Analysis of PIPE issuance for 12 months through August 2009

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

Proceeds

	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Less than $1 million	0	0	0.001	0.001	0	0.001	0	0.001	0.001	0.001	0.002	0
$1-1.99 million	0.034	0.015	0.023	0.017	0.017	0.031	0.020	0.023	0.015	0.024	0.016	0.012
$2-2.99 million	0.040	0.021	0.010	0.023	0.011	0.010	0.015	0.015	0.025	0.036	0.021	0.023
$3-4.99 million	0.044	0.038	0.014	0.025	0.029	0.042	0.042	0.027	0.046	0.061	0.063	0.014
$5-9.99 million	0.134	0.037	0.067	0.058	0.046	0.087	0.057	0.066	0.056	0.144	0.081	0.093
$10-14.99 million	0.059	0.045	0.045	0.063	0.053	0.053	0.054	0.058	0.073	0.103	0.110	0.065
$15-$49.99 million	0.367	0.239	0.239	0.451	0.107	0.352	0.202	0.308	0.353	0.257	0.213	0.242
$50 million and higher	14.843	6.675	1.864	1.040	0.580	0.505	6.434	0	0.519	3.672	1.150	1.157
Total	15.523	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.300	1.658	1.605
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	3	0.001	2	0.003	7	0.002	2	0.006	11	0.008	14	0.03%
$1-1.99 million	0.055	44	0.068	50	0.062	45	0.027	21	0.157	116	0.247	186	0.88%
$2-2.99 million	0.054	23	0.036	16	0.077	34	0.044	19	0.157	69	0.251	109	0.88%
$3-4.99 million	0.077	21	0.113	32	0.133	35	0.077	21	0.323	88	0.445	120	1.80%
$5-9.99 million	0.162	27	0.190	30	0.266	45	0.174	28	0.631	103	0.927	150	3.53%
$10-14.99 million	0.153	14	0.159	15	0.234	21	0.175	16	0.568	52	0.781	71	3.17%
$15-$49.99 million	0.930	40	0.661	28	0.918	31	0.455	20	2.034	79	3.331	133	11.37%
$50 million and higher	9.579	24	7.519	27	4.192	15	2.307	19	14.018	61	38.440	95	78.33%
Total	11.013	196	8.747	200	5.885	233	3.263	146	17.895	579	44.431	878	100.00%
Type
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
convertible notes	0.916	0.339	0.606	0.563	0.108	0.147	0.263	0.122	0.169	0.180	0.116	0.122
convertible preferreds	8.841	1.876	0.480	0.656	0.043	0.080	4.951	0.121	0.149	0.576	0.256	0.411
equity line	0.015	0.115	0	0.235	0.041	0.197	0.057	0.010	0.165	0.102	0.670	0.136
notes with stock	0	0	0	0	0	0	0	0.022	0.004	0.002	0	0.002
notes with warrants	0.201	0.787	0.063	0.027	0.016	0.111	0.243	0.013	0.126	0.131	0.019	0.154
preferreds with stock	0	0	0	0	0	0	0	0	0	0	0	0.002
preferreds with warrants	5.025	3.000	0	0	0	0.010	0	0.005	0	0.007	0.111	0
stock	0.493	0.916	0.826	0.148	0.554	0.453	1.301	0.169	0.450	3.244	0.412	0.632
units of stock and warrants	0.032	0.037	0.288	0.050	0.081	0.084	0.008	0.033	0.026	0.057	0.073	0.147
Total	15.523	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.300	1.658	1.605
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.508	52	0.517	49	0.471	60	0.238	26	1.226	135	3.650	219	6.85%
convertible preferreds	3.012	32	5.074	33	0.846	31	0.668	23	6.587	87	18.440	130	36.81%
equity line	0.350	13	0.295	10	0.277	13	0.805	9	1.378	32	1.743	46	7.70%
notes with stock	0	0	0	0	0.028	4	0.002	1	0.030	5	0.030	5	0.17%
notes with warrants	0.877	20	0.370	24	0.271	23	0.173	7	0.815	54	1.893	88	4.55%
preferreds with stock	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.01%
preferreds with warrants	3.000	1	0.010	2	0.012	3	0.111	7	0.133	12	8.158	15	0.74%
stock	1.889	57	2.307	70	3.863	84	1.044	58	7.215	212	9.598	302	40.32%
units of stock and warrants	0.376	21	0.173	12	0.117	15	0.220	14	0.510	41	0.917	72	2.85%
Total	11.013	196	8.747	200	5.885	233	3.263	146	17.895	579	44.431	878	100.00%
Warrants
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	5.578	4.028	0.611	0.459	0.402	0.608	0.311	0.262	0.322	0.427	0.495	0.468
No	9.945	3.043	1.652	1.220	0.441	0.474	6.511	0.234	0.766	3.873	1.162	1.137
Total	15.523	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.300	1.658	1.605
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.098	106	1.321	102	1.011	104	0.964	81	3.296	287	13.971	458	18.42%
No	5.915	90	7.426	98	4.874	129	2.299	65	14.599	292	30.459	420	81.58%
Total	11.013	196	8.747	200	5.885	233	3.263	146	17.895	579	44.431	878	100.00%
Use of Proceeds
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Acquisition	0.129	0.085	0	0	0.050	0	4.518	0	0	0.009	0.078	0.005
Capex	0.134	0.558	0.311	0.271	0.111	0.174	0.119	0.030	0.065	0.255	0.136	0.134
GCP	0.230	0.405	0.468	0.090	0.245	0.094	0.397	0.056	0.150	0.534	0.102	0.164
Refinance	0.137	0.030	0.008	0.029	0	0.010	0.283	0.085	0.155	0.256	0.021	0.163
Multiple/Other/NA	14.893	5.992	1.475	1.290	0.438	0.803	1.506	0.325	0.718	3.246	1.320	1.139
Total	15.523	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.300	1.658	1.605
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.085	1	4.568	4	0.009	2	0.084	2	4.661	8	4.875	11	26.05%
Capex	1.141	16	0.404	20	0.351	25	0.270	14	1.024	59	2.299	88	5.72%
GCP	0.963	40	0.735	43	0.740	59	0.266	22	1.741	124	2.935	187	9.73%
Refinance	0.067	8	0.293	6	0.495	13	0.184	6	0.972	25	1.176	39	5.43%
Multiple/Other/NA	8.757	131	2.747	127	4.290	134	2.459	102	9.496	363	33.146	553	53.07%
Total	11.013	196	8.747	200	5.885	233	3.263	146	17.895	579	44.431	878	100.00%
Industry Sector (by SIC code)
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.010	0	0	0
Mining (1xxx)	0.114	0.018	0.256	0.301	0.106	0.191	0.530	0.071	0.140	0.100	0.029	0.220
Oil and gas (13xx)	0.113	0.021	0.061	0.055	0.026	0.092	0.025	0.005	0.090	0.058	0.006	0.001
Construction (15xx)	0	0	0	0.006	0	0	0	0	0	0	0.001	0
Manufacturing (2xxx, 3xxx)	0.095	3.388	0.603	0.497	0.188	0.149	4.793	0.211	0.285	0.260	0.209	0.560
Pharmaceuticals (2834-6)	0.221	0.099	0.280	0.203	0.018	0.324	0.121	0.061	0.098	0.226	0.173	0.165
Transportation (4xxx)	0.006	0	0.501	0	0.200	0.181	0	0.045	0.005	0.167	0.673	0
Communications (48xx)	0.009	0.098	0.010	0.004	0.002	0.003	0.547	0.008	0.040	0.003	0	0.016
Electric, gas, sanitary services (49xx)	1.043	0.502	0.005	0.013	0	0.018	0	0.016	0.005	0.179	0.082	0.017
Wholesale (5xxx)	0.039	0.021	0.468	0.003	0	0.011	0.009	0.008	0.049	0.366	0.217	0.009
Finance, insurance, real estate (6xxx)	13.261	2.760	0.059	0.550	0.052	0.056	0.457	0.010	0.079	2.839	0.224	0.420
Services (7xxx)	0.609	0.107	0.019	0.041	0.238	0.050	0.281	0.050	0.287	0.040	0.014	0.169
Health services (8xxx)	0.007	0.057	0.001	0.001	0.008	0.006	0.059	0.011	0.001	0.062	0.031	0.027
Non-operating (9995)	0.007	0	0	0.005	0.005	0	0	0	0	0	0	0.003
Total	15.523	7.071	2.262	1.679	0.843	1.081	6.822	0.496	1.089	4.300	1.658	1.605
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.06%
Mining (1xxx)	0.575	18	0.826	26	0.312	20	0.249	7	1.387	53	2.077	82	7.75%
Oil and gas (13xx)	0.137	11	0.144	14	0.154	14	0.007	3	0.305	31	0.554	50	1.70%
Construction (15xx)	0.006	1	0	0	0	0	0.001	1	0.001	1	0.007	2	0.01%
Manufacturing (2xxx, 3xxx)	4.487	51	5.130	48	0.755	74	0.768	37	6.654	159	11.235	231	37.18%
Pharmaceuticals (2834-6)	0.583	28	0.462	35	0.384	33	0.338	27	1.185	95	1.988	135	6.62%
Transportation (4xxx)	0.501	2	0.381	3	0.217	4	0.673	3	1.271	10	1.778	14	7.10%
Communications (48xx)	0.112	7	0.552	8	0.051	8	0.016	3	0.618	19	0.740	28	3.45%
Electric, gas, sanitary services (49xx)	0.520	6	0.018	1	0.200	10	0.099	3	0.317	14	1.880	29	1.77%
Wholesale (5xxx)	0.492	11	0.020	7	0.423	11	0.226	8	0.668	26	1.198	42	3.73%
Finance, insurance, real estate (6xxx)	3.369	34	0.566	20	2.928	22	0.644	27	4.137	69	20.767	119	23.12%
Services (7xxx)	0.167	21	0.569	27	0.378	27	0.182	14	1.129	68	1.905	102	6.31%
Health services (8xxx)	0.059	5	0.073	9	0.074	9	0.058	12	0.205	30	0.271	37	1.15%
Non-operating (9995)	0.005	1	0.005	2	0	0	0.003	1	0.008	3	0.020	6	0.04%
Total	11.013	196	8.747	200	5.885	233	3.263	146	17.895	579	44.431	878	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.