U.S. PIPE issuers take in more from fewer deals; JMP, RCS sweep top agent positions in U.S.

Canaccord takes the honors in Canada, as overall issuance lags

By Stephanie N. Rotondo

Phoenix, June 28 - The number of U.S. PIPE deals continued to be behind year-ago figures, but the amount of dollars raised was outpacing 2012 numbers.

For the year thus far, issuers have raised $9.52 billion from 343 private equity transactions. That compared to $8.86 billion raised via 422 deals the year before, according to data compiled by Prospect News.

In the second quarter, $4.78 billion was generated from 168 deals, versus $3.28 billion taken in from 209 deals in the same quarter of 2012.

And, for the month of June, total dollars raised was $1.93 billion from 47 offerings. In June 2012, issuers had brought in $836 million from 64 deals.

Sweeping the year-to-date, quarter and month spots as the top placement agent was JMP Securities and RCS. Both raised $450 million via two private sales for Navios Maritime Acquisition Corp., both of which occurred in June.

For the year, that equaled 4.73% of market share.

As for direct placements, 2013 figures were still lagging. All told, 40 registered direct offerings have taken place, generating proceeds of $1.02 billion. That compared to $1.08 billion raised via 49 direct deals the year before.

RS Platou held on to its position as the number one direct placement agent, having raised $340 million from five transactions. That was 33.31% of market share.

While the U.S. market was faring better, Canada deals were tapering off.

For the year, Canadian issuers took in C$2.96 billion from 319 PIPE offerings. In 2012, issuers had raised C$3.61 billion from 531 deals.

A total of C$1.33 billion was raised in the second quarter, with 157 transactions getting done. The year before, C$1.8 billion had been generated from 265 deals.

In June, C$324 million was sought via 45 private placements. That compared to C$662 million from 96 deals the previous year.

Canaccord swept the top spots for the year, month and quarter. Since the beginning of 2013, the placement agent has facilitated eight transactions that brought in a total of C$146 million. Of that amount, C$111 million was taken in during the second quarter via five deals, with C$48 million via three offerings coming during June.

U.S. market, year to date

2012 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.450	2	4.73%	6	0.046	4	0.52%
1	RCS	0.450	2	4.73%
3	Lambert Private Equity	0.100	1	1.05%
4	Ladenburg Thalmann	0.054	6	0.57%	23	0.019	2	0.21%
5	B. Riley	0.053	1	0.56%
6	Bayridge	0.050	2	0.53%
7	Euro Pacific	0.045	1	0.47%	73	0.002	1	0.02%
7	Keefe Bruyette & Woods	0.045	2	0.47%	7	0.045	2	0.50%
9	Dawson James	0.044	9	0.47%	51	0.007	1	0.07%
10	Leerink Swann	0.035	1	0.37%
	Total	9.517	343	8.863	422
	Average size:	0.028	0.021
U.S. market, second quarter
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.450	2	9.42%	24	0.009	2	0.29%
1	RCS	0.450	2	9.42%
3	Bayridge	0.050	2	1.05%
4	Ladenburg Thalmann	0.041	1	0.87%	14	0.019	2	0.59%
5	S. Goldman	0.030	1	0.63%
5	RS Platou	0.030	1	0.63%
7	Sandler O'Neill	0.016	1	0.34%	17	0.013	1	0.41%
8	BTIG	0.012	1	0.25%
8	Aegis	0.012	2	0.25%
10	Maxim	0.010	2	0.21%	8	0.033	3	1.03%
	Total	4.776	168	3.198	209
	Average size:	0.028	0.015
U.S. market, June
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	JMP	0.450	2	23.31%	9	0.009	2	1.11%
1	RCS	0.450	2	23.31%
3	Bayridge	0.030	1	1.55%
4	Sandler O'Neill	0.016	1	0.83%
5	Craig-Hallum	0.008	1	0.42%
6	Emerging Growth Equities	0.007	1	0.39%
7	GVC	0.005	1	0.27%
8	Dawson James	0.005	3	0.26%
8	Threadstone	0.005	1	0.26%
10	William Blair	0.005	1	0.25%	8	0.009	2	1.11%
	Total	1.930	47	0.836	64
	Average size:	0.041	0.013
U.S. direct placements, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.340	5	33.31%	7	0.013	1	1.25%
2	S. Goldman	0.050	3	4.92%
3	H.C. Wainwright	0.036	5	3.55%
4	Roth	0.029	7	2.86%	6	0.017	4	1.57%
5	Dawson James	0.027	2	2.64%
6	FT Global	0.026	1	2.58%
7	Burrill	0.016	2	1.59%
8	Chardan	0.008	2	0.75%	9	0.011	2	1.05%
9	Newbridge	0.006	1	0.63%
10	Ladenburg Thalmann	0.006	2	0.61%	3	0.028	4	2.60%
	Total	1.021	40	1.079	49
	Average size:	0.026	0.022
Canadian market, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.146	8	4.92%	1	0.169	19	4.69%
2	GMP	0.103	6	3.48%	4	0.080	6	2.23%
3	Peters	0.094	2	3.18%	12	0.042	3	1.17%
4	Cormark	0.066	10	2.22%	2	0.144	11	3.98%
5	Dundee	0.053	5	1.79%	3	0.138	14	3.82%
6	National Bank Financial	0.050	4	1.70%	13	0.039	11	1.09%
7	Scotia	0.045	2	1.52%	15	0.030	2	0.82%
8	TD	0.045	2	1.51%	14	0.032	4	0.88%
9	BMO	0.041	2	1.38%	20	0.018	2	0.51%
10	RBC	0.038	2	1.29%	9	0.044	4	1.21%
	Total	2.964	319	3.607	531
	Average size:	0.009	0.007
Canadian market, second quarter
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.111	5	8.32%	3	0.131	11	7.26%
2	Cormark	0.056	6	4.19%	4	0.053	6	2.93%
3	GMP	0.048	3	3.61%	5	0.052	4	2.89%
4	TD	0.045	2	3.35%	20	0.010	2	0.56%
5	BMO	0.041	2	3.06%	10	0.018	2	1.02%
6	RBC	0.038	2	2.87%	7	0.033	3	1.86%
7	Dundee	0.036	4	2.71%	6	0.039	8	2.18%
8	National	0.036	2	2.69%	8	0.030	9	1.64%
9	Scotia	0.033	1	2.50%	14	0.015	1	0.81%
10	Manulife	0.033	1	2.50%
	Total	1.335	157	1.801	265
	Average size:	0.009	0.007
Canadian market, June
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.048	3	14.86%	8	0.011	4	1.67%
2	PI Financial	0.030	1	9.25%	27	0.001	1	0.13%
3	RBC	0.005	1	1.54%	16	0.004	1	0.59%
4	Global Maxfin	0.002	1	0.62%
5	Marquest Asset	0.001	2	0.35%
6	Secutor	0.001	2	0.35%
7	Laurentian	0.001	1	0.31%
8	Marquest Asset Management	0.001	1	0.31%
9	Stonecap	0.001	1	0.31%	19	0.003	1	0.48%
10	Delano	0.001	1	0.31%
	Total	0.324	45	0.662	96
	Average size:	0.007	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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