U.S. PIPE issuance above year-ago levels, despite July dip

• RCS, JMP top U.S. market PIPE agents for year to date

• Canaccord number one in Canadian market for year to date

By Stephanie N. Rotondo

Phoenix, July 31 - U.S. PIPE issuance for the year was outpacing year-ago levels, though the number of deals was fewer, according to data compiled by Prospect News.

For the year, a total of 416 private equity transactions occurred, raising proceeds of $10.95 billion. That compared to 489 deals done by the same time in 2011, which generated proceeds of $10.1 billion.

However, monthly totals were slightly behind, with $994 million being raised via 54 private placements. In 2011, there were 67 deals done in July that brought in $1.24 billion.

The year's top placement agent spot went to both RCS and JMP. The two agents facilitated two deals that raised $450 million. Pareto, Arctic and Fearnley meantime tied for number one for the month. The three firms worked together on a $56 million stock offering for Dorian LPG Ltd.

In registered offerings, a total of 46 sales were done so far this year, bringing in $1.07 billion. By comparison, by this time in 2011 55 registered deals had been done, raising proceeds of $1.13 billion.

RS Platou remained the top registered placement agent, having conducted five transactions that generated $340 million.

The Canadian PIPE market's performance was meantime the exact opposite of the U.S. market - that is, yearly totals were lagging while the month saw an uptick.

For the year, Canadian issuers conducted 371 deals that raised C$3.71 billion. In the previous year, 601 deals had been done for proceeds of C$4.08 billion.

But in July, C$711 million was raised from 51 placements, versus C$470 million from 70 deals the year before.

Canaccord was the reigning champ as placement agent for Canadian issuers, taking part in eight offerings that brought in C$146 million. Cormark took number one for the month, generating C$20 million from two transactions.

U.S. market, year to date

2012 Comparables

	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RCS	0.450	2	4.11%
1	JMP	0.450	2	4.11%	6	0.073	5	0.72%
3	Lambert Private Equity	0.100	1	0.91%
4	Ladenburg Thalmann	0.092	7	0.84%	25	0.019	2	0.19%
5	Arctic	0.056	1	0.51%
5	Fearnley	0.056	1	0.51%
5	Pareto	0.056	1	0.51%
8	B. Riley	0.053	1	0.49%
9	Bayridge	0.050	2	0.46%
10	Euro Pacific	0.045	1	0.41%	63	0.005	2	0.05%
10	Keefe Bruyette & Woods	0.045	2	0.41%	8	0.045	2	0.44%
	Total	10.945	416	10.098	489
	Average size:	0.026	0.021
U.S. market, July
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Pareto	0.056	1	5.63%
2	Arctic	0.056	1	5.63%
2	Fearnley	0.056	1	5.63%
4	Bank of America	0.044	1	4.43%
5	Ladenburg Thalmann	0.038	1	3.82%
6	Janney Montgomery Scott	0.022	1	2.19%
7	TerraNova	0.015	1	1.51%
8	William Blair	0.013	2	1.26%
9	Southridge Partners II LP	0.010	1	1.01%
10	Maxim	0.008	1	0.81%
	Total	0.994	54	1.235	67
	Average size:	0.018	0.018
U.S. direct placements, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.340	5	31.86%	7	0.013	1	1.20%
2	S. Goldman	0.050	3	4.70%
3	H.C. Wainwright	0.042	6	3.93%
4	Roth	0.029	7	2.73%	4	0.020	5	1.77%
5	Dawson James	0.027	2	2.53%
6	FT Global	0.026	1	2.47%
7	Burrill	0.024	3	2.26%
8	Chardan	0.008	2	0.72%	9	0.011	2	1.01%
9	Newbridge	0.006	1	0.60%
10	Ladenburg Thalmann	0.006	2	0.58%	3	0.032	5	2.79%
	Total	1.068	46	1.129	55
	Average size:	0.023	0.021
Canadian market, year to date
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Canaccord	0.146	8	3.94%	1	0.169	19	4.15%
2	GMP	0.103	6	2.79%	5	0.080	6	1.97%
3	Peters	0.094	2	2.54%	12	0.042	3	1.03%
4	Cormark	0.086	12	2.32%	3	0.144	11	3.52%
5	Dundee	0.053	5	1.43%	2	0.148	15	3.62%
6	National Bank Financial	0.050	4	1.36%	13	0.039	11	0.96%
7	Scotia	0.045	2	1.22%	15	0.030	2	0.72%
8	TD	0.045	2	1.20%	14	0.032	4	0.78%
9	BMO	0.041	2	1.10%	21	0.018	2	0.45%
10	RBC	0.039	2	1.04%	10	0.044	4	1.07%
	Total	3.708	371	4.077	601
	Average size:	0.010	0.007
Canadian market, July
					2012 Comparables
	Agent	Amount	No.	Share	Rank	Amount	No.	Share
1	Cormark	0.020	2	2.81%
2	Cantor Fitzgerald	0.011	1	1.49%
3	Clarus	0.010	1	1.43%
4	Beacon	0.006	1	0.85%
5	Macquarie	0.005	1	0.70%
6	Integral Wealth	0.005	2	0.70%
7	Forbes & Manhattan	0.003	1	0.42%
8	Jones Gable	0.002	1	0.32%
9	Phoenix Capital Partners	0.002	1	0.21%
10	Gable	0.001	2	0.19%
	Total	0.711	51	0.470	70
	Average size:	0.014	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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