Analysis of PIPE issuance for 12 months through May 2008

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

Proceeds

	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Less than $1 million	0.005	0.003	0.003	0.002	0.003	0.002	0.001	0	0.001	0.002	0.001	0.003
$1-1.99 million	0.036	0.023	0.027	0.025	0.026	0.020	0.018	0.022	0.015	0.030	0.037	0.022
$2-2.99 million	0.046	0.049	0.045	0.023	0.027	0.017	0.052	0.031	0.029	0.032	0.028	0.021
$3-4.99 million	0.069	0.067	0.064	0.087	0.075	0.054	0.083	0.056	0.058	0.047	0.053	0.070
$5-9.99 million	0.129	0.117	0.139	0.104	0.080	0.198	0.166	0.089	0.074	0.180	0.081	0.082
$10-14.99 million	0.162	0.168	0.232	0.047	0.138	0.189	0.154	0.030	0.091	0.086	0.090	0.078
$15-$49.99 million	0.609	0.393	0.339	0.133	0.396	0.783	0.712	0.232	0.538	0.362	0.313	0.458
$50 million and higher	2.812	2.851	2.751	1.460	2.346	9.562	12.689	20.507	1.583	3.721	14.802	2.488
Total	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.389	4.460	15.405	3.222
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.009	19	0.006	14	0.003	6	0.003	5	0.006	11	0.026	53	0.01%
$1-1.99 million	0.075	57	0.064	49	0.068	50	0.059	42	0.126	92	0.301	225	0.27%
$2-2.99 million	0.117	50	0.096	41	0.092	40	0.049	21	0.140	61	0.398	172	0.30%
$3-4.99 million	0.217	58	0.212	57	0.161	44	0.123	32	0.284	76	0.783	209	0.61%
$5-9.99 million	0.360	55	0.444	67	0.343	51	0.163	24	0.506	75	1.439	217	1.09%
$10-14.99 million	0.446	38	0.480	42	0.208	19	0.168	15	0.376	34	1.464	128	0.81%
$15-$49.99 million	0.865	36	1.892	74	1.132	45	0.771	26	1.903	71	5.269	207	4.10%
$50 million and higher	7.062	26	24.597	34	25.812	26	17.291	26	43.102	52	77.573	124	92.80%
Total	9.151	339	27.791	378	27.817	281	18.627	191	46.444	472	87.252	1335	100.00%
Type
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
convertible notes	0.235	0.152	0.218	0.678	0.637	0.287	5.603	1.445	0.509	0.645	0.288	0.629
convertible preferreds	0.637	0.296	2.074	0.049	0.112	7.807	0.246	19.127	0.314	0.940	12.172	1.630
equity line	0.067	0.040	0.169	0.100	0.225	0.060	0.070	0.023	0.085	0.060	0.120	0.200
notes with warrants	0.086	0.065	0.038	0.006	0.185	0.085	0.107	0.049	0.055	1.244	0.109	0.102
preferreds with warrants	0	0	0	0	0.004	0.005	0	0.006	0	0.006	0	0
stock	2.711	2.988	0.894	0.964	1.895	2.286	7.670	0.258	1.384	1.419	2.644	0.623
units of stock and warrants	0.132	0.111	0.206	0.083	0.033	0.286	0.177	0.058	0.042	0.145	0.068	0.038
warrants	0	0.020	0	0	0	0.009	0	0.001	0	0.001	0.004	0
Total	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.389	4.460	15.405	3.222
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.048	93	6.528	95	2.599	71	0.917	47	3.517	118	11.328	343	7.57%
convertible preferreds	2.420	43	8.165	42	20.381	42	13.802	29	34.182	71	45.405	174	73.60%
equity line	0.308	10	0.356	14	0.168	8	0.320	6	0.488	14	1.220	44	1.05%
notes with warrants	0.108	15	0.377	23	1.349	21	0.210	12	1.559	33	2.130	84	3.36%
preferreds with warrants	0	0	0.009	3	0.013	2	0	0	0.013	2	0.022	5	0.03%
stock	4.845	127	11.852	140	3.061	96	3.267	73	6.328	169	25.735	491	13.63%
units of stock and warrants	0.400	50	0.496	59	0.245	39	0.106	21	0.351	60	1.378	186	0.76%
warrants	0.020	1	0.009	2	0.002	2	0.004	3	0.006	5	0.035	8	0.01%
Total	9.151	339	27.791	378	27.817	281	18.627	191	46.444	472	87.252	1335	100.00%
Warrants
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	0.900	0.462	0.642	0.323	0.505	0.866	6.204	0.307	0.677	1.710	8.542	0.546
No	2.966	3.209	2.956	1.557	2.586	9.960	7.671	20.660	1.713	2.750	6.863	2.675
Total	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.389	4.460	15.405	3.222
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	1.428	210	7.575	222	2.694	166	9.088	97	11.782	263	21.686	784	25.37%
No	7.723	129	20.216	156	25.123	115	9.539	94	34.662	209	65.567	551	74.63%
Total	9.151	339	27.791	378	27.817	281	18.627	191	46.444	472	87.252	1335	100.00%
Use of Proceeds
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Acquisition	1.415	1.940	0.092	0.799	0.046	0.169	0.153	0.069	0.072	0.011	0.211	1.024
Capex	0.046	0.096	0.041	0.414	0.464	0.405	0.252	0.151	0.146	0.860	0.062	0.265
GCP	0.289	0.196	0.547	0.285	0.218	8.285	5.410	12.539	0.096	0.337	0.306	0.253
Refinance	0	0	0	0	0	0.116	0.030	1.308	0.187	0.680	0.132	0.347
Repay debt	0.156	0.888	0.080	0	0.009	0.100	0.005	0.006	0	0	0	0
Multiple/Other/NA	1.961	0.553	2.839	0.382	2.353	1.751	8.024	6.895	1.889	2.573	14.694	1.333
Total	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.389	4.460	15.405	3.222
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.831	22	0.369	24	0.152	11	1.235	10	1.387	21	6.002	75	2.99%
Capex	0.551	19	1.121	34	1.157	28	0.327	17	1.483	45	3.201	102	3.19%
GCP	1.028	102	13.913	68	12.971	66	0.558	51	13.529	117	28.759	322	29.13%
Refinance	0	0	0.146	9	2.174	16	0.479	8	2.653	24	2.800	33	5.71%
Repay debt	0.968	11	0.114	4	0.006	1	0	0	0.006	1	1.244	20	0.01%
Multiple/Other/NA	3.773	185	12.128	239	11.357	159	16.027	105	27.384	264	45.246	783	58.96%
Total	9.151	339	27.791	378	27.817	281	18.627	191	46.444	472	87.252	1335	100.00%
Industry Sector (by SIC code)
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Agriculture (0xxx)	0	0.042	0	0	0.026	0	0	0	0	0.004	0	0.003
Mining (1xxx)	0.065	0.018	0.078	0.487	0.185	0.340	0.104	0.008	0.048	0.049	0.005	0.148
Oil and gas (13xx)	0.212	2.558	0.033	0.477	0.119	0.244	0.190	0.060	0.743	0.095	0.104	0.210
Construction (15xx)	0	0.001	0	0.005	0.002	0.003	0	0	0.002	0	0	0.385
Manufacturing (2xxx, 3xxx)	1.075	0.157	0.343	0.239	0.662	0.995	0.355	0.250	0.405	0.667	0.444	0.917
Pharmaceuticals (2834-6)	0.504	0.155	0.426	0.165	0.379	0.615	0.327	0.091	0.079	0.271	0.078	0.432
Transportation (4xxx)	0.003	0.003	0.005	0	0.007	0.061	0.337	0.004	0.004	0	0.104	0.300
Communications (48xx)	0.024	0.077	0.120	0.031	0.022	0.068	0.052	0.053	0.404	0.007	0.016	0.048
Electric, gas, sanitary services (49xx)	1.437	0.204	0.030	0.354	0.355	0.004	0.060	0.002	0.060	0.996	0	0.008
Wholesale (5xxx)	0.074	0.103	0.024	0	0.009	0.117	0.061	0.003	0.052	0.019	0.017	0.001
Finance, insurance, real estate (6xxx)	0.208	0.070	2.341	0.015	0.008	8.043	12.218	20.440	0.398	1.416	14.390	0.714
Services (7xxx)	0.230	0.190	0.177	0.094	1.300	0.171	0.153	0.047	0.124	0.916	0.186	0.042
Health services (8xxx)	0.003	0.087	0.001	0	0.003	0.132	0.019	0.010	0.071	0.021	0.049	0.011
Non-operating (9995)	0.030	0.005	0.021	0.013	0.014	0.035	0	0	0	0	0.013	0.003
Total	3.867	3.672	3.599	1.880	3.091	10.826	13.874	20.967	2.389	4.460	15.405	3.222
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.042	2	0.026	3	0.004	1	0.003	1	0.007	2	0.075	7	0.02%
Mining (1xxx)	0.583	18	0.629	33	0.105	18	0.152	10	0.257	28	1.534	85	0.55%
Oil and gas (13xx)	3.069	28	0.552	29	0.898	20	0.313	16	1.211	36	5.044	102	2.61%
Construction (15xx)	0.006	2	0.005	2	0.002	1	0.385	2	0.387	3	0.398	7	0.83%
Manufacturing (2xxx, 3xxx)	0.739	96	2.011	98	1.321	84	1.361	56	2.682	140	6.508	384	5.77%
Pharmaceuticals (2834-6)	0.746	51	1.320	45	0.440	42	0.510	24	0.950	66	3.520	184	2.05%
Transportation (4xxx)	0.008	2	0.404	10	0.008	3	0.404	5	0.411	8	0.827	21	0.88%
Communications (48xx)	0.229	23	0.142	21	0.465	15	0.064	10	0.529	25	0.923	73	1.14%
Electric, gas, sanitary services (49xx)	0.588	6	0.419	15	1.058	5	0.008	2	1.066	7	3.510	33	2.30%
Wholesale (5xxx)	0.127	10	0.187	19	0.074	12	0.018	3	0.093	15	0.481	50	0.20%
Finance, insurance, real estate (6xxx)	2.426	14	20.268	37	22.255	32	15.104	27	37.359	59	60.262	118	80.44%
Services (7xxx)	0.461	73	1.623	53	1.086	40	0.228	27	1.314	67	3.629	221	2.83%
Health services (8xxx)	0.088	6	0.154	11	0.102	8	0.061	6	0.162	14	0.408	33	0.35%
Non-operating (9995)	0.039	8	0.049	2	0	0	0.015	2	0.015	2	0.133	17	0.03%
Total	9.151	339	27.791	378	27.817	281	18.627	191	46.444	472	87.252	1335	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.