Mackie, Paradigm rank first in Canada
By Stephanie N. Rotondo
Phoenix, July 31 U.S. PIPE issuance continued to be above year-ago figures, though totals for the month fell behind, according to data compiled by Prospect News.
For the year thus far, issuers have raised $10.73 billion from 427 private equity transactions. By the same time in 2014, 411 deals had been done for proceeds of $8.96 billion.
Totals for the month came to $444 million via 55 private placements. In July 2014, $809 million had been taken in from 67 transactions.
Morgan Stanley & Co. LLC came in first as the years top placement agent, having facilitated two deals that generated about $1.31 billion. Axiom won the top spot for the month, raising $10 million for Success Holding Group International Inc. via a sale of 12% units of convertible senior notes.
In the registered direct space, dollars raised remained above those seen in the previous year, though the number of deals was about the same.
A total of $1.57 billion was raised from 58 direct placements, versus $1.26 billion taken in from 57 deals in the prior-year period.
Lazard held on to its position as the top agent for registered direct offerings. The firm generated $500 million of proceeds for Cheniere Energy Inc. via an offering of 4.25% convertible senior notes due 2045.
The Canadian PIPE market was following the U.S. trend that is, issuance was up for the year but down for the month.
Total issuance for the year was C$3.23 billion from 318 equity sales, compared with C$2.95 billion raised from 388 deals last year.
In July, issuance came to C$247 million via 37 sales. For the same period in 2014, issuance was C$410 million from 59 transactions.
Mackie ranked as the top placement agent in the region, raising C$134 million from 11 deals. Paradigm Capital Inc. meantime took first for the month, generating proceeds of C$15 million from two offerings.
U.S. market, year to date
2014 Comparables
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Morgan Stanley | 1.307 | 2 | 12.18% | 4 | 0.110 | 2 | 1.23%
|
2 | Jefferies | 0.400 | 2 | 3.73%
|
3 | Credit Suisse | 0.231 | 1 | 2.15%
|
4 | Sandler O'Neill | 0.120 | 1 | 1.12% | 18 | 0.015 | 1 | 0.17%
|
5 | Compass Point | 0.090 | 1 | 0.84%
|
6 | Leerink Partners | 0.078 | 1 | 0.72%
|
7 | UBS | 0.065 | 1 | 0.61%
|
8 | FIG Partners | 0.059 | 3 | 0.55% | 7 | 0.059 | 4 | 0.66%
|
9 | MTS | 0.051 | 2 | 0.48%
|
10 | Heartland Bank | 0.050 | 1 | 0.47%
|
10 | Reedland | 0.050 | 1 | 0.47%
|
| Total | 10.730 | 427 | 8.956 | 411
|
| Average size: | 0.025 | 0.022
|
|
U.S. direct placements, year to date
|
| | | | | 2014 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Lazard | 0.500 | 1 | 31.95%
|
2 | Clarksons Platou | 0.157 | 2 | 10.01%
|
3 | DVB | 0.090 | 1 | 5.75%
|
4 | H.C. Wainwright | 0.072 | 11 | 4.61% | 4 | 0.095 | 10 | 7.56%
|
5 | Seaport | 0.067 | 1 | 4.26%
|
6 | Pareto | 0.067 | 1 | 4.26%
|
7 | Barclays | 0.050 | 1 | 3.20%
|
8 | Maxim | 0.036 | 5 | 2.31% | 5 | 0.055 | 4 | 4.39%
|
9 | Roth | 0.031 | 6 | 2.01% | 6 | 0.052 | 7 | 4.14%
|
10 | Chardan | 0.025 | 6 | 1.63% | 7 | 0.038 | 2 | 3.01%
|
| Total | 1.565 | 58 | 1.263 | 57
|
| Average size: | 0.027 | 0.022
|
|
Canadian market, year to date
|
| | | | | 2014 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Mackie | 0.134 | 11 | 4.15% | 16 | 0.017 | 4 | 0.56%
|
2 | GMP | 0.131 | 9 | 4.06% | 2 | 0.153 | 6 | 5.20%
|
3 | Macquarie | 0.112 | 5 | 3.46% | 5 | 0.063 | 6 | 2.13%
|
4 | RBC | 0.105 | 2 | 3.25% | 19 | 0.014 | 1 | 0.48%
|
5 | Dundee | 0.065 | 7 | 2.01% | 8 | 0.038 | 6 | 1.29%
|
6 | Clarus | 0.058 | 1 | 1.79% | 13 | 0.025 | 5 | 0.84%
|
7 | BMO | 0.050 | 3 | 1.55% | 7 | 0.049 | 3 | 1.66%
|
8 | Beacon | 0.050 | 5 | 1.55% | 23 | 0.012 | 3 | 0.40%
|
9 | Canaccord Genuity | 0.049 | 5 | 1.53% | 4 | 0.071 | 10 | 2.40%
|
10 | Cormark | 0.048 | 9 | 1.49% | 3 | 0.140 | 9 | 4.76%
|
| Total | 3.230 | 318 | 2.947 | 388
|
| Average size: | 0.010 | 0.008
|
|
U.S. market, July
|
| | | | | 2014 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Axiom | 0.010 | 1 | 2.25%
|
2 | Newbridge | 0.006 | 1 | 1.35%
|
3 | Empire State | 0.005 | 2 | 1.19%
|
4 | H.C. Wainwright | 0.003 | 1 | 0.56% | 3 | 0.032 | 4 | 3.99%
|
5 | Ladenburg Thalmann 0.002 | 1 | 0.35%
|
6 | Scarsdale | 0.001 | 1 | 0.29%
|
7 | Chardan | 0.001 | 1 | 0.24% | 13 | 0.001 | 1 | 0.12%
|
| Total | 0.444 | 55 | 0.809 | 67
|
| Average size: | 0.008 | 0.012
|
|
Canadian market, July
|
| | | | | 2014 Comparables
|
| Agent | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | Paradigm Capital Inc. 0.015 | 2 | 5.59%
|
2 | Mackie | 0.005 | 1 | 1.82% | 10 | 0.002 | 1 | 0.49%
|
3 | Beacon | 0.005 | 1 | 1.82% | 13 | 0.001 | 1 | 0.24%
|
4 | Edgecrest | 0.003 | 1 | 1.22%
|
5 | Richardson GMP | 0.002 | 1 | 0.73%
|
| Total | 0.274 | 37 | 0.410 | 59
|
| Average size: | 0.007 | 0.007
|
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Prospect News PIPE Agent Rankings
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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.
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