Analysis of PIPE issuance for year to date and 12 months through December

Total year-to-date issuance: $24.766 billion in 1,505 deals

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

Proceeds

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Less than $1 million	0.003	0.002	0.001	0.004	0.005	0.004	0.001	0.003	0.008	0.002	0.004	0.003
$1-1.99 million	0.052	0.040	0.047	0.060	0.046	0.049	0.044	0.035	0.042	0.029	0.031	0.024
$2-2.99 million	0.040	0.031	0.058	0.062	0.034	0.052	0.060	0.032	0.029	0.040	0.055	0.034
$3-4.99 million	0.127	0.039	0.082	0.102	0.053	0.069	0.047	0.060	0.056	0.065	0.081	0.062
$5-9.99 million	0.168	0.156	0.172	0.324	0.124	0.190	0.115	0.116	0.175	0.101	0.127	0.087
$10-14.99 million	0.110	0.123	0.146	0.144	0.118	0.187	0.138	0.107	0.142	0.082	0.155	0.177
$15-$49.99 million	0.407	0.297	0.588	0.949	0.538	0.514	0.733	0.409	0.649	0.233	0.460	0.598
$50 million and higher	0.332	0.533	0.748	0.709	0.617	3.722	1.406	0.878	0.978	0.831	1.080	2.404
Total	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.389
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.008	16	0.010	19	0.012	19	0.007	10	0.036	64	0.040	69	0.15%
$1-1.99 million	0.147	109	0.139	105	0.107	78	0.056	46	0.448	338	0.501	376	1.81%
$2-2.99 million	0.150	67	0.146	64	0.102	44	0.089	37	0.488	212	0.528	230	1.97%
$3-4.99 million	0.224	59	0.169	45	0.180	48	0.142	39	0.716	191	0.842	226	2.89%
$5-9.99 million	0.652	100	0.428	67	0.392	60	0.214	31	1.687	258	1.855	283	6.81%
$10-14.99 million	0.412	37	0.443	39	0.331	28	0.332	29	1.518	133	1.628	143	6.13%
$15-$49.99 million	1.835	71	1.785	66	1.290	52	1.058	40	5.968	229	6.375	245	24.10%
$50 million and higher	1.991	20	5.745	24	2.686	20	3.483	16	13.905	80	14.237	84	56.15%
Total	5.419	479	8.865	429	5.101	349	5.382	248	24.766	1505	26.006	1656	100.00%
Type
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
convertible notes	0.295	0.191	0.204	0.435	0.214	0.348	1.478	0.202	0.263	0.203	0.233	0.411
convertible preferreds	0.092	0.315	0.524	0.129	0.090	0.457	0.257	0.047	0.096	0.343	0.405	0.691
equity line of credit	0.112	0.057	0.140	0.243	0.390	0.180	0.205	0.078	0.183	0.288	0.100	0.130
notes with warrants	0.056	0.139	0.158	0.168	0.029	0.069	0.088	0.041	0.206	0.078	0.086	0.071
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0.010	0
stock	0.612	0.414	0.567	1.229	0.634	3.643	0.422	1.141	1.237	0.385	1.104	1.939
units of stock and warrants	0.073	0.108	0.249	0.148	0.178	0.090	0.095	0.131	0.093	0.086	0.053	0.148
warrants	0	0	0	0.001	0	0	0	0	0	0	0	0
Total	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.389
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.830	148	2.040	130	0.668	103	0.645	73	4.183	454	4.478	497	16.89%
convertible preferreds	0.969	49	0.804	51	0.487	32	1.096	28	3.356	160	3.448	180	13.55%
equity line of credit	0.440	22	0.775	22	0.549	19	0.230	9	1.994	72	2.106	76	8.05%
notes with warrants	0.465	39	0.186	27	0.325	31	0.157	15	1.133	112	1.189	122	4.57%
preferreds with warrants	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.04%
stock	2.209	145	4.699	144	2.762	118	3.042	94	12.712	501	13.324	560	51.33%
units of stock and warrants	0.505	74	0.362	53	0.310	46	0.201	28	1.377	201	1.450	216	5.56%
warrants	0.001	2	0	2	0	0	0	0	0.001	4	0.001	4	0.00%
Total	5.419	479	8.865	429	5.101	349	5.382	248	24.766	1505	26.006	1656	100.00%
Warrants
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	0.630	0.539	1.024	1.001	0.601	1.038	0.625	0.605	0.671	0.531	0.554	0.549
No	0.610	0.685	0.818	1.352	0.933	3.749	1.920	1.035	1.407	0.851	1.438	2.840
Total	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.389
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	2.564	322	2.263	270	1.808	221	1.104	149	7.738	962	8.368	1067	31.24%
No	2.855	157	6.602	159	3.293	128	4.278	99	17.028	543	17.638	589	68.76%
Total	5.419	479	8.865	429	5.101	349	5.382	248	24.766	1505	26.006	1656	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	0.077	0.181	0.031	0.466	0.137	3.266	0.169	0.661	0.180	0.346	0.028	1.622
Capex	0.042	0.143	0.240	0.274	0.010	0.315	0.085	0.137	0.669	0.027	0.114	0.098
GCP	0.270	0.283	0.457	0.677	0.465	0.476	1.468	0.198	0.201	0.380	0.981	0.414
Repay debt	0.142	0.194	0.435	0.100	0.012	0.153	0.157	0.116	0.100	0.116	0.471	0.267
Multiple/Other/NA	0.708	0.424	0.680	0.836	0.910	0.577	0.665	0.528	0.928	0.513	0.398	0.988
Total	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.389
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.678	33	3.572	34	1.187	24	1.650	17	7.086	108	7.163	117	28.61%
Capex	0.657	38	0.411	26	0.832	27	0.212	16	2.112	107	2.154	114	8.53%
GCP	1.416	145	2.409	126	0.779	77	1.396	83	6.001	431	6.271	481	24.23%
Repay debt	0.729	19	0.322	18	0.332	15	0.738	17	2.121	69	2.263	74	8.57%
Multiple/Other/NA	1.939	244	2.152	225	1.970	206	1.387	115	7.447	790	8.156	870	30.07%
Total	5.419	479	8.865	429	5.101	349	5.382	248	24.766	1505	26.006	1656	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Agriculture (0xxx)	0	0	0	0	0.003	0.002	0.038	0.001	0	0	0	0
Mining (1xxx)	0.014	0.050	0.182	0.130	0.170	0.075	0.029	0.075	0.040	0.026	0.070	0.042
Oil and gas (13xx)	0.313	0.266	0.162	0.190	0.140	0.082	0.193	0.096	0.309	0.117	0.424	0.180
Construction (15xx)	0	0.019	0	0	0.005	0.020	0.015	0.001	0	0.029	0.007	0
Manufacturing (2xxx, 3xxx)	0.334	0.314	0.235	0.613	0.500	0.521	0.515	0.388	0.271	0.197	0.836	0.274
Pharmaceuticals (2834-6)	0.124	0.085	0.475	0.463	0.510	0.357	0.197	0.225	0.423	0.266	0.371	0.258
Transportation (4xxx)	0.006	0	0.002	0.112	0	0.192	0.073	0	0.592	0.080	0.001	0.009
Communications (48xx)	0.027	0.065	0.027	0.071	0.003	0.074	1.030	0.004	0.026	0.070	0.008	0.022
Electric, gas, sanitary services (49xx)	0.079	0.022	0.008	0.057	0.006	0.576	0.075	0.006	0.161	0.078	0.017	1.458
Wholesale (5xxx)	0.003	0.022	0.005	0.123	0.016	0.003	0.081	0.057	0.042	0.262	0.042	0.068
Finance, insurance, real estate (6xxx)	0.142	0.263	0.012	0.021	0.043	2.606	0.032	0.010	0.032	0.068	0.055	0.800
Services (7xxx)	0.163	0.067	0.275	0.257	0.111	0.200	0.240	0.057	0.096	0.119	0.132	0.235
Health services (8xxx)	0.034	0.044	0.421	0.058	0.021	0.078	0.005	0.675	0.032	0.007	0.013	0.029
Non-operating (9995)	0.001	0.007	0.039	0.259	0.006	0	0.021	0.045	0.056	0.062	0.018	0.016
Total	1.240	1.224	1.842	2.353	1.534	4.786	2.545	1.640	2.078	1.382	1.992	3.389
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.042	5	0.001	1	0	0	0.044	6	0.044	6	0.18%
Mining (1xxx)	0.361	39	0.274	32	0.141	23	0.111	9	0.887	103	0.902	107	3.58%
Oil and gas (13xx)	0.618	52	0.415	36	0.522	31	0.604	23	2.158	142	2.471	161	8.71%
Construction (15xx)	0.019	1	0.041	3	0.030	2	0.007	1	0.097	7	0.097	7	0.39%
Manufacturing (2xxx, 3xxx)	1.162	124	1.537	135	0.855	95	1.110	67	4.663	421	4.997	469	18.83%
Pharmaceuticals (2834-6)	1.023	69	1.064	53	0.913	44	0.628	42	3.628	208	3.752	231	14.65%
Transportation (4xxx)	0.114	5	0.265	3	0.672	7	0.010	4	1.060	19	1.067	21	4.28%
Communications (48xx)	0.162	21	1.107	19	0.101	18	0.029	11	1.399	69	1.426	79	5.65%
Electric, gas, sanitary services (49xx)	0.087	11	0.657	8	0.245	7	1.475	6	2.464	32	2.543	35	9.95%
Wholesale (5xxx)	0.150	16	0.101	13	0.361	16	0.109	6	0.721	51	0.724	53	2.91%
Finance, insurance, real estate (6xxx)	0.295	26	2.681	21	0.111	16	0.855	16	3.943	79	4.084	94	15.92%
Services (7xxx)	0.600	86	0.550	80	0.271	49	0.367	45	1.788	260	1.951	280	7.22%
Health services (8xxx)	0.524	18	0.105	16	0.714	17	0.043	10	1.385	61	1.420	65	5.59%
Non-operating (9995)	0.305	11	0.027	5	0.163	23	0.034	8	0.528	47	0.529	48	2.13%
Total	5.419	479	8.865	429	5.101	349	5.382	248	24.766	1505	26.006	1656	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.