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Source: Sagient Research Systems
PlacementTracker
Publishes 2007 PIPE Market League Tables and Announces Another Record Year
in the PIPE Market
San Diego – January 25, 2008 -
Sagient Research Systems, a leading publisher of independent research for
the financial services and institutional investment communities, today
announced that Rodman & Renshaw, LLC ranked as the number one most active
investment bank and Enable Capital Management ranked as the number one most
active institutional investor in the PIPE market in 2007.
Sagient Research further announced that
Sichenzia Ross Friedman Ference, LLP ranked as the number one most active
issuer counsel and Schulte Roth & Zabel, LLP ranked as the number one most
active investor counsel in the PIPE market in 2007.
Sagient Research also announced a record year
for financing in the PIPE market with a total of $83.59 Billion raised in
1,434 transactions. 2007 is the fourth consecutive record-setting year in
the PIPE market.
PlacementTracker, a flagship product of Sagient
Research Systems, is well recognized as the leading provider of research,
data, and analytics covering the PIPE market.
Commenting on the League Tables, Robert F. Kyle,
executive vice president of Sagient Research said, “The PIPE market hit
historic levels in 2007. With over $45 Billion raised in the fourth quarter
alone, the 2007 full year total exceeded the previous record level of $29.35
Billion set in 2006 by 185%. Contributing significantly to this year’s
activity was the series of mega-PIPE transaction undertaken in the second
half of the year by financial services firms seeking to bolster their
balance sheets in response to subprime debt related write-downs. Excluding
these approximately $40 Billion in transactions, 2007 was still a record
year for conventional PIPE issuances, exceeding the 2006 total by 50%.
Based on the activity this year, this is no longer a question that the PIPE
market is a critical component of the corporate financing landscape and we
fully expect growth in the market to continue at all levels in 2008. As
always, we congratulate all of the active agents, investors, and legal
counsel in the PIPE market for a tremendous first quarter, especially those
leaders who topped the League Tables. Many of these firms are long-time
clients of PlacementTracker, and we look forward to continuing to provide
them with industry leading data, research, and analytics to help keep them
on top of this market.”
The 2007 PIPE Market Issuer Counsel League Table
By Number of Transactions:
|
Legal
Counsel |
Transaction Count |
Total
Amount Advised |
|
Sichenzia
Ross Friedman Ference, LLP |
60 |
$366,594,355
|
|
Cooley
Godward Kronish, LLP |
22 |
$621,830,129
|
|
Greenberg
Traurig, LLP |
22 |
$236,648,936
|
|
Haynes and
Boone, LLP |
20 |
$437,863,690
|
|
Morgan, Lewis
& Bockius, LLP |
19 |
$504,885,447
|
|
Vinson &
Elkins, LLP |
17 |
$5,674,582,637 |
|
Thelen Reid
Brown Raysman & Steiner, LLC |
16 |
$303,601,245
|
|
Kirkpatrick &
Lockhart Preston Gates Ellis, LLP |
16 |
$129,778,983
|
|
DLA Piper
Rudnick Gray Cary US, LLP |
13 |
$248,532,660
|
|
Richardson &
Patel, LLP |
13 |
$130,747,432
|
|
Gersten
Savage, LLP |
12 |
$65,163,548
|
|
Skadden, Arps,
Slate, Meagher & Flom, LLP |
11 |
$2,155,333,944 |
|
Loeb & Loeb,
LLP |
10 |
$131,653,747
|
|
Wilmer Cutler
Pickering Hale & Dorr, LLP |
9 |
$219,626,377
|
|
Morrison &
Foerster, LLP |
9 |
$86,871,987
|
|
Guzof Ofsink,
LLC |
8 |
$116,446,295
|
|
Lowenstein
Sandler, PC |
8 |
$102,451,005
|
|
Duane Morris,
LLP |
8 |
$87,275,878
|
|
Troy & Gould,
PC |
8 |
$72,953,015
|
|
Clark Wilson,
LLP |
8 |
$30,048,383
|
|
Latham &
Watkins, LLP |
7 |
$1,343,211,587 |
|
Wilson
Sonsini Goodrich & Rosati |
7 |
$1,135,000,009 |
|
Andrews &
Kurth, LLP |
7 |
$393,012,437
|
|
Maslon
Edelman Borman & Brand, LLP |
7 |
$184,589,161
|
|
Hogan &
Hartson, LLP |
7 |
$109,956,132
|
Legal counsel rankings
exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and
all PIPE transactions conducted by Canadian issuers that trade in the U.S.
on the OTC-BB or Pink Sheets. Data is as reported as of 1/24/08.
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