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Published on 4/1/2010 in the Prospect News PIPE Daily.

Analysis of PIPE issuance for 12 months through March 2010

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

Proceeds

4/20095/20096/20097/20098/20099/200910/200911/200912/20091/20102/20103/2010
Less than $1 million0.0010.0010.0010.002 0 00.0010.001 0 0 00.001
$1-1.99 million0.0230.0150.0260.0170.0150.0260.0190.0200.0250.0300.0180.027
$2-2.99 million0.0150.0250.0360.0210.0210.0230.0370.0170.0470.0220.0200.029
$3-4.99 million0.0270.0460.0610.0630.0210.0360.0690.0390.0620.0160.0320.050
$5-9.99 million0.0660.0560.1560.0810.0980.0840.1050.0490.1180.0820.0960.120
$10-14.99 million0.0580.0730.1030.1130.0540.0970.1800.0800.0990.0540.0240.092
$15-$49.99 million0.3080.3180.2570.2130.2420.5360.2370.2450.3320.3050.1920.238
$50 million and higher 00.5193.3721.1500.8071.1450.5344.2880.2310.4580.7100.727
Total0.4961.0544.0121.6621.2581.9471.1844.7390.9140.9671.0931.284
Q2/2009Count Q3/2009Count Q4/2009Count Q1/2010Count YTDCount TotalCountYTD Share
Less than $1 million0.00370.00220.00240.00110.00110.008140.03%
$1-1.99 million0.063460.058420.064490.076550.076550.2611922.27%
$2-2.99 million0.077340.066280.102430.071300.071300.3151352.12%
$3-4.99 million0.133350.120340.170460.098260.098260.5211412.93%
$5-9.99 million0.278470.263420.272420.299430.299431.1111748.94%
$10-14.99 million0.234210.264240.359320.170160.170161.027935.08%
$15-$49.99 million0.883300.992390.814350.735310.735313.42413521.98%
$50 million and higher3.892163.102255.053181.895141.8951413.9427356.67%
Total5.5622364.8662366.8362693.3442163.34421620.609957100.00%
Type
4/20095/20096/20097/20098/20099/200910/200911/200912/20091/20102/20103/2010
convertible notes0.1220.1690.1800.1200.1310.5430.0600.0340.1560.0660.1460.182
convertible preferreds0.1210.1490.5760.2560.4000.3130.3380.5940.2250.2150.0530.488
equity line0.0100.1650.1020.6700.1360.2060.0940.0950.0400.1800.0430.087
notes with stock0.0220.0040.002 00.002 00.0020.004 0 00.0100.013
notes with warrants0.0130.1260.1360.0190.1540.0510.0120.0090.0130.0540.0170.010
preferreds with stock 0 0 0 00.002 0 0 0 0 0 0 0
preferreds with warrants0.005 00.0070.111 00.0050.0750.0130.007 00.0100.002
stock0.1690.4152.9520.4120.3830.5890.4133.7390.4140.4130.7880.416
units of stock and warrants0.0330.0260.0570.0730.0500.2390.1900.2500.0580.0390.0270.086
Total0.4961.0544.0121.6621.2581.9471.1844.7390.9140.9671.0931.284
Q2/2009Count Q3/2009Count Q4/2009Count Q1/2010Count YTDCount TotalCountYTD Share
convertible notes0.471600.794470.249410.394450.394451.90819311.78%
convertible preferreds0.846310.970411.158400.756310.756313.72914322.61%
equity line0.277131.012160.229160.310210.310211.828669.27%
notes with stock0.02840.00210.00620.02340.02340.059110.69%
notes with warrants0.276240.22590.034110.081100.081100.616542.42%
preferreds with stock 000.0021 00 00 000.00210.00%
preferreds with warrants0.01230.11680.09630.01130.01130.235170.33%
stock3.536861.384904.5671121.617771.6177711.10336548.36%
units of stock and warrants0.117150.362230.498440.152250.152251.1291074.55%
Total5.5622364.8662366.8362693.3442163.34421620.609957100.00%
Warrants
4/20095/20096/20097/20098/20099/200910/200911/200912/20091/20102/20103/2010
Yes0.2620.3220.4380.4980.3700.4340.7890.3240.1680.3650.1750.254
No0.2340.7313.5741.1630.8871.5130.3944.4150.7460.6020.9191.031
Total0.4961.0544.0121.6621.2581.9471.1844.7390.9140.9671.0931.284
Q2/2009Count Q3/2009Count Q4/2009Count Q1/2010Count YTDCount TotalCountYTD Share
Yes1.0221061.3021271.2811300.7931090.7931094.39947223.71%
No4.5401303.5641095.5551392.5511072.55110716.21048576.29%
Total5.5622364.8662366.8362693.3442163.34421620.609957100.00%
Use of Proceeds
4/20095/20096/20097/20098/20099/200910/200911/200912/20091/20102/20103/2010
Acquisition 0 02.5090.0780.0050.040 00.328 00.007 0 0
Capex0.0300.0650.2550.1360.1340.0820.1610.0120.0510.0320.0950.037
GCP0.0560.1500.5390.1020.1620.9550.3093.3670.2410.4210.0860.384
Refinance0.0850.1550.2560.0210.1670.1710.113 00.041 00.0780.028
Multiple/Other/NA0.3250.6830.4541.3240.7900.6980.6011.0310.5820.5070.8340.835
Total0.4961.0544.0121.6621.2581.9471.1844.7390.9140.9671.0931.284
Q2/2009Count Q3/2009Count Q4/2009Count Q1/2010Count YTDCount TotalCountYTD Share
Acquisition2.50950.12450.32820.00710.00712.968130.21%
Capex0.351250.352190.224220.164230.164231.091894.90%
GCP0.745601.220423.917670.890580.890586.77222726.62%
Refinance0.495130.35990.15350.10640.10641.114313.17%
Multiple/Other/NA1.4621332.8111612.2141732.1771302.1771308.66459765.10%
Total5.5622364.8662366.8362693.3442163.34421620.609957100.00%
Industry Sector (by SIC code)
4/20095/20096/20097/20098/20099/200910/200911/200912/20091/20102/20103/2010
Agriculture (0xxx) 00.010 0 0 00.050 0 0 0 00.002 0
Mining (1xxx)0.0710.1400.1000.0300.1200.0540.0560.2320.0360.0850.0030.205
Oil and gas (13xx)0.0050.0900.0580.0060.0010.1270.0230.2480.1610.1640.0440.039
Construction (15xx) 0 0 00.001 0 00.002 0 00.0010.030 0
Manufacturing (2xxx, 3xxx)0.2110.2500.2720.2090.5700.1890.2200.1840.2250.3670.1380.338
Pharmaceuticals (2834-6)0.0610.0980.2260.1760.1650.2250.2350.1050.0480.0680.0540.190
Transportation (4xxx)0.0450.0050.1670.673 00.0230.0080.0500.029 00.071 0
Communications (48xx)0.0080.0400.003 00.0170.0120.0121.6950.0170.0030.6700.118
Electric, gas, sanitary services (49xx)0.0160.0050.1790.0820.0170.2010.0061.5940.009 0 00.009
Wholesale (5xxx)0.0080.0490.3660.2170.0090.0100.0200.0020.1150.0020.0280.025
Finance, insurance, real estate (6xxx)0.0100.0792.5390.2240.1580.7540.4920.6000.1890.1530.0320.254
Services (7xxx)0.0500.2870.0400.0140.1690.2410.1020.0260.0320.0280.0210.094
Health services (8xxx)0.0110.0010.0620.0310.0300.0300.0070.0030.0490.095 00.013
Non-operating (9995) 0 0 0 00.0030.030 0 00.005 0 0 0
Total0.4961.0544.0121.6621.2581.9471.1844.7390.9140.9671.0931.284
Q2/2009Count Q3/2009Count Q4/2009Count Q1/2010Count YTDCount TotalCountYTD Share
Agriculture (0xxx)0.01010.0501 000.00210.00210.06230.06%
Mining (1xxx)0.312200.204100.324280.292170.292171.132758.73%
Oil and gas (13xx)0.154140.13490.432210.247170.247170.967617.39%
Construction (15xx) 000.00110.00210.03130.03130.03550.93%
Manufacturing (2xxx, 3xxx)0.733760.967620.628780.843570.843573.17127325.21%
Pharmaceuticals (2834-6)0.384330.566400.388390.312400.312401.6511529.33%
Transportation (4xxx)0.21740.69540.08740.07120.07121.070142.12%
Communications (48xx)0.05180.02981.724100.791100.791102.5953623.65%
Electric, gas, sanitary services (49xx)0.200100.30071.60880.00910.00912.117260.27%
Wholesale (5xxx)0.423110.236110.137100.05690.05690.851411.67%
Finance, insurance, real estate (6xxx)2.628231.136411.281340.439280.439285.48412613.13%
Services (7xxx)0.378270.423240.161240.143230.143231.104984.28%
Health services (8xxx)0.07490.091160.059110.10880.10880.332443.23%
Non-operating (9995) 000.03320.0051 00 000.03730.00%
Total5.5622364.8662366.8362693.3442163.34421620.609957100.00%
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).


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