Analysis of PIPE issuance for 13 months through April 2013

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

Proceeds

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Less than $1 million	0	0	0.001	0	0	0.001	0	0	0.003	0.001	0.003	0.001	0.001
$1-1.99 million	0.023	0.021	0.020	0.028	0.019	0.021	0.015	0.017	0.017	0.019	0.018	0.017	0.013
$2-2.99 million	0.018	0.024	0.025	0.013	0.019	0.029	0.020	0.022	0.021	0.007	0.018	0	0.019
$3-4.99 million	0.026	0.037	0.025	0.040	0.030	0.031	0.042	0.029	0.044	0.023	0.021	0.050	0.015
$5-9.99 million	0.068	0.080	0.048	0.049	0.071	0.061	0.103	0.047	0.096	0.064	0.067	0.058	0.061
$10-14.99 million	0.078	0.107	0.086	0.059	0.042	0.010	0.065	0.020	0.077	0.072	0.085	0.103	0.050
$15-$49.99 million	0.341	0.260	0.237	0.216	0.409	0.192	0.411	0.179	0.274	0.266	0.232	0.201	0.249
$50 million and higher	0.369	0.910	0.394	0.830	0.895	0.470	0.474	0.687	1.599	0.135	0.330	2.924	0.396
Total	0.923	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.587	0.773	3.355	0.804
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.001	2	0.001	2	0.003	4	0.004	6	0.001	1	0.005	7	0.010	15	0.010	14	0.09%
$1-1.99 million	0.064	50	0.068	53	0.050	38	0.054	40	0.013	10	0.067	50	0.248	191	0.226	174	1.21%
$2-2.99 million	0.067	30	0.062	27	0.063	27	0.025	11	0.019	8	0.044	19	0.236	103	0.218	95	0.80%
$3-4.99 million	0.088	23	0.101	28	0.115	31	0.094	26	0.015	4	0.109	30	0.414	112	0.388	105	1.98%
$5-9.99 million	0.197	31	0.180	29	0.246	38	0.189	30	0.061	10	0.250	40	0.873	138	0.805	127	4.53%
$10-14.99 million	0.271	25	0.110	10	0.162	15	0.260	22	0.050	5	0.310	27	0.853	77	0.775	70	5.62%
$15-$49.99 million	0.838	34	0.818	32	0.864	33	0.699	27	0.249	10	0.949	37	3.468	136	3.127	123	17.20%
$50 million and higher	1.672	14	2.195	19	2.760	14	3.388	11	0.396	4	3.784	15	10.412	62	10.043	59	68.58%
Total	3.198	209	3.536	200	4.262	200	4.715	173	0.804	52	5.518	225	16.514	834	15.591	767	100.00%
Type
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
convertible notes	0.126	0.145	0.064	0.272	0.411	0.093	0.058	0.035	0.084	0.055	0.088	0.101	0.138
convertible preferreds	0.121	0.524	0.212	0.403	0.521	0.057	0.167	0.160	0.066	0.077	0.083	0.101	0.264
equity line	0.064	0.084	0.054	0.048	0.076	0.060	0.098	0.017	0.258	0.030	0.150	0.058	0.038
notes with stock	0.007	0	0	0	0	0	0	0	0	0	0	0	0.007
notes with warrants	0.033	0.059	0.151	0.031	0.034	0.168	0.029	0.007	0.049	0	0.021	0.035	0.024
preferreds with stock	0.002	0	0	0	0	0	0	0	0	0	0	0	0
preferreds with warrants	0.010	0	0	0	0	0	0.001	0	0	0	0.010	0	0
stock	0.509	0.595	0.105	0.258	0.426	0.376	0.650	0.673	1.643	0.311	0.354	2.883	0.308
units of stock and warrants	0.052	0.033	0.250	0.189	0.017	0.061	0.126	0.109	0.033	0.114	0.068	0.178	0.024
warrants	0	0	0	0.034	0	0	0	0	0	0	0	0	0
Total	0.923	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.587	0.773	3.355	0.804
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.334	43	0.776	43	0.177	42	0.244	34	0.138	13	0.381	47	1.669	175	1.543	160	6.90%
convertible preferreds	0.857	26	0.981	24	0.393	28	0.261	20	0.264	7	0.525	27	2.756	105	2.635	97	9.51%
equity line	0.201	19	0.184	14	0.371	14	0.238	10	0.038	3	0.277	13	1.033	60	0.969	54	5.02%
notes with stock	0.007	2	0	0	0	0	0	0	0.007	2	0.007	2	0.014	4	0.007	2	0.13%
notes with warrants	0.244	19	0.233	11	0.085	12	0.056	4	0.024	4	0.079	8	0.642	50	0.609	43	1.43%
preferreds with stock	0.002	1	0	0	0	0	0	0	0	0	0	0	0.002	1	0	0	0.00%
preferreds with warrants	0.010	1	0	0	0.001	1	0.010	1	0	0	0.010	1	0.021	3	0.011	2	0.18%
stock	1.209	74	1.060	89	2.966	73	3.548	79	0.308	19	3.856	98	9.090	334	8.581	312	69.88%
units of stock and warrants	0.334	24	0.267	17	0.268	30	0.359	25	0.024	4	0.383	29	1.253	100	1.201	95	6.94%
warrants	0	0	0.034	2	0	0	0	0	0	0	0	0	0.034	2	0.034	2	0.00%
Total	3.198	209	3.536	200	4.262	200	4.715	173	0.804	52	5.518	225	16.514	834	15.591	767	100.00%
Warrants
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0.417	0.427	0.261	0.166	0.522	0.247	0.268	0.124	0.231	0.067	0.316	2.767	0.123
No	0.506	1.013	0.575	1.069	0.963	0.568	0.861	0.877	1.901	0.519	0.457	0.588	0.680
Total	0.923	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.587	0.773	3.355	0.804
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.105	97	0.935	79	0.623	91	3.150	77	0.123	23	3.274	100	5.937	367	5.519	338	59.33%
No	2.094	112	2.601	121	3.639	109	1.564	96	0.680	29	2.245	125	10.578	467	10.072	429	40.69%
Total	3.198	209	3.536	200	4.262	200	4.715	173	0.804	52	5.518	225	16.514	834	15.591	767	100.00%
Use of Proceeds
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Acquisition	0	0.2	0.090	0.045	0.006	0	0	0.23	0.034	0	0.022	0.003	0
Capex	0.001	0.342	0.004	0.028	0.059	0.001	0.008	0.005	0.004	0.039	0.016	0.015	0.028
GCP	0.213	0.159	0.212	0.14	0.313	0.355	0.734	0.081	0.338	0.179	0.309	0.105	0.180
No proceeds	0	0	0	0	0	0.06	0	0	0	0	0.015	0	0
Refinance	0.121	0.172	0.007	0.004	0.012	0.007	0	0	0.035	0.009	0.013	0.166	0.264
Multiple/Other/NA	0.588	0.565	0.522	1.019	1.096	0.391	0.387	0.686	1.721	0.36	0.398	3.066	0.331
Total	0.923	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.587	0.773	3.355	0.804
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.290	4	0.051	2	0.264	5	0.025	3	0	0	0.025	3	0.630	14	0.630	14	0.45%
Capex	0.347	6	0.088	6	0.017	6	0.070	4	0.028	4	0.099	8	0.551	26	0.550	25	1.79%
GCP	0.584	55	0.808	57	1.153	72	0.593	51	0.180	12	0.773	63	3.318	247	3.105	225	14.01%
No proceeds	0	0	0.060	1	0	0	0.015	1	0	0	0.015	1	0.075	2	0.075	2	0.27%
Refinance	0.301	6	0.023	5	0.035	3	0.188	8	0.264	3	0.452	11	0.811	25	0.690	23	8.19%
Multiple/Other/NA	1.676	138	2.506	129	2.794	114	3.824	106	0.331	33	4.155	139	11.130	520	10.541	478	75.30%
Total	3.198	209	3.536	200	4.262	200	4.715	173	0.804	52	5.518	225	16.514	834	15.591	767	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Agriculture (0xxx)	0	0.002	0	0	0.002	0.004	0	0.001	0	0	0	0	0
Mining (1xxx)	0.026	0.02	0.060	0.05	0.105	0.014	0.037	0.085	0.032	0.132	0.048	0.02	0.032
Oil and gas (13xx)	0.032	0.106	0.037	0.132	0.015	0.099	0.322	0.031	1.239	0.109	0.103	0.061	0.003
Construction (15xx)	0	0.004	0	0	0.030	0	0.036	0.116	0	0	0	0.05	0
Manufacturing (2xxx, 3xxx)	0.310	0.311	0.076	0.171	0.369	0.230	0.028	0.008	0.251	0.037	0.013	0.099	0.069
Pharmaceuticals (2834-6)	0.255	0.104	0.186	0.279	0.144	0.130	0.340	0.117	0.407	0.132	0.173	0.141	0.204
Transportation (4xxx)	0	0.143	0.040	0.396	0.060	0.005	0	0.056	0.012	0.004	0.014	0	0.063
Communications (48xx)	0.107	0.002	0	0.004	0.011	0.050	0.027	0.220	0.042	0	0.006	2.627	0.225
Electric, gas, sanitary services (49xx)	0.002	0.311	0.178	0.019	0.013	0.001	0	0.228	0.012	0.005	0.010	0.208	0.001
Wholesale (5xxx)	0.033	0.005	0.022	0.018	0.009	0.054	0.012	0.009	0.050	0.010	0.006	0	0.019
Finance, insurance, real estate (6xxx)	0.079	0.334	0.196	0.131	0.682	0.171	0.222	0.080	0.037	0.153	0.305	0.093	0.106
Services (7xxx)	0.050	0.082	0.030	0.035	0.019	0.053	0.030	0.030	0.043	0.005	0.081	0.036	0.071
Health services (8xxx)	0.028	0.014	0.009	0	0.026	0.003	0.004	0.015	0.005	0	0.014	0.006	0.006
Non-operating (9995)	0	0	0.001	0	0	0.003	0.072	0.004	0.002	0	0	0.014	0.004
Total	0.923	1.439	0.836	1.235	1.485	0.815	1.129	1.001	2.132	0.587	0.773	3.355	0.804
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.002	1	0.006	2	0.001	1	0	0	0	0	0	0	0.009	4	0.009	4	0.00%
Mining (1xxx)	0.106	17	0.168	16	0.154	22	0.201	19	0.032	4	0.232	23	0.660	78	0.634	73	4.20%
Oil and gas (13xx)	0.176	16	0.246	17	1.592	16	0.273	14	0.003	1	0.276	15	2.290	64	2.258	58	5.00%
Construction (15xx)	0.004	2	0.030	1	0.152	4	0.050	1	0	0	0.050	1	0.236	8	0.236	8	0.91%
Manufacturing (2xxx, 3xxx)	0.697	61	0.770	37	0.288	19	0.149	29	0.069	7	0.218	36	1.973	153	1.663	129	3.95%
Pharmaceuticals (2834-6)	0.546	31	0.553	46	0.864	54	0.447	48	0.204	17	0.650	65	2.613	196	2.358	190	11.78%
Transportation (4xxx)	0.183	3	0.461	6	0.068	4	0.018	3	0.063	3	0.081	6	0.793	19	0.793	19	1.47%
Communications (48xx)	0.110	5	0.065	5	0.289	9	2.633	3	0.225	2	2.858	5	3.321	24	3.213	21	51.79%
Electric, gas, sanitary services (49xx)	0.491	5	0.033	7	0.240	4	0.223	8	0.001	1	0.224	9	0.989	25	0.987	24	4.06%
Wholesale (5xxx)	0.060	8	0.081	11	0.071	9	0.016	5	0.019	4	0.035	9	0.247	37	0.214	34	0.63%
Finance, insurance, real estate (6xxx)	0.610	21	0.985	24	0.338	23	0.551	21	0.106	4	0.657	25	2.590	93	2.511	89	11.91%
Services (7xxx)	0.162	26	0.107	21	0.103	27	0.122	16	0.071	4	0.193	20	0.564	94	0.514	86	3.50%
Health services (8xxx)	0.051	12	0.028	6	0.024	3	0.019	5	0.006	2	0.025	7	0.129	28	0.101	21	0.45%
Non-operating (9995)	0.001	1	0.003	1	0.078	5	0.014	1	0.004	3	0.018	4	0.100	11	0.100	11	0.33%
Total	3.198	209	3.536	200	4.262	200	4.715	173	0.804	52	5.518	225	16.514	834	15.591	767	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.