Lambert remains top U.S. market PIPE agent for year to date

• Peters tops PIPE agent for year to date, month in Canada

By Stephanie N. Rotondo

Phoenix, March 28 - Total issuance in both the U.S. and Canadian PIPE markets remained below year-ago levels, but March showed an uptick in terms of dollars raised.

In the United States, year-to-date issuance was $4.58 billion via 162 private equity placements, according to data compiled by Prospect News. That compared to $5.67 billion taken in from 213 transactions by the same time in 2012.

But a bulk of the total amount was raised in March. Issuers sought $3.22 billion during the month, with 49 sales occurring.

In March 2012, $854 million had been raised from 75 transactions.

The registered direct market was actually outpacing year-ago comparables, as 17 direct offerings took place, bringing in a total of $774 million. The year before, more deals had been done - a total of 28 - but proceeds were only $461 million.

In the Canadian space, C$1.68 billion was raised year to date via 159 placements, versus C$1.81 billion from 288 offerings the previous year. But like the U.S. market, a majority of the year's proceeds came during March.

A total of C$1.14 billion was raised during the month, from 55 private sales. The year before, only C$531 million had been raised from 75 sales.

The top U.S. placement agent for the year remained Lambert Private Equity. The firm facilitated a $100 million standby equity distribution agreement for Omega Commercial Finance Corp. Lambert was also number one February.

For the month, the top agent was B Riley, which raised $53 million from a sale of 7% convertible bonds for Cadiz Inc.

In direct placements, RS Platou held on to the number one position. The firm has undertaken four deals that generated proceeds of $280 million.

In Canada, Peters took the top spot for both the year and the month, having facilitated two transactions that brought in a total of C$94 million.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lambert Private Equity	0.100	1	2.18%
2	B. Riley	0.053	1	1.17%
3	Euro Pacific	0.045	1	0.98%
4	Leerink Swann	0.035	1	0.76%
5	Wedbush	0.025	1	0.55%
6	Cantor Fitzgerald	0.025	1	0.55%	3	0.037	2	0.66%
7	Stifel Nicolaus	0.025	1	0.55%	4	0.037	2	0.65%
8	FIG Partners	0.020	1	0.44%
9	Wunderlich	0.020	1	0.44%
10	Compass Point Research & Trading	0.020	1	0.44%
	Total	4.577	162	5.665	213
	Average size:	0.028	0.027
U.S. market, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	B. Riley	0.053	1	1.66%
2	Leerink Swann	0.035	1	1.09%
3	Cantor Fitzgerald	0.025	1	0.78%	4	0.013	1	1.46%
4	FIG Partners	0.020	1	0.62%
5	MTS	0.016	1	0.51%
6	Petrie	0.015	1	0.46%
7	Ladenburg Thalmann	0.008	2	0.24%
8	Andrew Garrett	0.006	1	0.20%
9	Ascendiant	0.005	1	0.15%
10	Dawson James	0.004	3	0.12%
	Total	3.217	49	0.854	75
	Average size:	0.066	0.011
U.S. direct placements, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
2	RS Platou	0.280	4	36.23%
3	S. Goldman	0.050	3	6.49%
4	Roth	0.019	4	2.45%	6	0.006	2	1.38%
5	Burrill	0.016	2	2.11%
6	Dawson James	0.015	1	1.94%
7	Chardan	0.006	1	0.83%	7	0.006	1	1.25%
8	Newbridge	0.006	1	0.83%
9	C. K. Cooper	0.002	2	0.26%
	Total	0.774	17	0.461	28
	Average size:	0.046	0.016
Canadian market, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Peters	0.094	2	5.63%	7	0.041	2	2.25%
2	GMP	0.063	3	3.74%	11	0.029	2	1.58%
3	National Bank Financial	0.036	2	2.15%	22	0.010	2	0.54%
4	Canaccord	0.035	3	2.08%	9	0.038	8	2.12%
5	Euro Pacific	0.017	2	1.02%	28	0.006	4	0.34%
6	Dundee	0.017	1	1.00%	1	0.098	6	5.44%
7	Casimir	0.017	2	1.00%	6	0.042	6	2.34%
8	Raymond James	0.015	5	0.89%	10	0.038	2	2.11%
9	Scotia	0.012	1	0.70%	17	0.015	1	0.83%
10	National	0.012	1	0.70%
	Total	1.676	159	1.806	266
	Average size:	0.011	0.007
Canadian market, March
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Peters	0.094	2	8.31%	1	0.036	1	6.78%
2	National Bank Financial	0.048	3	4.21%
3	GMP	0.025	1	2.20%
4	Casimir	0.017	2	1.48%	14	0.002	1	0.39%
5	Scotia	0.012	1	1.04%	5	0.015	1	2.82%
6	M Partners	0.006	2	0.53%	13	0.003	2	0.54%
7	Raymond James	0.005	1	0.44%
8	Odeon	0.003	1	0.29%
9	Beacon	0.003	1	0.29%	8	0.007	1	1.27%
10	Marquest	0.001	1	0.09%
	Total	1.135	55	0.531	75
	Average size:	0.021	0.007
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.

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