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

Total year-to-date issuance: $6.880 billion in 595 deals

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

Proceeds

	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Less than $1 million	0.005	0.003	0.002	0.004	0.005	0.008	0.001	0.003	0.002	0.001	0.004	0.006
$1-1.99 million	0.031	0.032	0.044	0.044	0.028	0.033	0.029	0.052	0.041	0.044	0.057	0.042
$2-2.99 million	0.042	0.048	0.035	0.038	0.047	0.020	0.048	0.039	0.030	0.058	0.061	0.030
$3-4.99 million	0.081	0.062	0.093	0.095	0.056	0.066	0.083	0.122	0.039	0.078	0.102	0.045
$5-9.99 million	0.160	0.185	0.106	0.181	0.153	0.146	0.183	0.173	0.154	0.170	0.325	0.118
$10-14.99 million	0.071	0.112	0.171	0.188	0.138	0.145	0.175	0.110	0.122	0.146	0.143	0.099
$15-$49.99 million	0.126	0.460	0.472	0.534	0.567	0.393	0.418	0.408	0.297	0.589	0.948	0.502
$50 million and higher	0.335	0.801	0.308	2.384	0.754	1.021	0.905	0.332	0.534	0.748	0.709	0.617
Total	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.243	1.224	1.842	2.355	1.459
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.011	30	0.012	20	0.008	16	0.006	9	0.014	25	0.045	88	0.0016
$1-1.99 million	0.118	88	0.116	84	0.141	109	0.042	33	0.183	142	0.478	362	0.0249
$2-2.99 million	0.121	53	0.107	48	0.149	68	0.030	13	0.179	81	0.497	222	0.0258
$3-4.99 million	0.243	66	0.272	75	0.219	59	0.045	12	0.264	71	0.929	252	0.0384
$5-9.99 million	0.441	66	0.506	77	0.649	100	0.118	18	0.769	118	2.062	313	0.1117
$10-14.99 million	0.497	45	0.431	37	0.411	37	0.099	8	0.510	45	1.620	144	0.0741
$15-$49.99 million	1.573	68	1.219	48	1.834	71	0.502	16	2.336	87	5.711	227	0.3396
$50 million and higher	3.446	25	2.258	25	1.991	20	0.617	6	2.608	26	9.448	91	0.3791
Total	6.458	441	4.928	414	5.421	480	1.459	115	6.880	595	20.826	1699	100.00%
Type
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
convertible notes	0.319	0.405	0.182	0.949	0.277	0.563	0.545	0.295	0.191	0.204	0.435	0.179
convertible preferreds	0.086	0.204	0.229	0.643	0.414	0.117	0.340	0.092	0.315	0.524	0.133	0.070
equity line of credit	0.054	0.215	0.350	0.308	0.170	0.335	0.033	0.112	0.057	0.140	0.243	0.380
notes	0	0	0	0	0	0	0	0	0	0	0	0.001
notes with warrants	0.005	0.064	0.056	0.028	0.019	0.049	0.071	0.056	0.139	0.158	0.168	0.028
preferreds with warrants	0.001	0.010	0.004	0	0	0	0	0	0	0	0	0
stock	0.347	0.754	0.401	1.426	0.751	0.713	0.695	0.615	0.414	0.567	1.229	0.624
units of stock and warrants	0.040	0.056	0.013	0.118	0.090	0.061	0.165	0.073	0.108	0.249	0.146	0.178
warrants	0.001	0	0	0	0.030	0	0	0	0	0	0.001	0
Total	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.243	1.224	1.842	2.355	1.459
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.408	133	1.402	127	0.830	148	0.179	31	1.009	179	4.542	508	14.67%
convertible preferreds	1.286	43	0.549	58	0.973	50	0.070	11	1.043	61	3.168	201	15.16%
equity line of credit	0.828	38	0.479	16	0.440	22	0.380	6	0.820	28	2.397	94	11.92%
notes	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.01%
notes with warrants	0.102	19	0.175	24	0.465	39	0.028	3	0.493	42	0.839	96	7.17%
preferreds with warrants	0.004	1	0	0	0	0	0	0	0	0	0.015	6	0.00%
stock	2.578	160	2.023	148	2.209	145	0.624	39	2.833	184	8.534	579	41.18%
units of stock and warrants	0.222	44	0.298	40	0.503	74	0.178	23	0.681	97	1.297	206	9.90%
warrants	0.030	3	0	1	0.001	2	0	1	0.001	3	0.032	8	0.01%
Total	6.458	441	4.928	414	5.421	480	1.459	115	6.880	595	20.826	1699	100.00%
Warrants
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0.331	0.541	0.473	0.776	0.508	0.792	0.881	0.627	0.539	1.021	0.999	0.512
No	0.523	1.167	0.762	2.697	1.244	1.045	0.967	0.616	0.685	0.820	1.356	0.947
Total	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.243	1.224	1.842	2.355	1.459
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.756	256	2.300	270	2.559	321	0.512	71	3.071	392	7.999	1059	44.64%
No	4.702	185	2.627	144	2.861	159	0.947	44	3.809	203	12.827	640	55.36%
Total	6.458	441	4.928	414	5.421	480	1.459	115	6.880	595	20.826	1699	100.00%
Use of Proceeds
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Acquisition	0.091	0.490	0.073	0.339	0.135	0.571	0.308	0.077	0.181	0.031	0.465	0.064
Capex	0.043	0.071	0.130	1.086	0.168	0.053	0.196	0.042	0.143	0.240	0.274	0.010
GCP	0.200	0.357	0.430	0.510	0.530	0.418	0.418	0.270	0.283	0.457	0.677	0.443
Refinance	0.025	0.145	0.038	0.716	0.059	0.059	0.308	0.142	0.194	0.435	0.100	0.012
Multiple/Other/NA	0.494	0.644	0.563	0.821	0.859	0.736	0.618	0.712	0.424	0.680	0.839	0.929
Total	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.243	1.224	1.842	2.355	1.459
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.548	29	0.955	27	0.676	33	0.064	6	0.741	39	2.825	111	10.77%
Capex	1.384	33	0.291	21	0.657	38	0.010	4	0.667	42	2.456	107	9.69%
GCP	1.469	129	1.107	131	1.416	145	0.443	36	1.860	181	4.992	526	27.03%
Refinance	0.814	25	0.509	17	0.729	19	0.012	4	0.741	23	2.233	77	10.77%
Multiple/Other/NA	2.244	225	2.066	218	1.942	245	0.929	65	2.871	310	8.320	878	41.73%
Total	6.458	441	4.928	414	5.421	480	1.459	115	6.880	595	20.826	1699	100.00%
Industry Sector (by SIC code)
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0	0.003
Mining (1xxx)	0.017	0.023	0.032	0.339	0.007	0.392	0.184	0.014	0.069	0.182	0.129	0.176
Oil and gas (13xx)	0.038	0.139	0.179	0.240	0.276	0.041	0.277	0.313	0.266	0.162	0.190	0.139
Manufacturing (2xxx, 3xxx)	0.156	0.433	0.254	0.587	0.324	0.214	0.488	0.340	0.314	0.234	0.603	0.484
Pharmaceuticals (2833-6)	0.105	0.234	0.164	0.557	0.298	0.423	0.203	0.124	0.085	0.475	0.473	0.507
Transportation (4xxx)	0.060	0.063	0	0.024	0	0.051	0.019	0.006	0	0.002	0.112	0
Communications (48xx)	0.014	0.023	0.169	0.680	0.015	0.193	0.004	0.027	0.065	0.027	0.071	0.002
Electric, gas, sanitary services (49xx)	0.002	0.227	0.047	0.384	0.005	0.205	0.105	0.079	0.022	0.008	0.057	0.006
Wholesale (5xxx)	0.007	0.148	0.006	0.200	0.085	0.091	0.064	0.003	0.022	0.005	0.123	0.016
Finance, insurance, real estate (6xxx)	0.263	0.181	0.132	0.182	0.575	0.024	0.205	0.142	0.263	0.012	0.021	0.042
Services (7xxx)	0.186	0.223	0.205	0.239	0.161	0.178	0.234	0.160	0.067	0.275	0.261	0.061
Health services (8xxx)	0.006	0.014	0.046	0.041	0.008	0.026	0.064	0.034	0.044	0.421	0.058	0.021
Non-operating (9995)	0	0	0	0	0	0	0	0.001	0.007	0.039	0.258	0.003
Total	0.853	1.708	1.235	3.472	1.752	1.837	1.848	1.243	1.224	1.842	2.355	1.459
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0	0	0.003	2	0.003	2	0.003	2	0.04%
Mining (1xxx)	0.378	19	0.590	23	0.380	40	0.176	17	0.555	57	1.563	109	8.07%
Oil and gas (13xx)	0.696	46	0.631	40	0.618	52	0.139	10	0.757	62	2.260	165	11.00%
Manufacturing (2xxx, 3xxx)	1.164	133	1.042	125	1.151	123	0.484	30	1.635	153	4.431	488	23.76%
Pharmaceuticals (2833-6)	1.019	56	0.750	61	1.033	70	0.507	16	1.540	86	3.647	238	22.38%
Transportation (4xxx)	0.024	5	0.076	8	0.114	5	0	0	0.114	5	0.337	22	1.66%
Communications (48xx)	0.863	22	0.224	20	0.162	21	0.002	2	0.164	23	1.287	76	2.38%
Electric, gas, sanitary services (49xx)	0.435	13	0.389	11	0.087	11	0.006	2	0.093	13	1.146	42	1.35%
Wholesale (5xxx)	0.291	17	0.158	15	0.150	16	0.016	6	0.166	22	0.771	62	2.41%
Finance, insurance, real estate (6xxx)	0.889	27	0.370	33	0.295	26	0.042	5	0.337	31	2.040	111	4.90%
Services (7xxx)	0.605	91	0.572	63	0.604	87	0.061	18	0.665	105	2.251	314	9.67%
Health services (8xxx)	0.095	12	0.124	14	0.524	18	0.021	6	0.545	24	0.783	57	7.92%
Non-operating (9995)	0	0	0.001	1	0.303	11	0.003	1	0.306	12	0.307	13	4.45%
Total	6.458	441	4.928	414	5.421	480	1.459	115	6.880	595	20.826	1699	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.