SECONDARY COMMON STOCK OFFERING

9 Months Ended

Apr. 30, 2011

SECONDARY COMMON STOCK OFFERING

SECONDARY COMMON STOCK OFFERING

6. SECONDARY COMMON STOCK OFFERING

During the first quarter of fiscal 2011, the Company completed a secondary common stock offering.  This offering resulted in an issuance of 4,427,500 shares of common stock, including shares issued to cover the underwriters’ overallotment option, at a price of $33.00 per share.  The net proceeds of approximately $138.3 million were used to repay a portion of our outstanding borrowings under our revolving credit facility, which had increased during the fourth quarter of fiscal 2010 as we financed our purchase of the SDG assets with borrowings under our revolving credit facility.  We utilized a portion of the additional borrowing capacity under our revolving credit facility resulting from the common stock offering to fund our acquisition of the Rocky Mountain and Southwest distribution business of Whole Foods Distribution.