Analysis of PIPE issuance for 12 months through April 2010

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

Proceeds

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Less than $1 million	0.001	0.001	0.002	0	0	0.001	0.001	0	0	0	0.001	0.001
$1-1.99 million	0.015	0.026	0.017	0.015	0.026	0.019	0.022	0.025	0.030	0.020	0.032	0.020
$2-2.99 million	0.025	0.036	0.021	0.021	0.023	0.037	0.017	0.047	0.022	0.018	0.030	0.018
$3-4.99 million	0.046	0.061	0.063	0.021	0.036	0.069	0.036	0.062	0.016	0.032	0.059	0.031
$5-9.99 million	0.056	0.156	0.081	0.098	0.085	0.105	0.049	0.118	0.082	0.096	0.135	0.068
$10-14.99 million	0.073	0.103	0.113	0.054	0.097	0.180	0.080	0.099	0.054	0.024	0.096	0.083
$15-$49.99 million	0.318	0.257	0.213	0.242	0.536	0.237	0.245	0.332	0.305	0.192	0.270	0.354
$50 million and higher	0.519	3.372	1.150	0.807	1.145	0.534	4.288	0.231	0.458	0.710	0.891	1.309
Total	1.054	4.012	1.662	1.258	1.948	1.184	4.737	0.914	0.967	1.092	1.516	1.884
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	2	0.002	4	0.001	1	0.001	1	0.001	2	0.008	13	0.02%
$1-1.99 million	0.058	42	0.066	50	0.082	60	0.020	16	0.102	76	0.266	198	1.87%
$2-2.99 million	0.066	28	0.102	43	0.070	30	0.018	8	0.088	38	0.316	136	1.61%
$3-4.99 million	0.120	34	0.167	45	0.108	28	0.031	9	0.139	37	0.532	144	2.55%
$5-9.99 million	0.264	42	0.272	42	0.313	46	0.068	12	0.381	58	1.129	177	6.98%
$10-14.99 million	0.264	24	0.359	32	0.174	16	0.083	8	0.257	24	1.056	96	4.71%
$15-$49.99 million	0.992	39	0.814	35	0.767	32	0.354	13	1.122	45	3.502	139	20.56%
$50 million and higher	3.102	25	5.053	18	2.059	15	1.309	6	3.368	21	15.416	80	61.71%
Total	4.867	236	6.835	269	3.575	228	1.884	73	5.458	301	22.227	983	100.00%
Type
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
convertible notes	0.169	0.180	0.120	0.131	0.543	0.060	0.034	0.156	0.066	0.146	0.357	0.035
convertible preferreds	0.149	0.576	0.256	0.400	0.313	0.338	0.594	0.225	0.215	0.053	0.503	1.463
equity line	0.165	0.102	0.670	0.136	0.206	0.094	0.095	0.040	0.180	0.044	0.087	0.035
notes with stock	0.004	0.002	0	0.002	0	0.002	0.004	0	0	0.010	0.013	0
notes with warrants	0.126	0.136	0.019	0.154	0.051	0.012	0.009	0.013	0.054	0.017	0.010	0.055
preferreds with stock	0	0	0	0.002	0	0	0	0	0	0	0	0.008
preferreds with warrants	0	0.007	0.111	0	0.005	0.075	0.013	0.007	0	0.010	0.002	0.013
stock	0.415	2.952	0.412	0.383	0.590	0.413	3.739	0.414	0.413	0.785	0.470	0.232
units of stock and warrants	0.026	0.057	0.073	0.050	0.239	0.190	0.248	0.058	0.039	0.027	0.073	0.042
Total	1.054	4.012	1.662	1.258	1.948	1.184	4.737	0.914	0.967	1.092	1.516	1.884
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.794	47	0.249	41	0.569	52	0.035	10	0.604	62	1.997	192	11.07%
convertible preferreds	0.970	41	1.158	40	0.771	32	1.463	17	2.233	49	5.086	152	40.91%
equity line	1.012	16	0.229	16	0.311	22	0.035	5	0.346	27	1.854	70	6.34%
notes with stock	0.002	1	0.006	2	0.023	4	0	0	0.023	4	0.036	9	0.42%
notes with warrants	0.225	9	0.034	11	0.081	10	0.055	3	0.136	13	0.658	52	2.49%
preferreds with stock	0.002	1	0	0	0	0	0.008	1	0.008	1	0.011	2	0.15%
preferreds with warrants	0.116	8	0.096	3	0.011	3	0.013	2	0.025	5	0.243	18	0.46%
stock	1.385	90	4.567	112	1.668	82	0.232	25	1.901	107	11.219	376	34.83%
units of stock and warrants	0.362	23	0.496	44	0.140	23	0.042	10	0.182	33	1.124	112	3.33%
Total	4.867	236	6.835	269	3.575	228	1.884	73	5.458	301	22.227	983	100.00%
Warrants
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0.322	0.438	0.498	0.370	0.434	0.789	0.322	0.168	0.365	0.172	0.268	0.235
No	0.731	3.574	1.163	0.887	1.514	0.394	4.415	0.746	0.602	0.920	1.248	1.649
Total	1.054	4.012	1.662	1.258	1.948	1.184	4.737	0.914	0.967	1.092	1.516	1.884
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	1.302	127	1.280	130	0.805	112	0.235	39	1.040	151	4.382	489	19.05%
No	3.565	109	5.555	139	2.770	116	1.649	34	4.419	150	17.845	494	80.96%
Total	4.867	236	6.835	269	3.575	228	1.884	73	5.458	301	22.227	983	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0	2.509	0.078	0.005	0.041	0	0.328	0	0.007	0	0.002	0.042
Capex	0.065	0.255	0.136	0.134	0.082	0.161	0.012	0.051	0.032	0.095	0.041	0.075
GCP	0.150	0.539	0.102	0.162	0.955	0.309	3.367	0.241	0.421	0.086	0.391	0.940
Refinance	0.155	0.256	0.021	0.167	0.171	0.113	0	0.041	0	0.078	0.178	0.015
Multiple/Other/NA	0.683	0.454	1.324	0.790	0.698	0.601	1.030	0.582	0.507	0.833	0.903	0.812
Total	1.054	4.012	1.662	1.258	1.948	1.184	4.737	0.914	0.967	1.092	1.516	1.884
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.125	5	0.328	2	0.009	2	0.042	2	0.051	4	3.013	16	0.93%
Capex	0.352	19	0.224	22	0.168	24	0.075	10	0.243	34	1.139	92	4.45%
GCP	1.220	42	3.917	67	0.897	60	0.940	23	1.836	83	7.663	239	33.64%
Refinance	0.359	9	0.153	5	0.256	5	0.015	1	0.271	6	1.194	30	4.97%
Multiple/Other/NA	2.811	161	2.212	173	2.244	137	0.812	37	3.056	174	9.217	606	55.99%
Total	4.867	236	6.835	269	3.575	228	1.884	73	5.458	301	22.227	983	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Agriculture (0xxx)	0.010	0	0	0	0.050	0	0	0	0	0.002	0	0.002
Mining (1xxx)	0.140	0.100	0.030	0.120	0.055	0.056	0.231	0.036	0.085	0.003	0.205	0.021
Oil and gas (13xx)	0.090	0.058	0.006	0.001	0.127	0.023	0.248	0.161	0.164	0.044	0.034	0.042
Construction (15xx)	0	0	0.001	0	0	0.002	0	0	0.001	0.028	0.005	0
Manufacturing (2xxx, 3xxx)	0.250	0.272	0.209	0.570	0.189	0.220	0.184	0.225	0.367	0.138	0.346	0.071
Pharmaceuticals (2834-6)	0.098	0.226	0.176	0.165	0.225	0.235	0.105	0.048	0.068	0.054	0.201	0.067
Transportation (4xxx)	0.005	0.167	0.673	0	0.023	0.008	0.050	0.029	0	0.071	0.001	0.032
Communications (48xx)	0.040	0.003	0	0.017	0.012	0.012	1.695	0.017	0.003	0.670	0.120	0.003
Electric, gas, sanitary services (49xx)	0.005	0.179	0.082	0.017	0.201	0.006	1.594	0.009	0	0	0.009	0
Wholesale (5xxx)	0.049	0.366	0.217	0.009	0.010	0.020	0.002	0.115	0.002	0.030	0.025	0.011
Finance, insurance, real estate (6xxx)	0.079	2.539	0.224	0.158	0.754	0.492	0.600	0.189	0.153	0.032	0.455	1.540
Services (7xxx)	0.287	0.040	0.014	0.169	0.241	0.102	0.026	0.032	0.028	0.021	0.100	0.094
Health services (8xxx)	0.001	0.062	0.031	0.030	0.030	0.007	0.003	0.049	0.095	0	0.015	0
Non-operating (9995)	0	0	0	0.003	0.030	0	0	0.005	0	0	0	0
Total	1.054	4.012	1.662	1.258	1.948	1.184	4.737	0.914	0.967	1.092	1.516	1.884
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.050	1	0	0	0.002	1	0.002	1	0.004	2	0.064	4	0.07%
Mining (1xxx)	0.205	10	0.323	28	0.292	17	0.021	8	0.313	25	1.082	78	5.73%
Oil and gas (13xx)	0.134	9	0.432	21	0.242	17	0.042	8	0.285	25	0.999	66	5.22%
Construction (15xx)	0.001	1	0.002	1	0.033	3	0	0	0.033	3	0.037	5	0.60%
Manufacturing (2xxx, 3xxx)	0.967	62	0.628	78	0.851	60	0.071	16	0.922	76	3.040	271	16.89%
Pharmaceuticals (2834-6)	0.566	40	0.388	39	0.323	40	0.067	11	0.391	51	1.669	156	7.16%
Transportation (4xxx)	0.695	4	0.087	4	0.072	3	0.032	1	0.104	4	1.058	15	1.91%
Communications (48xx)	0.029	8	1.724	10	0.793	11	0.003	1	0.796	12	2.592	35	14.58%
Electric, gas, sanitary services (49xx)	0.300	7	1.608	8	0.009	1	0	0	0.009	1	2.101	22	0.16%
Wholesale (5xxx)	0.236	11	0.137	10	0.056	10	0.011	2	0.068	12	0.855	42	1.25%
Finance, insurance, real estate (6xxx)	1.136	41	1.281	34	0.640	31	1.540	17	2.180	48	7.215	143	39.94%
Services (7xxx)	0.423	24	0.161	24	0.149	25	0.094	8	0.243	33	1.154	99	4.45%
Health services (8xxx)	0.091	16	0.059	11	0.111	9	0	0	0.111	9	0.324	44	2.03%
Non-operating (9995)	0.033	2	0.005	1	0	0	0	0	0	0	0.037	3	0.00%
Total	4.867	236	6.835	269	3.575	228	1.884	73	5.458	301	22.227	983	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.