U.S. PIPE proceeds outpace 2010; Canaccord top agent for year, month

• Canaccord also Canada's top PIPE deal bringer

By Stephanie N. Rotondo

Portland, Ore., Feb. 28 - The number of U.S. PIPE deals for the two months ended Feb. 28 fell behind year-ago comparables, though the total of dollars raised was higher, according to data compiled by Prospect News.

Year to date, U.S. issuers have raised $2.42 billion in 125 deals. In 2010, issuers had taken in just $2.04 billion, but in 127 deals.

Canaccord is the year's top agent with its $50 million private placement of units for Voyager Oil & Gas Inc.

However, after starting out the year well above 2010 levels, the registered direct market began to lag, as just 22 transactions were completed, generating $233 million. In the prior year, 30 deals were done by the end of February, bringing in $298 million.

Rodman & Renshaw remained the year to date's top facilitator of direct placements, bringing seven deals for $80 million.

For February, private offerings were well-above February 2010 levels, with 65 deals coming and $1.46 billion being raised. Only 58 transactions, for $1.08 billion, had come by the same time in February 2010.

Canaccord's Voyager deal also helped it secure the month's top agent spot.

Canaccord also took the year's top spot in the Canadian PIPE market, raising C$131 million in 13 transactions. In total, Canada has seen 235 deals wrap up this year, generating proceeds of C$1.8 billion. That compared to 155 deals for C$1.5 billion in the previous year.

In the Canadian market, TD Securities meantime stole the top monthly spot from GMP, raising C$89 million in three transactions.

Year to date, U.S. market

2010 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.050	1	2.06%	15	0.005	1	0.24%
2	Dawson James	0.040	1	1.65%
2	Summer Street Research Partners	0.040	1	1.65%
4	Jefferies	0.032	1	1.33%
5	Lazard	0.028	2	1.17%
6	Pritchard	0.025	1	1.03%
7	Northland	0.024	2	1.01%
8	Rodman & Renshaw	0.016	4	0.66%	2	0.040	3	1.93%
9	JMP	0.015	1	0.62%
9	Euro Pacific Capital	0.015	1	0.62%	7	0.012	1	0.59%
	Total	2.424	125	2.049	127
	Average size:	0.019	0.016
Year to date, U.S. direct placements
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Rodman & Renshaw	0.080	7	34.49%	1	0.093	10	31.15%
2	Roth	0.024	1	10.43%	4	0.029	4	9.74%
3	FT Global	0.020	1	8.58%
4	Chardan	0.019	4	8.19%	10	0.008	3	2.69%
5	Lazard	0.019	1	8.15%	3	0.032	1	10.73%
6	MDB	0.013	1	5.72%
7	William Blair	0.007	1	2.81%
7	First Analysis Securities	0.007	1	2.81%
9	Seahawk Capital	0.006	1	2.57%
10	Dominick & Dominick	0.005	1	2.15%
	Total	0.233	22	0.298	30
	Average size:	0.011	0.010
Year to date, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.131	13	7.22%	10	0.024	4	1.63%
2	Dundee	0.115	10	6.40%	11	0.024	4	1.61%
3	GMP	0.105	7	5.82%	2	0.290	2	19.34%
4	TD Securities	0.089	3	4.96%
5	Scotia	0.053	5	2.95%
6	Cormark	0.048	4	2.63%	15	0.010	2	0.64%
7	Peters	0.047	1	2.63%
8	Raymond James	0.040	3	2.22%	14	0.010	1	0.70%
9	Jennings	0.034	3	1.89%	25	0.005	1	0.33%
10	Mackie Research	0.028	1	1.57%
	Total	1.803	235	1.500	155
	Average size:	0.008	0.010
February, U.S. market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.050	1	3.42%	10	0.005	1	0.45%
2	Summer Street Research Partners	0.040	1	2.74%
2	Dawson James	0.040	1	2.74%
4	Jefferies	0.032	1	2.21%
5	Pritchard	0.025	1	1.71%
6	Northland	0.024	2	1.67%
7	Lazard	0.016	1	1.10%
8	T.R. Winston	0.011	2	0.75%
9	Roth	0.009	2	0.63%	5	0.012	1	1.10%
10	Rodman & Renshaw	0.007	3	0.51%	6	0.010	2	0.89%
	Total	1.460	65	1.083	58
	Average size:	0.022	0.019
February, Canadian market
					2010 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	TD Securities	0.089	3	8.15%
2	Canaccord	0.067	8	6.02%	7	0.024	4	3.48%
3	Dundee	0.050	4	4.58%	8	0.021	3	2.97%
4	Peters	0.047	1	4.32%
5	Cormark	0.043	3	3.87%	17	0.006	1	0.84%
6	Mackie Research	0.028	1	2.59%
7	Macquarie	0.025	2	2.23%	16	0.006	1	0.84%
8	Scotia	0.023	2	2.11%
9	Raymond James	0.023	1	2.05%	11	0.010	1	1.49%
10	GMP	0.022	2	1.99%	10	0.015	1	2.16%
	Total	1.098	142	0.703	78
	Average size:	0.008	0.009
Prospect News PIPE Agent Rankings

Criteria

• The tables include all dollar-denominated offerings (or Canadian dollar-denominated offerings for the Canadian tables) sold as private placements, excluding Rule 144A deals, or direct placements.

• Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets (U.S. issues).

• 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) or C$1 million.

© 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.