Analysis of PIPE issuance for 12 months through February 2010

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

Proceeds

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Less than $1 million	0	0.001	0.001	0.001	0.002	0	0	0.001	0.001	0	0	0
$1-1.99 million	0.020	0.023	0.015	0.026	0.017	0.015	0.026	0.019	0.020	0.025	0.028	0.012
$2-2.99 million	0.015	0.015	0.025	0.036	0.021	0.021	0.023	0.037	0.017	0.047	0.022	0.020
$3-4.99 million	0.042	0.027	0.046	0.061	0.063	0.021	0.036	0.069	0.039	0.062	0.016	0.031
$5-9.99 million	0.057	0.066	0.056	0.156	0.081	0.098	0.084	0.105	0.049	0.118	0.082	0.086
$10-14.99 million	0.054	0.058	0.073	0.103	0.113	0.054	0.097	0.180	0.080	0.099	0.054	0.024
$15-$49.99 million	0.202	0.308	0.318	0.257	0.213	0.242	0.536	0.237	0.272	0.332	0.305	0.150
$50 million and higher	6.434	0	0.519	3.372	1.150	0.807	1.145	0.534	4.233	0.231	0.458	0.710
Total	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.711	0.914	0.965	1.033
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.003	7	0.002	2	0.002	4	0	0	0	0	0.007	14	0.00%
$1-1.99 million	0.063	46	0.058	42	0.064	49	0.040	29	0.040	29	0.245	182	2.00%
$2-2.99 million	0.077	34	0.066	28	0.102	43	0.042	18	0.042	18	0.301	129	2.10%
$3-4.99 million	0.133	35	0.120	34	0.170	46	0.048	12	0.048	12	0.513	139	2.40%
$5-9.99 million	0.278	47	0.263	42	0.272	42	0.167	25	0.167	25	1.037	166	8.36%
$10-14.99 million	0.234	21	0.264	24	0.359	32	0.078	7	0.078	7	0.988	89	3.90%
$15-$49.99 million	0.883	30	0.992	39	0.841	36	0.455	20	0.455	20	3.372	133	22.77%
$50 million and higher	3.892	16	3.102	25	4.999	17	1.168	6	1.168	6	19.594	80	58.46%
Total	5.562	236	4.866	236	6.809	269	1.998	117	1.998	117	26.057	932	100.00%
Type
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
convertible notes	0.263	0.122	0.169	0.180	0.120	0.131	0.543	0.060	0.034	0.156	0.064	0.140
convertible preferreds	4.951	0.121	0.149	0.576	0.256	0.400	0.313	0.338	0.594	0.225	0.215	0.020
equity line	0.057	0.010	0.165	0.102	0.670	0.136	0.206	0.094	0.095	0.040	0.180	0.028
notes with stock	0	0.022	0.004	0.002	0	0.002	0	0.002	0.004	0	0	0.010
notes with warrants	0.243	0.013	0.126	0.136	0.019	0.154	0.051	0.012	0.009	0.013	0.054	0.016
preferreds with stock	0	0	0	0	0	0.002	0	0	0	0	0	0
preferreds with warrants	0	0.005	0	0.007	0.111	0	0.005	0.075	0.013	0.007	0	0.010
stock	1.301	0.169	0.415	2.952	0.412	0.383	0.589	0.413	3.712	0.414	0.413	0.786
units of stock and warrants	0.008	0.033	0.026	0.057	0.073	0.050	0.239	0.190	0.250	0.058	0.039	0.024
Total	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.711	0.914	0.965	1.033
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.471	60	0.794	47	0.249	41	0.204	26	0.204	26	1.981	195	10.21%
convertible preferreds	0.846	31	0.970	41	1.158	40	0.235	14	0.235	14	8.159	141	11.76%
equity line	0.277	13	1.012	16	0.229	16	0.207	13	0.207	13	1.782	61	10.36%
notes with stock	0.028	4	0.002	1	0.006	2	0.010	2	0.010	2	0.046	9	0.50%
notes with warrants	0.276	24	0.225	9	0.034	11	0.070	5	0.070	5	0.848	62	3.50%
preferreds with stock	0	0	0.002	1	0	0	0	0	0	0	0.002	1	0.00%
preferreds with warrants	0.012	3	0.116	8	0.096	3	0.010	2	0.010	2	0.234	16	0.50%
stock	3.536	86	1.384	90	4.540	112	1.198	42	1.198	42	11.958	349	59.96%
units of stock and warrants	0.117	15	0.362	23	0.498	44	0.063	13	0.063	13	1.047	98	3.15%
Total	5.562	236	4.866	236	6.809	269	1.998	117	1.998	117	26.057	932	100.00%
Warrants
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	0.311	0.262	0.322	0.438	0.498	0.370	0.434	0.789	0.324	0.168	0.365	0.129
No	6.511	0.234	0.731	3.574	1.163	0.887	1.513	0.394	4.388	0.746	0.600	0.904
Total	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.711	0.914	0.965	1.033
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.022	106	1.302	127	1.281	130	0.494	62	0.494	62	4.411	458	24.72%
No	4.540	130	3.564	109	5.528	139	1.504	55	1.504	55	21.647	474	75.28%
Total	5.562	236	4.866	236	6.809	269	1.998	117	1.998	117	26.057	932	100.00%
Use of Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Acquisition	4.518	0	0	2.509	0.078	0.005	0.040	0	0.328	0	0.007	0
Capex	0.119	0.030	0.065	0.255	0.136	0.134	0.082	0.161	0.012	0.051	0.030	0.067
GCP	0.397	0.056	0.150	0.539	0.102	0.162	0.955	0.309	3.340	0.241	0.421	0.085
Refinance	0.283	0.085	0.155	0.256	0.021	0.167	0.171	0.113	0	0.041	0	0.078
Multiple/Other/NA	1.506	0.325	0.683	0.454	1.324	0.790	0.698	0.601	1.031	0.582	0.507	0.803
Total	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.711	0.914	0.965	1.033
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	2.509	5	0.124	5	0.328	2	0.007	1	0.007	1	7.486	16	0.35%
Capex	0.351	25	0.352	19	0.224	22	0.098	15	0.098	15	1.143	88	4.90%
GCP	0.745	60	1.220	42	3.890	67	0.505	32	0.505	32	6.757	214	25.28%
Refinance	0.495	13	0.359	9	0.153	5	0.078	2	0.078	2	1.369	34	3.90%
Multiple/Other/NA	1.462	133	2.811	161	2.214	173	1.310	67	1.310	67	9.303	580	65.57%
Total	5.562	236	4.866	236	6.809	269	1.998	117	1.998	117	26.057	932	100.00%
Industry Sector (by SIC code)
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Agriculture (0xxx)	0	0	0.010	0	0	0	0.050	0	0	0	0	0.002
Mining (1xxx)	0.530	0.071	0.140	0.100	0.030	0.120	0.054	0.056	0.232	0.036	0.083	0.003
Oil and gas (13xx)	0.025	0.005	0.090	0.058	0.006	0.001	0.127	0.023	0.248	0.161	0.164	0.044
Construction (15xx)	0	0	0	0	0.001	0	0	0.002	0	0	0.001	0.003
Manufacturing (2xxx, 3xxx)	4.793	0.211	0.250	0.272	0.209	0.570	0.189	0.220	0.157	0.225	0.367	0.130
Pharmaceuticals (2834-6)	0.121	0.061	0.098	0.226	0.176	0.165	0.225	0.235	0.105	0.048	0.068	0.051
Transportation (4xxx)	0	0.045	0.005	0.167	0.673	0	0.023	0.008	0.050	0.029	0	0.070
Communications (48xx)	0.547	0.008	0.040	0.003	0	0.017	0.012	0.012	1.695	0.017	0.003	0.665
Electric, gas, sanitary services (49xx)	0	0.016	0.005	0.179	0.082	0.017	0.201	0.006	1.594	0.009	0	0
Wholesale (5xxx)	0.009	0.008	0.049	0.366	0.217	0.009	0.010	0.020	0.002	0.115	0.002	0.027
Finance, insurance, real estate (6xxx)	0.457	0.010	0.079	2.539	0.224	0.158	0.754	0.492	0.600	0.189	0.153	0.017
Services (7xxx)	0.281	0.050	0.287	0.040	0.014	0.169	0.241	0.102	0.026	0.032	0.028	0.021
Health services (8xxx)	0.059	0.011	0.001	0.062	0.031	0.030	0.030	0.007	0.003	0.049	0.095	0
Non-operating (9995)	0	0	0	0	0	0.003	0.030	0	0	0.005	0	0
Total	6.822	0.496	1.054	4.012	1.662	1.258	1.947	1.184	4.711	0.914	0.965	1.033
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.010	1	0.050	1	0	0	0.002	1	0.002	1	0.062	3	0.10%
Mining (1xxx)	0.312	20	0.204	10	0.324	28	0.086	9	0.086	9	1.455	78	4.30%
Oil and gas (13xx)	0.154	14	0.134	9	0.432	21	0.208	11	0.208	11	0.953	58	10.41%
Construction (15xx)	0	0	0.001	1	0.002	1	0.004	2	0.004	2	0.007	4	0.20%
Manufacturing (2xxx, 3xxx)	0.733	76	0.967	62	0.601	78	0.497	35	0.497	35	7.592	271	24.87%
Pharmaceuticals (2834-6)	0.384	33	0.566	40	0.388	39	0.119	18	0.119	18	1.578	143	5.96%
Transportation (4xxx)	0.217	4	0.695	4	0.087	4	0.070	1	0.070	1	1.069	13	3.50%
Communications (48xx)	0.051	8	0.029	8	1.724	10	0.668	6	0.668	6	3.019	37	33.43%
Electric, gas, sanitary services (49xx)	0.200	10	0.300	7	1.608	8	0	0	0	0	2.109	25	0.00%
Wholesale (5xxx)	0.423	11	0.236	11	0.137	10	0.029	5	0.029	5	0.833	40	1.45%
Finance, insurance, real estate (6xxx)	2.628	23	1.136	41	1.281	34	0.170	15	0.170	15	5.672	120	8.51%
Services (7xxx)	0.378	27	0.423	24	0.161	24	0.049	10	0.049	10	1.291	94	2.45%
Health services (8xxx)	0.074	9	0.091	16	0.059	11	0.095	4	0.095	4	0.378	43	4.75%
Non-operating (9995)	0	0	0.033	2	0.005	1	0	0	0	0	0.037	3	0.00%
Total	5.562	236	4.866	236	6.809	269	1.998	117	1.998	117	26.057	932	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.