PIPE issuance still weak in U.S., Canada; Lambert takes top U.S. agent spot for year, month

• GMP top Canadian market PIPE agent for month, year to date

By Stephanie N. Rotondo

Phoenix, Feb. 28 - U.S. and Canadian PIPE issuance remained below year-ago comparables, according to data compiled by Prospect News.

Year to date, U.S. issuers raised $1.31 billion from 104 PIPE transactions. That compared to $4.81 billion raised via 138 deals the year before.

In February, total issuance was $720 million from 55 deals, versus $4.19 billion from 85 offerings in 2012.

However, U.S. direct placements did see an uptick in total proceeds raised. Registered direct offerings brought in $743 million via 11 deals, which compared to $446 million from 22 sales in the previous year.

In Canada, total proceeds raised since the beginning of the year was C$461 million via 99 transactions. By this same time in 2012, 191 deals had been done for proceeds of C$1.27 billion.

For the month, Canadian issuers raised C$270 million from 51 private placements, versus C$805 million raised from 121 deals the year before.

Lambert Private Equity was the top U.S. placement agent year to date. The firm facilitated a $100 million standby equity distribution agreement for Omega Commercial Finance Corp. Lambert was also number one for the month of February.

In direct placements, RS Platou won the top spot, having facilitated four transactions that brought in $280 million.

Among Canadian firms, GMP was the winner, both year to date and for the month. For the year, the agent has done two deals that raised C$38 million. One of those deals was done in February, a sale of common share units for CGX Energy Inc., which brought in C$35 million.

U.S. market, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lambert Private Equity	0.100	1	7.65%
2	Euro Pacific	0.045	1	3.44%
3	Stifel Nicolaus	0.025	1	1.91%	3	0.037	2	0.77%
3	Wedbush	0.025	1	1.91%
5	Compass Point Research & Trading	0.020	1	1.53%
5	Wunderlich	0.020	1	1.53%
7	Needham	0.015	1	1.12%
8	Hovde	0.014	1	1.08%
9	Palladium	0.013	2	1.02%	22	0.004	2	0.08%
10	GVC Capital	0.012	1	0.92%
	Total	1.308	104	4.811	138
	Average size:	0.013	0.035
U.S. market, February
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Lambert Private Equity	0.100	1	13.90%
2	Euro Pacific	0.045	1	6.25%
3	Stifel Nicolaus	0.025	1	3.47%	3	0.037	2	0.88%
4	Needham	0.015	1	2.04%
5	RainMaker	0.010	1	1.39%
6	Roth	0.009	1	1.28%	11	0.015	1	0.36%
7	Ladenburg Thalmann	0.005	3	0.74%
8	Deer Valley Management	0.005	1	0.69%
9	Palladium	0.004	1	0.56%	18	0.004	2	0.10%
10	Brean Capital	0.003	1	0.47%
	Total	0.720	55	4.195	85
	Average size:	0.013	0.049
U.S. direct placements, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	RS Platou	0.280	4	37.71%
2	S. Goldman	0.050	3	6.76%
3	Dawson James	0.015	1	2.02%
4	Roth	0.014	2	1.92%
5	Burrill	0.005	1	0.74%
	Total	0.743	11	0.446	22
	Average size:	0.068	0.020
Canadian market, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.038	2	8.17%	9	0.029	2	2.24%
2	Canaccord	0.035	3	7.55%	22	0.008	5	0.63%
3	Dundee	0.015	1	3.26%	3	0.098	6	7.71%
3	Euro Pacific	0.015	1	3.26%
5	Raymond James	0.010	4	2.20%	8	0.038	2	2.99%
6	Cormark	0.010	4	2.14%	4	0.076	4	5.94%
7	IBK Capital	0.007	1	1.56%
8	Macquarie	0.005	1	1.09%	12	0.019	3	1.51%
9	PI Financial	0.003	1	0.61%
10	Jennings	0.003	1	0.57%	16	0.012	3	0.91%
	Total	0.461	99	1.275	191
	Average size:	0.005	0.007
Canadian market, February
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	GMP	0.035	1	12.98%	8	0.029	2	3.54%
2	Dundee	0.015	1	5.56%	3	0.087	5	10.78%
2	Euro Pacific	0.015	1	5.56%
3	IBK Capital	0.007	1	2.67%
5	Macquarie	0.005	1	1.85%	14	0.014	1	1.71%
6	Raymond James	0.004	2	1.48%	7	0.038	2	4.73%
7	Cormark	0.003	1	1.04%	4	0.076	4	9.40%
7	PI Financial	0.003	1	1.04%
9	Canaccord	0.002	1	0.56%	20	0.007	4	0.87%
10	MGI	0.001	2	0.37%
	Total	0.270	51	0.805	121
	Average size:	0.005	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.

© 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.