Analysis of PIPE issuance for 12 months through March 2007

Total year-to-date issuance: $7.867 billion in 338 deals

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Proceeds

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Less than $1 million	0.005	0.004	0.001	0.003	0.008	0.002	0.004	0.003	0.004	0.001	0.001	0
$1-1.99 million	0.046	0.049	0.044	0.035	0.042	0.029	0.031	0.031	0.038	0.031	0.029	0.030
$2-2.99 million	0.034	0.052	0.060	0.032	0.029	0.040	0.055	0.041	0.037	0.032	0.035	0.028
$3-4.99 million	0.053	0.069	0.047	0.060	0.056	0.065	0.081	0.069	0.104	0.048	0.053	0.088
$5-9.99 million	0.124	0.190	0.115	0.116	0.175	0.101	0.127	0.098	0.231	0.117	0.181	0.180
$10-14.99 million	0.118	0.187	0.138	0.107	0.142	0.082	0.155	0.203	0.138	0.150	0.181	0.121
$15-$49.99 million	0.538	0.514	0.733	0.409	0.649	0.233	0.460	0.633	0.592	0.296	0.251	0.561
$50 million and higher	0.617	3.722	1.406	0.878	0.978	0.831	1.080	2.344	1.118	0.770	3.706	0.976
Total	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.421	2.263	1.444	4.437	1.986
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.010	19	0.012	19	0.012	19	0.002	4	0.002	4	0.036	61	0.03%
$1-1.99 million	0.139	105	0.107	78	0.100	78	0.091	68	0.091	68	0.437	329	1.16%
$2-2.99 million	0.146	64	0.102	44	0.133	56	0.095	41	0.095	41	0.476	205	1.21%
$3-4.99 million	0.169	45	0.180	48	0.254	70	0.189	51	0.189	51	0.792	214	2.40%
$5-9.99 million	0.428	67	0.392	60	0.456	66	0.478	68	0.478	68	1.754	261	6.08%
$10-14.99 million	0.443	39	0.331	28	0.496	43	0.452	39	0.452	39	1.721	149	5.75%
$15-$49.99 million	1.785	66	1.290	52	1.685	63	1.108	45	1.108	45	5.867	226	14.08%
$50 million and higher	5.745	24	2.686	20	4.541	24	5.452	22	5.452	22	18.424	90	69.30%
Total	8.865	429	5.101	349	7.676	419	7.867	338	7.867	338	29.508	1535	100.00%
Type
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
convertible notes	0.214	0.348	1.478	0.202	0.263	0.203	0.233	0.435	0.300	0.889	0.253	0.197
convertible preferreds	0.090	0.457	0.257	0.047	0.096	0.343	0.405	0.707	0.028	0.106	2.420	0.610
equity line of credit	0.390	0.180	0.205	0.078	0.183	0.288	0.100	0.130	0.108	0.018	0.010	0.035
notes with warrants	0.029	0.069	0.088	0.041	0.206	0.078	0.086	0.073	0.041	0.105	0.017	0.025
preferreds with warrants	0	0	0	0	0	0	0.010	0.012	0.011	0	0.001	0
stock	0.633	3.643	0.422	1.141	1.237	0.385	1.104	1.954	1.654	0.213	1.598	0.948
units of stock and warrants	0.179	0.090	0.095	0.131	0.093	0.086	0.053	0.109	0.119	0.112	0.138	0.171
warrants	0	0	0	0	0	0	0	0	0	0	0	0
Total	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.421	2.263	1.444	4.437	1.986
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	2.040	130	0.668	103	0.969	114	1.339	89	1.339	89	5.016	436	17.02%
convertible preferreds	0.804	51	0.487	32	1.141	39	3.136	34	3.136	34	5.567	156	39.86%
equity line of credit	0.775	22	0.549	19	0.339	16	0.064	6	0.064	6	1.726	63	0.81%
notes with warrants	0.186	27	0.325	31	0.201	23	0.148	18	0.148	18	0.859	99	1.88%
preferreds with warrants	0	0	0	0	0.033	4	0.001	1	0.001	1	0.034	5	0.01%
stock	4.698	143	2.762	118	4.712	176	2.758	130	2.758	130	14.930	567	35.06%
units of stock and warrants	0.363	54	0.310	46	0.282	47	0.420	60	0.420	60	1.375	207	5.34%
warrants	0	2	0	0	0	0	0	0	0	0	0	2	0.00%
Total	8.865	429	5.101	349	7.676	419	7.867	338	7.867	338	29.508	1535	100.00%
Warrants
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	0.601	1.038	0.625	0.605	0.671	0.531	0.554	0.557	0.650	1.185	0.539	0.689
No	0.933	3.749	1.920	1.035	1.407	0.851	1.438	2.864	1.613	0.259	3.898	1.297
Total	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.421	2.263	1.444	4.437	1.986
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.263	270	1.808	221	1.762	248	2.413	227	2.413	227	8.245	966	30.67%
No	6.602	159	3.293	128	5.914	171	5.454	111	5.454	111	21.263	569	69.33%
Total	8.865	429	5.101	349	7.676	419	7.867	338	7.867	338	29.508	1535	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	0.137	3.266	0.169	0.661	0.180	0.346	0.028	1.608	0.943	0.034	3.206	0.302
Capex	0.010	0.315	0.085	0.137	0.669	0.027	0.114	0.098	0.162	0.088	0.074	0.240
GCP	0.465	0.476	1.468	0.198	0.201	0.380	0.981	0.419	0.501	0.190	0.404	0.728
Repay debt	0.012	0.153	0.157	0.116	0.100	0.116	0.471	0.267	0.027	0.020	0.256	0.252
Multiple/Other/NA	0.910	0.577	0.665	0.528	0.928	0.513	0.398	1.029	0.629	1.112	0.496	0.464
Total	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.421	2.263	1.444	4.437	1.986
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.572	34	1.187	24	2.579	30	3.542	22	3.542	22	10.880	110	45.02%
Capex	0.411	26	0.832	27	0.374	28	0.402	27	0.402	27	2.020	108	5.11%
GCP	2.409	126	0.779	77	1.901	134	1.322	99	1.322	99	6.411	436	16.80%
Repay debt	0.322	18	0.332	15	0.765	21	0.528	10	0.528	10	1.947	64	6.71%
Multiple/Other/NA	2.152	225	1.970	206	2.056	206	2.073	180	2.073	180	8.250	817	26.35%
Total	8.865	429	5.101	349	7.676	419	7.867	338	7.867	338	29.508	1535	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Agriculture (0xxx)	0.003	0.002	0.038	0.001	0	0	0	0	0	0.002	0.003	0
Mining (1xxx)	0.170	0.075	0.029	0.075	0.040	0.026	0.070	0.042	0.027	0.073	0.044	0.059
Oil and gas (13xx)	0.140	0.082	0.193	0.096	0.309	0.117	0.424	0.168	0.551	0.141	2.202	0.149
Construction (15xx)	0.005	0.020	0.015	0.001	0	0.029	0.007	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.500	0.521	0.515	0.388	0.271	0.197	0.836	0.298	0.557	0.931	0.543	0.393
Pharmaceuticals (2834-6)	0.510	0.357	0.197	0.225	0.423	0.266	0.371	0.265	0.430	0.124	0.266	0.371
Transportation (4xxx)	0	0.192	0.073	0	0.592	0.080	0.001	0.009	0	0	0.002	0
Communications (48xx)	0.003	0.074	1.030	0.004	0.026	0.070	0.008	0.023	0.057	0.065	0.054	0.362
Electric, gas, sanitary services (49xx)	0.006	0.576	0.075	0.006	0.161	0.078	0.017	1.458	0.367	0	0.777	0.105
Wholesale (5xxx)	0.016	0.003	0.081	0.057	0.042	0.262	0.042	0.068	0.068	0.012	0.002	0.067
Finance, insurance, real estate (6xxx)	0.043	2.606	0.032	0.010	0.032	0.068	0.055	0.800	0.062	0.025	0.104	0.336
Services (7xxx)	0.111	0.200	0.240	0.057	0.096	0.119	0.132	0.243	0.122	0.056	0.353	0.089
Health services (8xxx)	0.021	0.078	0.005	0.675	0.032	0.007	0.013	0.033	0.012	0.010	0.067	0.018
Non-operating (9995)	0.006	0	0.021	0.045	0.056	0.062	0.018	0.016	0.011	0.004	0.020	0.035
Total	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.421	2.263	1.444	4.437	1.986
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.042	5	0.001	1	0	0	0.005	2	0.005	2	0.049	8	0.06%
Mining (1xxx)	0.274	32	0.141	23	0.138	16	0.177	30	0.177	30	0.730	101	2.25%
Oil and gas (13xx)	0.415	36	0.522	31	1.143	39	2.493	36	2.493	36	4.573	142	31.69%
Construction (15xx)	0.041	3	0.030	2	0.007	1	0	0	0	0	0.078	6	0.00%
Manufacturing (2xxx, 3xxx)	1.537	135	0.855	95	1.690	120	1.867	108	1.867	108	5.949	458	23.73%
Pharmaceuticals (2834-6)	1.064	53	0.913	44	1.065	76	0.761	48	0.761	48	3.803	221	9.67%
Transportation (4xxx)	0.265	3	0.672	7	0.010	4	0.002	1	0.002	1	0.948	15	0.03%
Communications (48xx)	1.107	19	0.101	18	0.088	22	0.481	18	0.481	18	1.776	77	6.11%
Electric, gas, sanitary services (49xx)	0.657	8	0.245	7	1.842	10	0.882	8	0.882	8	3.627	33	11.21%
Wholesale (5xxx)	0.101	13	0.361	16	0.177	12	0.081	7	0.081	7	0.720	48	1.03%
Finance, insurance, real estate (6xxx)	2.681	21	0.111	16	0.917	24	0.466	13	0.466	13	4.175	74	5.92%
Services (7xxx)	0.550	80	0.271	49	0.496	70	0.498	51	0.498	51	1.816	250	6.33%
Health services (8xxx)	0.105	16	0.714	17	0.059	14	0.095	9	0.095	9	0.973	56	1.21%
Non-operating (9995)	0.027	5	0.163	23	0.044	11	0.058	7	0.058	7	0.292	46	0.74%
Total	8.865	429	5.101	349	7.676	419	7.867	338	7.867	338	29.508	1535	100.00%

Criteria

* The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

* Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

* Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

* Each tranche is counted as a separate deal.

* Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

* Minimum issue size $1 million (all tranches combined).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.