Analysis of PIPE issuance for January

Total: $1.103 billion in 105 deals

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

Proceeds

1/2006

Less than $1 million 0.002

$1-1.99 million 0.037

$2-2.99 million 0.032

$3-4.99 million 0.035

$5-9.99 million 0.148

$10-14.99 million 0.110

$15-$49.99 million 0.271

$50 million and higher 0.464

Total 1.103

	Q1/2006	Count	Total	Count	Share
Less than $1 million	0.002	3	0.002	3	0.18%
$1-1.99 million	0.037	26	0.037	26	3.34%
$2-2.99 million	0.032	15	0.032	15	2.89%
$3-4.99 million	0.035	10	0.035	10	3.16%
$5-9.99 million	0.148	24	0.148	24	13.41%
$10-14.99 million	0.110	10	0.110	10	9.99%
$15-$49.99 million	0.271	12	0.271	12	24.56%
$50 million and higher	0.464	5	0.464	5	42.07%
Total	1.103	105	1.103	105	100.00%
Type
	1/2006
convertible notes	0.162
convertible preferreds	0.245
equity line of credit	0.045
notes with warrants	0.139
stock	0.408
units of stock and warrants	0.105
Total	1.103
	Q1/2006	Count	Total	Count	Share
convertible notes	0.162	34	0.162	34	14.69%
convertible preferreds	0.245	14	0.245	14	22.21%
equity line of credit	0.045	5	0.045	5	4.08%
notes with warrants	0.139	8	0.139	8	12.60%
stock	0.408	27	0.408	27	36.99%
units of stock and warrants	0.105	17	0.105	17	9.52%
Total	1.103	105	1.103	105	100.00%
Warrants
	1/2006
Yes	0.450
No	0.653
Total	1.103
	Q1/2006	Count	Total	Count	Share
Yes	0.450	69	0.450	69	40.80%
No	0.653	36	0.653	36	59.20%
Total	1.103	105	1.103	105	100.00%
Use of Proceeds
	1/2006
Acquisition	0.105
Capex	0.143
GCP	0.282
Repay debt	0.194
Multiple/Other/NA	0.380
Total	1.103
	Q1/2006	Count	Total	Count	Share
Acquisition	0.105	10	0.105	10	9.52%
Capex	0.143	9	0.143	9	12.96%
GCP	0.282	31	0.282	31	25.57%
Repay debt	0.194	2	0.194	2	17.59%
Multiple/Other/NA	0.380	53	0.380	53	34.45%
Total	1.103	105	1.103	105	100.00%
Industry Sector (by SIC code)
	1/2006
Mining (1xxx)	0.068
Oil and gas (13xx)	0.316
Manufacturing (2xxx, 3xxx)	0.182
Pharmaceuticals (2833-6)	0.083
Communications (48xx)	0.065
Electric, gas, sanitary services (49xx)	0.022
Wholesale (5xxx)	0.022
Finance, insurance, real estate (6xxx)	0.237
Services (7xxx)	0.066
Health services (8xxx)	0.042
Non operating (99xx)	0.001
Total	1.103
	Q1/2006	Count	Total	Count	Share
Mining (1xxx)	0.068	9	0.068	9	6.17%
Oil and gas (13xx)	0.316	14	0.316	14	28.65%
Manufacturing (2xxx, 3xxx)	0.182	25	0.182	25	16.50%
Pharmaceuticals (2833-6)	0.083	9	0.083	9	7.52%
Communications (48xx)	0.065	7	0.065	7	5.89%
Electric, gas, sanitary services (49xx)	0.022	3	0.022	3	1.99%
Wholesale (5xxx)	0.022	3	0.022	3	1.99%
Finance, insurance, real estate (6xxx)	0.237	11	0.237	11	21.49%
Services (7xxx)	0.066	19	0.066	19	5.98%
Health services (8xxx)	0.042	4	0.042	4	3.81%
Non operating (99xx)	0.001	1	0.001	1	0.09%
Total	1.103	105	1.103	105	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).

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