Analysis of PIPE issuance for 12 months through May 2009

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

Proceeds

	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Less than $1 million	0.006	0.005	0	0	0	0.001	0.001	0	0.001	0	0.002	0.001
$1-1.99 million	0.034	0.026	0.015	0.034	0.015	0.023	0.020	0.017	0.031	0.020	0.021	0.014
$2-2.99 million	0.045	0.029	0.033	0.040	0.021	0.010	0.021	0.011	0.010	0.015	0.013	0.020
$3-4.99 million	0.065	0.059	0.041	0.044	0.038	0.014	0.025	0.029	0.042	0.042	0.027	0.043
$5-9.99 million	0.143	0.115	0.086	0.134	0.037	0.067	0.058	0.046	0.087	0.057	0.066	0.056
$10-14.99 million	0.111	0.115	0.075	0.059	0.045	0.045	0.063	0.053	0.053	0.054	0.058	0.073
$15-$49.99 million	0.540	0.362	0.317	0.367	0.239	0.239	0.451	0.107	0.352	0.202	0.308	0.232
$50 million and higher	1.599	6.649	0.865	14.843	6.675	1.864	1.040	0.580	7.705	6.674	0	0.450
Total	2.544	7.361	1.432	15.523	7.071	2.262	1.680	0.843	8.281	7.062	0.494	0.889
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.006	10	0.002	3	0.001	2	0.002	5	0.003	7	0.017	30	0.02%
$1-1.99 million	0.075	59	0.058	46	0.068	50	0.036	25	0.103	75	0.270	204	0.59%
$2-2.99 million	0.102	44	0.051	22	0.036	16	0.034	15	0.070	31	0.268	116	0.40%
$3-4.99 million	0.145	39	0.077	21	0.113	32	0.069	18	0.182	50	0.470	127	1.04%
$5-9.99 million	0.335	53	0.162	27	0.190	30	0.122	21	0.312	51	0.953	153	1.78%
$10-14.99 million	0.249	21	0.153	14	0.159	15	0.131	12	0.290	27	0.804	71	1.65%
$15-$49.99 million	1.046	42	0.930	40	0.661	28	0.539	18	1.200	46	3.717	149	6.83%
$50 million and higher	22.357	32	9.579	24	14.959	30	0.450	5	15.409	35	48.944	102	87.70%
Total	24.316	300	11.013	197	16.187	203	1.383	119	17.570	322	55.443	952	100.00%
Type
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
convertible notes	0.276	0.400	0.374	0.916	0.339	0.606	0.563	0.108	7.347	0.263	0.120	0.168
convertible preferreds	0.947	6.260	0.252	8.841	1.876	0.480	0.656	0.043	0.080	4.951	0.119	0.068
equity line	0.008	0.127	0.116	0.015	0.115	0	0.235	0.041	0.197	0.057	0.010	0.165
notes with stock	0	0	0	0	0	0	0	0	0	0	0.022	0
notes with warrants	0.310	0.130	0.127	0.201	0.787	0.063	0.027	0.016	0.111	0.243	0.013	0.066
preferreds with stock	0	0	0	0	0	0	0.001	0	0	0	0.001	0
preferreds with warrants	0	0.003	0	5.025	3.000	0	0	0	0.010	0	0.005	0
stock	0.761	0.338	0.416	0.493	0.916	0.826	0.148	0.554	0.453	1.541	0.169	0.398
units of stock and warrants	0.225	0.103	0.146	0.032	0.037	0.288	0.049	0.081	0.084	0.008	0.033	0.024
warrants	0.017	0	0	0	0	0	0	0	0	0	0	0
Total	2.544	7.361	1.432	15.523	7.071	2.262	1.680	0.843	8.281	7.062	0.494	0.889
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.689	87	1.508	52	7.717	51	0.288	36	8.006	87	11.479	261	45.57%
convertible preferreds	15.353	40	3.012	32	5.074	33	0.187	12	5.261	45	24.573	140	29.94%
equity line	0.258	11	0.350	13	0.295	10	0.175	6	0.470	16	1.086	41	2.68%
notes with stock	0	0	0	0	0	0	0.022	2	0.022	2	0.022	2	0.13%
notes with warrants	0.458	31	0.877	20	0.370	24	0.079	12	0.450	36	2.095	104	2.56%
preferreds with stock	0	0	0.001	1	0	0	0.001	1	0.001	1	0.002	2	0.01%
preferreds with warrants	5.028	3	3.000	1	0.010	2	0.005	1	0.015	3	8.043	7	0.09%
stock	1.247	83	1.889	57	2.547	71	0.568	44	3.115	115	7.013	297	17.73%
units of stock and warrants	0.281	45	0.375	21	0.173	12	0.057	5	0.230	17	1.111	95	1.31%
warrants	0	0	0	0	0	0	0	0	0	0	0.017	3	0.00%
Total	24.316	300	11.013	197	16.187	203	1.383	119	17.570	322	55.443	952	100.00%
Warrants
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Yes	0.956	0.588	0.582	5.578	4.028	0.611	0.458	0.402	0.608	0.311	0.261	0.264
No	1.588	6.773	0.850	9.945	3.043	1.652	1.222	0.441	7.674	6.751	0.233	0.625
Total	2.544	7.361	1.432	15.523	7.071	2.262	1.680	0.843	8.281	7.062	0.494	0.889
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	6.748	190	5.097	106	1.321	102	0.525	52	1.846	154	14.646	524	10.51%
No	17.568	110	5.916	91	14.866	101	0.858	67	15.724	168	40.796	428	89.49%
Total	24.316	300	11.013	197	16.187	203	1.383	119	17.570	322	55.443	952	100.00%
Use of Proceeds
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Acquisition	0.455	4.147	0.030	0.129	0.085	0	0	0.050	0	4.518	0	0
Capex	0.179	0.111	0.187	0.134	0.558	0.311	0.271	0.111	0.174	0.119	0.030	0.065
GCP	0.411	0.690	0.155	0.230	0.405	0.468	0.089	0.245	0.094	0.397	0.054	0.144
Refinance	0.023	0.090	0.175	0.137	0.030	0.008	0.029	0	0.010	0.283	0.085	0.034
Multiple/Other/NA	1.477	2.323	0.885	14.893	5.992	1.475	1.291	0.438	8.003	1.746	0.325	0.646
Total	2.544	7.361	1.432	15.523	7.071	2.262	1.680	0.843	8.281	7.062	0.494	0.889
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	4.306	7	0.085	1	4.568	4	0	0	4.568	4	9.414	16	26.00%
Capex	0.431	37	1.141	16	0.404	20	0.096	16	0.500	36	2.250	102	2.85%
GCP	1.075	79	0.962	40	0.735	43	0.198	28	0.933	71	3.381	227	5.31%
Refinance	0.402	11	0.067	8	0.293	6	0.119	5	0.411	11	0.903	31	2.34%
Multiple/Other/NA	18.102	166	8.759	132	10.187	130	0.971	70	11.158	200	39.495	576	63.51%
Total	24.316	300	11.013	197	16.187	203	1.383	119	17.570	322	55.443	952	100.00%
Industry Sector (by SIC code)
	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.010
Mining (1xxx)	0.250	0.051	0.085	0.114	0.018	0.256	0.300	0.106	7.391	0.770	0.071	0.136
Oil and gas (13xx)	0.371	0.254	0.301	0.113	0.021	0.061	0.055	0.026	0.092	0.025	0.005	0.004
Construction (15xx)	0.038	0	0	0	0	0	0.006	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.162	4.267	0.319	0.095	3.388	0.603	0.498	0.188	0.149	4.793	0.212	0.220
Pharmaceuticals (2834-6)	0.319	0.351	0.273	0.221	0.099	0.280	0.203	0.018	0.324	0.121	0.061	0.102
Transportation (4xxx)	0.078	0.002	0.017	0.006	0	0.501	0	0.200	0.181	0	0.045	0.005
Communications (48xx)	0.060	0.653	0.007	0.009	0.098	0.010	0.004	0.002	0.003	0.547	0.007	0.040
Electric, gas, sanitary services (49xx)	0.057	0.036	0.065	1.043	0.502	0.005	0.013	0	0.018	0	0.016	0.002
Wholesale (5xxx)	0.062	0.043	0.005	0.039	0.021	0.468	0.003	0	0.011	0.009	0.006	0.013
Finance, insurance, real estate (6xxx)	0.780	0.285	0.204	13.261	2.760	0.059	0.550	0.052	0.056	0.457	0.010	0.068
Services (7xxx)	0.191	1.404	0.154	0.609	0.107	0.019	0.041	0.238	0.050	0.281	0.050	0.287
Health services (8xxx)	0.172	0.015	0.003	0.007	0.057	0.001	0.001	0.008	0.006	0.059	0.011	0.001
Non-operating (9995)	0.004	0	0	0.007	0	0	0.005	0.005	0	0	0	0
Total	2.544	7.361	1.432	15.523	7.071	2.262	1.680	0.843	8.281	7.062	0.494	0.889
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.06%
Mining (1xxx)	0.250	29	0.574	18	8.266	29	0.208	11	8.474	40	9.548	92	48.23%
Oil and gas (13xx)	0.668	21	0.137	11	0.144	14	0.009	4	0.153	18	1.329	60	0.87%
Construction (15xx)	0	0	0.006	1	0	0	0	0	0	0	0.044	5	0.00%
Manufacturing (2xxx, 3xxx)	4.681	77	4.488	52	5.130	48	0.432	40	5.562	88	14.893	246	31.66%
Pharmaceuticals (2834-6)	0.845	42	0.583	28	0.462	35	0.162	17	0.624	52	2.371	146	3.55%
Transportation (4xxx)	0.024	5	0.501	2	0.381	3	0.050	2	0.431	5	1.035	14	2.45%
Communications (48xx)	0.669	8	0.112	7	0.552	8	0.047	6	0.598	14	1.439	32	3.40%
Electric, gas, sanitary services (49xx)	1.143	17	0.520	6	0.018	1	0.018	5	0.036	6	1.757	31	0.20%
Wholesale (5xxx)	0.086	16	0.492	11	0.020	7	0.019	3	0.039	10	0.678	43	0.22%
Finance, insurance, real estate (6xxx)	13.750	39	3.369	34	0.566	20	0.079	9	0.645	29	18.543	128	3.67%
Services (7xxx)	2.167	37	0.167	21	0.569	27	0.338	19	0.907	46	3.433	120	5.16%
Health services (8xxx)	0.025	7	0.059	5	0.073	9	0.012	2	0.085	11	0.341	28	0.48%
Non-operating (9995)	0.007	2	0.005	1	0.005	2	0	0	0.005	2	0.021	6	0.03%
Total	24.316	300	11.013	197	16.187	203	1.383	119	17.570	322	55.443	952	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.