(11)    3.0% Convertible Senior Notes

In May 2009, we issued $200,000,000 of our 3.0% convertible senior notes in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. The net proceeds from this transaction were $194,541,000 after deducting the initial purchasers' discount and other transaction costs of $5,459,000.

Our 3.0% convertible senior notes bore interest at an annual rate of 3.0%. Pursuant to the terms of the 3.0% convertible senior notes indenture, cash dividends require an adjustment to the conversion rate, effective on the record date.

In April 2014, $8,501,000 principal amount of our 3.0% convertible senior notes were converted by the holders into 266,884 shares of our common stock at a conversion price of $31.85 per share (a conversion rate of 31.3953 shares per $1,000 original principal amount of notes) with a nominal amount of cash paid in lieu of fractional shares. In connection with the partial conversion of the 3.0% convertible senior notes, we recorded a net increase to additional paid-in capital of $8,492,000, which primarily relates to the carrying value of our 3.0% convertible senior notes in excess of the par value of our common stock issued. Accordingly, as of April 30, 2014, $191,499,000 principal amount of our 3.0% convertible senior notes were outstanding, and are reflected as a current liability in our Condensed Consolidated Balance Sheet.
In May 2014, an additional $41,536,000 principal amount of our 3.0% convertible senior notes were converted by the holders into 1,304,020 shares of our common stock at a conversion price of $31.85 per share (a conversion rate of 31.3953 shares per $1,000 original principal amount of notes) with a nominal amount of cash paid in lieu of fractional shares. The remaining $149,963,000 of our 3.0% convertible senior notes were redeemed and repurchased for cash at 100.0% of the principal amount, plus accrued interest. As of May 5, 2014, none of our 3.0% convertible senior notes remain outstanding.