Analysis of PIPE issuance for 12 months through November 2007

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

Proceeds

	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Less than $1 million	0.004	0.001	0.001	0	0.001	0.002	0.005	0.003	0.003	0.002	0.003	0.002
$1-1.99 million	0.037	0.031	0.028	0.033	0.037	0.040	0.036	0.023	0.027	0.024	0.025	0.011
$2-2.99 million	0.039	0.032	0.035	0.036	0.043	0.037	0.046	0.049	0.045	0.023	0.027	0.015
$3-4.99 million	0.101	0.048	0.053	0.096	0.103	0.061	0.069	0.067	0.064	0.086	0.068	0.039
$5-9.99 million	0.237	0.117	0.181	0.200	0.077	0.144	0.129	0.117	0.129	0.104	0.080	0.162
$10-14.99 million	0.127	0.150	0.181	0.116	0.194	0.126	0.162	0.168	0.232	0.047	0.148	0.154
$15-$49.99 million	0.592	0.297	0.251	0.583	0.440	0.834	0.609	0.393	0.339	0.168	0.381	0.696
$50 million and higher	1.118	0.770	3.706	0.976	1.326	2.209	2.812	2.851	2.751	1.340	2.296	9.562
Total	2.255	1.445	4.435	2.039	2.222	3.454	3.867	3.672	3.589	1.794	3.027	10.641
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.002	5	0.009	16	0.009	19	0.005	10	0.024	50	0.029	57	0.06%
$1-1.99 million	0.092	69	0.113	84	0.074	56	0.036	26	0.315	235	0.351	262	0.78%
$2-2.99 million	0.102	44	0.126	54	0.117	50	0.042	18	0.387	166	0.426	183	0.96%
$3-4.99 million	0.196	53	0.233	61	0.217	58	0.107	28	0.754	200	0.855	228	1.88%
$5-9.99 million	0.498	71	0.350	52	0.350	54	0.242	35	1.439	212	1.677	246	3.58%
$10-14.99 million	0.447	39	0.482	41	0.446	38	0.302	27	1.676	145	1.804	156	4.17%
$15-$49.99 million	1.131	46	1.883	76	0.900	37	1.076	39	4.990	198	5.582	219	12.42%
$50 million and higher	5.452	22	6.347	30	6.942	25	11.859	21	30.600	98	31.717	107	76.15%
Total	7.920	349	9.542	414	9.054	337	13.668	204	40.185	1304	42.440	1458	100.00%
Type
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
convertible notes	0.293	0.889	0.254	0.202	0.862	0.412	0.235	0.152	0.218	0.557	0.634	0.243
convertible preferreds	0.028	0.106	2.420	0.617	0.150	0.279	0.637	0.296	2.074	0.049	0.107	7.772
equity line	0.108	0.018	0.010	0.045	0.055	0.124	0.067	0.040	0.169	0.100	0.225	0.048
notes with warrants	0.041	0.105	0.017	0.025	0.042	0.005	0.086	0.065	0.038	0.005	0.135	0.047
preferreds with warrants	0.011	0	0.001	0	0.001	0	0	0	0	0	0.004	0.005
stock	1.653	0.213	1.598	0.957	0.943	2.554	2.711	2.988	0.884	0.999	1.890	2.265
units of stock and warrants	0.119	0.112	0.136	0.192	0.169	0.080	0.132	0.111	0.206	0.083	0.033	0.260
warrants	0	0	0	0	0	0	0	0.020	0	0	0	0
Total	2.255	1.445	4.435	2.039	2.222	3.454	3.867	3.672	3.589	1.794	3.027	10.641
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	1.345	93	1.509	107	0.927	91	0.877	43	4.658	334	4.951	369	11.59%
convertible preferreds	3.143	37	1.066	51	2.420	43	7.879	25	14.508	156	14.536	165	36.10%
equity line	0.074	7	0.246	15	0.308	10	0.273	8	0.902	40	1.010	47	2.24%
notes with warrants	0.148	18	0.133	21	0.108	15	0.182	13	0.571	67	0.613	74	1.42%
preferreds with warrants	0.001	1	0.001	1	0	0	0.009	3	0.011	5	0.022	7	0.03%
stock	2.768	133	6.207	161	4.870	127	4.155	80	18.001	501	19.654	579	44.80%
units of stock and warrants	0.441	60	0.380	58	0.400	50	0.293	31	1.514	199	1.633	215	3.77%
warrants	0	0	0	0	0.020	1	0	1	0.020	2	0.020	2	0.05%
Total	7.920	349	9.542	414	9.054	337	13.668	204	40.185	1304	42.440	1458	100.00%
Warrants
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	0.655	1.185	0.538	0.741	0.536	0.668	0.900	0.462	0.642	0.322	0.450	0.739
No	1.601	0.260	3.898	1.298	1.685	2.786	2.966	3.209	2.946	1.472	2.577	9.902
Total	2.255	1.445	4.435	2.039	2.222	3.454	3.867	3.672	3.589	1.794	3.027	10.641
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.464	237	2.105	251	1.427	209	1.189	119	7.185	816	7.840	902	17.88%
No	5.455	112	7.437	163	7.628	128	12.479	85	33.000	488	34.600	556	82.12%
Total	7.920	349	9.542	414	9.054	337	13.668	204	40.185	1304	42.440	1458	100.00%
Use of Proceeds
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Acquisition	0.943	0.034	3.206	0.304	0.158	0.948	1.415	1.940	0.092	0.799	0.046	0.125
Capex	0.162	0.089	0.074	0.262	0.383	0.114	0.046	0.096	0.031	0.414	0.413	0.401
GCP	0.493	0.190	0.403	0.741	0.292	0.916	0.289	0.196	0.547	0.320	0.218	8.269
Repay debt	0.027	0.020	0.256	0.252	0.003	0.274	0.156	0.888	0.080	0	0.009	0.183
Multiple/Other/NA	0.629	1.112	0.496	0.481	1.386	1.202	1.961	0.553	2.839	0.261	2.341	1.663
Total	2.255	1.445	4.435	2.039	2.222	3.454	3.867	3.672	3.589	1.794	3.027	10.641
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	3.545	23	2.521	20	2.830	22	0.172	9	9.068	74	10.011	85	22.57%
Capex	0.425	28	0.543	24	0.541	18	0.814	19	2.323	89	2.485	101	5.78%
GCP	1.333	102	1.497	117	1.063	103	8.487	35	12.379	357	12.873	405	30.80%
Repay debt	0.528	10	0.433	8	0.968	11	0.192	4	2.121	33	2.149	37	5.28%
Multiple/Other/NA	2.089	186	4.548	245	3.652	183	4.003	137	14.293	751	14.922	830	35.57%
Total	7.920	349	9.542	414	9.054	337	13.668	204	40.185	1304	42.440	1458	100.00%
Industry Sector (by SIC code)
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Agriculture (0xxx)	0	0.002	0.003	0.001	0.004	0.023	0	0.042	0	0	0.026	0
Mining (1xxx)	0.027	0.073	0.044	0.081	0.104	0.115	0.065	0.018	0.078	0.367	0.181	0.296
Oil and gas (13xx)	0.551	0.142	2.202	0.149	0.099	1.196	0.212	2.558	0.033	0.477	0.069	0.224
Construction (15xx)	0	0	0	0	0	0	0	0.001	0	0.005	0.002	0
Manufacturing (2xxx, 3xxx)	0.561	0.931	0.541	0.406	0.243	0.412	1.075	0.157	0.343	0.238	0.655	0.962
Pharmaceuticals (2834-6)	0.430	0.124	0.266	0.373	0.250	0.452	0.504	0.155	0.416	0.165	0.379	0.608
Transportation (4xxx)	0	0	0.002	0.001	0.313	0.015	0.003	0.003	0.005	0	0.007	0.061
Communications (48xx)	0.057	0.065	0.054	0.362	0.022	0.017	0.024	0.077	0.120	0.031	0.022	0.062
Electric, gas, sanitary services (49xx)	0.367	0	0.777	0.110	0.265	0.034	1.437	0.204	0.030	0.354	0.355	0.004
Wholesale (5xxx)	0.068	0.012	0.002	0.069	0.031	0.004	0.074	0.103	0.024	0	0.009	0.117
Finance, insurance, real estate (6xxx)	0.062	0.025	0.104	0.334	0.658	0.947	0.208	0.070	2.341	0.015	0.008	7.984
Services (7xxx)	0.111	0.056	0.353	0.100	0.204	0.141	0.230	0.190	0.177	0.129	1.297	0.157
Health services (8xxx)	0.012	0.010	0.067	0.018	0.011	0.052	0.003	0.087	0.001	0	0.003	0.131
Non-operating (9995)	0.011	0.004	0.020	0.035	0.017	0.045	0.030	0.005	0.021	0.013	0.014	0.035
Total	2.255	1.445	4.435	2.039	2.222	3.454	3.867	3.672	3.589	1.794	3.027	10.641
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.006	3	0.027	5	0.042	2	0.026	3	0.101	13	0.101	13	0.25%
Mining (1xxx)	0.199	31	0.285	27	0.463	17	0.477	17	1.424	92	1.450	99	3.54%
Oil and gas (13xx)	2.493	36	1.507	30	3.069	28	0.293	13	7.362	107	7.913	120	18.32%
Construction (15xx)	0	0	0	0	0.006	2	0.002	1	0.008	3	0.008	3	0.02%
Manufacturing (2xxx, 3xxx)	1.878	109	1.730	137	0.738	95	1.617	54	5.964	395	6.524	441	14.84%
Pharmaceuticals (2834-6)	0.763	51	1.206	63	0.736	50	0.987	30	3.691	194	4.121	226	9.19%
Transportation (4xxx)	0.003	2	0.331	3	0.008	2	0.068	5	0.410	12	0.410	12	1.02%
Communications (48xx)	0.481	18	0.063	11	0.229	23	0.084	14	0.857	66	0.914	76	2.13%
Electric, gas, sanitary services (49xx)	0.886	9	1.736	11	0.588	6	0.359	8	3.570	34	3.937	38	8.88%
Wholesale (5xxx)	0.084	8	0.109	13	0.127	10	0.126	11	0.446	42	0.514	48	1.11%
Finance, insurance, real estate (6xxx)	0.464	13	1.814	22	2.426	14	7.992	15	12.696	64	12.758	72	31.59%
Services (7xxx)	0.509	53	0.575	68	0.496	74	1.454	25	3.034	220	3.145	242	7.55%
Health services (8xxx)	0.095	9	0.067	12	0.088	6	0.134	6	0.384	33	0.396	36	0.96%
Non-operating (9995)	0.059	7	0.092	12	0.039	8	0.049	2	0.238	29	0.249	32	0.59%
Total	7.920	349	9.542	414	9.054	337	13.668	204	40.185	1304	42.440	1458	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.