Analysis of PIPE issuance for year to date through November

Total: $18.222 billion in 1,412 deals

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

Proceeds

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Less than $1 million	0.002	0.006	0.003	0.002	0.005	0.003	0.002	0.004	0.005	0.008	0
$1-1.99 million	0.031	0.036	0.034	0.035	0.032	0.032	0.044	0.044	0.028	0.033	0.022
$2-2.99 million	0.049	0.041	0.050	0.058	0.042	0.048	0.035	0.038	0.044	0.020	0.040
$3-4.99 million	0.069	0.074	0.091	0.068	0.081	0.062	0.093	0.095	0.056	0.066	0.075
$5-9.99 million	0.071	0.130	0.138	0.136	0.160	0.185	0.106	0.181	0.153	0.146	0.169
$10-14.99 million	0.091	0.136	0.176	0.131	0.071	0.112	0.171	0.177	0.138	0.145	0.165
$15-$49.99 million	0.194	0.411	0.353	0.356	0.126	0.460	0.472	0.534	0.567	0.408	0.413
$50 million and higher	0.535	0.244	0.423	1.390	0.335	0.801	0.308	2.384	0.754	1.021	0.905
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.852	1.796
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than $1 million	0.011	15	0.010	16	0.011	30	0.008	14	0.039	75	0.35%
$1-1.99 million	0.102	75	0.101	76	0.118	88	0.055	41	0.378	280	2.37%
$2-2.99 million	0.141	58	0.148	64	0.118	52	0.060	27	0.467	201	2.67%
$3-4.99 million	0.232	61	0.211	58	0.243	66	0.141	39	0.834	224	4.67%
$5-9.99 million	0.340	52	0.481	71	0.441	66	0.316	49	1.581	238	8.55%
$10-14.99 million	0.403	36	0.314	29	0.486	44	0.310	26	1.512	135	8.30%
$15-$49.99 million	0.958	41	0.942	37	1.573	68	0.821	33	4.293	179	23.61%
$50 million and higher	1.202	11	2.526	23	3.446	25	1.926	21	9.100	80	49.97%
Total	3.392	349	4.737	374	6.445	439	3.648	250	18.222	1412	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
convertible notes	0.133	0.251	0.278	0.633	0.320	0.405	0.182	0.938	0.277	0.563	0.529
convertible preferreds	0.176	0.244	0.102	0.694	0.086	0.204	0.229	0.643	0.414	0.132	0.330
equity line of credit	0.087	0.080	0.199	0.360	0.054	0.215	0.350	0.308	0.170	0.335	0.022
notes with warrants	0.007	0.012	0.033	0.013	0.005	0.064	0.056	0.028	0.019	0.049	0.071
preferreds with warrants	0	0	0	0	0.001	0.010	0.004	0	0	0	0
stock	0.572	0.478	0.583	0.445	0.347	0.754	0.401	1.426	0.748	0.713	0.679
units of stock and warrants	0.068	0.018	0.071	0.029	0.040	0.056	0.013	0.118	0.090	0.061	0.165
warrants	0	0	0	0	0.001	0	0	0	0.030	0	0
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.852	1.796
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
convertible notes	0.661	95	1.358	105	1.397	132	1.092	79	4.507	411	24.73%
convertible preferreds	0.521	55	0.985	60	1.286	43	0.461	36	3.253	194	17.85%
equity line of credit	0.366	23	0.629	20	0.828	38	0.357	11	2.181	92	11.97%
notes with warrants	0.053	10	0.082	18	0.102	19	0.119	14	0.357	61	1.96%
preferreds with warrants	0	0	0.012	5	0.004	1	0	0	0.015	6	0.08%
stock	1.634	129	1.545	128	2.575	159	1.392	84	7.146	500	39.22%
units of stock and warrants	0.157	37	0.125	37	0.222	44	0.226	25	0.730	143	4.01%
warrants	0	0	0.001	1	0.030	3	0	1	0.031	5	0.17%
Total	3.392	349	4.737	374	6.445	439	3.648	250	18.222	1412	100.00%
Warrants
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	0.240	0.445	0.705	0.737	0.331	0.541	0.473	0.775	0.508	0.808	0.864
No	0.803	0.638	0.561	1.438	0.524	1.167	0.762	2.686	1.241	1.045	0.932
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.852	1.796
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	1.389	205	1.609	221	1.756	256	1.672	158	6.425	840	35.26%
No	2.003	144	3.128	153	4.689	183	1.976	92	11.796	572	64.73%
Total	3.392	349	4.737	374	6.445	439	3.648	250	18.222	1412	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Acquisition	0.361	0.063	0.044	0.828	0.091	0.490	0.073	0.339	0.135	0.571	0.301
Capex	0.016	0.045	0.025	0.084	0.043	0.071	0.130	1.086	0.168	0.053	0.196
GCP	0.160	0.211	0.392	0.471	0.201	0.357	0.430	0.499	0.530	0.418	0.397
Repay debt	0.004	0.155	0.148	0.037	0.025	0.145	0.038	0.716	0.059	0.059	0.308
Multiple/Other/NA	0.501	0.608	0.656	0.754	0.494	0.644	0.563	0.821	0.857	0.751	0.594
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.852	1.796
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.469	17	1.409	25	0.548	29	0.872	17	3.297	88	18.09%
Capex	0.086	13	0.198	18	1.384	33	0.249	14	1.917	78	10.52%
GCP	0.764	117	1.029	123	1.458	128	0.816	76	4.066	444	22.31%
Repay debt	0.307	11	0.207	15	0.814	25	0.367	12	1.695	63	9.30%
Multiple/Other/NA	1.766	191	1.893	193	2.241	224	1.345	131	7.245	739	39.76%
Total	3.392	349	4.737	374	6.445	439	3.648	250	18.222	1412	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Agriculture (0xxx)	0	0.003	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.013	0.031	0.027	0.088	0.017	0.023	0.032	0.339	0.007	0.392	0.183
Oil and gas (13xx)	0.149	0.088	0.041	0.177	0.039	0.139	0.179	0.240	0.276	0.041	0.274
Manufacturing (2xxx, 3xxx)	0.139	0.460	0.495	0.235	0.156	0.433	0.254	0.586	0.321	0.214	0.463
Pharmaceuticals (2833-6)	0.064	0.043	0.149	0.188	0.105	0.234	0.164	0.557	0.298	0.423	0.202
Transportation (4xxx)	0	0.022	0.006	0.001	0.060	0.063	0	0.024	0	0.051	0.019
Communications (48xx)	0.033	0.093	0.038	0.415	0.014	0.023	0.169	0.680	0.015	0.193	0.004
Electric, gas, sanitary services (49xx)	0	0.022	0	0.014	0.002	0.227	0.047	0.384	0.005	0.220	0.095
Wholesale (5xxx)	0.362	0.053	0.291	0.038	0.007	0.148	0.006	0.200	0.085	0.091	0.064
Finance, insurance, real estate (6xxx)	0.104	0.119	0.028	0.542	0.263	0.181	0.132	0.182	0.575	0.024	0.205
Services (7xxx)	0.155	0.134	0.172	0.267	0.186	0.223	0.205	0.229	0.161	0.178	0.226
Health services (8xxx)	0.025	0.016	0.018	0.208	0.006	0.014	0.046	0.041	0.008	0.026	0.061
Total	1.044	1.083	1.266	2.175	0.854	1.708	1.235	3.461	1.749	1.852	1.796
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.003	1	0	0	0	0	0	0	0.003	1	0.02%
Mining (1xxx)	0.071	16	0.128	16	0.378	19	0.575	18	1.153	69	6.33%
Oil and gas (13xx)	0.278	22	0.355	30	0.696	46	0.315	20	1.643	118	9.02%
Manufacturing (2xxx, 3xxx)	1.094	113	0.825	123	1.161	132	0.677	70	3.756	438	20.61%
Pharmaceuticals (2833-6)	0.256	42	0.527	53	1.019	56	0.624	37	2.426	188	13.31%
Transportation (4xxx)	0.028	3	0.124	5	0.024	5	0.070	6	0.247	19	1.36%
Communications (48xx)	0.163	23	0.452	14	0.863	22	0.197	10	1.675	69	9.19%
Electric, gas, sanitary services (49xx)	0.022	2	0.244	7	0.435	13	0.315	8	1.015	30	5.57%
Wholesale (5xxx)	0.705	21	0.194	11	0.291	17	0.155	13	1.345	62	7.38%
Finance, insurance, real estate (6xxx)	0.252	21	0.985	34	0.889	27	0.229	18	2.355	100	12.92%
Services (7xxx)	0.461	72	0.676	70	0.594	90	0.405	41	2.136	273	11.72%
Health services (8xxx)	0.059	13	0.228	11	0.095	12	0.087	9	0.468	45	2.57%
Total	3.392	349	4.737	374	6.445	439	3.648	250	18.222	1412	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.