Analysis of bank loan issuance for year to date and 12 months through July

Total: $379.645 billion in 635 deals year to date

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

Rate (L+)

	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Below 125 bps	3.825	4.100	6.100	1.550	1.725	2.100	2.000	5.800	6.384	1.479	7.290	5.816
125	0.300	0.550	0	1.295	0.400	5.115	3.935	1.975	0.300	6.478	2.490	1.435
150	1.680	2.770	5.230	2.712	0.855	10.080	4.190	9.090	1.655	6.366	4.275	1.012
175	0.865	1.632	0.775	6.053	2.228	1.600	1.953	6.940	7.666	6.080	3.700	3.110
200	1.841	2.587	1.515	3.869	2.474	13.140	4.710	8.815	4.545	4.386	3.789	3.475
225	1.975	2.930	3.105	6.295	2.840	7.306	3.015	4.260	5.607	7.032	2.389	6.210
250	0.385	3.910	1.289	6.384	1.337	2.423	1.646	1.280	2.377	5.647	5.036	2.182
275	1.202	1.510	3.455	1.908	2.765	1.667	1.360	1.630	6.325	3.614	2.665	7.880
300	0.305	1.754	3.659	1.590	1.350	2.775	0.706	0.945	0.452	4.607	2.760	1.505
325 bps and upwards	1.254	3.761	3.384	3.680	2.308	5.878	8.419	7.252	2.762	3.735	10.792	3.632
Fixed rate	0.027	0.076	0.025	0.212	0.540	0.025	0.335	0.212	0.444	0.503	0	0
NA	7.320	6.870	6.561	6.247	9.900	4.590	5.295	5.742	6.601	5.565	36.065	13.096
Other	0	0.200	0	0	0	0	0	0	0	0	0	0
Prime based	0	0	1.000	0.040	0.095	0	0	0.117	0	0.100	0.010	0
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	9.375	25	9.900	19	15.153	27	5.816	8	30.869	39	48.169	90	8.13%
125	1.695	8	11.025	20	9.268	19	1.435	6	21.727	33	24.273	56	5.72%
150	8.797	27	23.360	42	12.296	28	1.012	3	36.668	48	49.915	114	9.66%
175	9.055	35	10.493	24	17.446	43	3.110	11	31.049	46	42.602	128	8.18%
200	7.857	26	26.665	40	12.720	34	3.475	9	42.860	41	55.145	131	11.29%
225	12.240	40	14.581	44	15.028	59	6.210	8	35.819	62	52.964	167	9.43%
250	9.011	50	5.349	35	13.059	56	2.182	12	20.590	56	33.896	168	5.42%
275	8.128	32	4.657	27	12.604	36	7.880	19	25.140	39	35.980	126	6.62%
300	6.599	37	4.426	17	7.819	36	1.505	8	13.751	27	22.409	113	3.62%
325 bps and upwards	9.370	91	21.550	88	17.290	111	3.632	34	42.467	86	56.856	367	11.18%
Fixed rate	0.777	8	0.573	4	0.947	4	0	0	1.519	5	2.399	18	0.40%
NA	22.709	81	15.627	72	48.231	113	13.096	51	76.955	170	113.853	374	20.27%
Other	0	0	0	0	0	0	0	0	0	0	0.200	1	0.00%
Prime based	1.135	8	0.117	3	0.110	3	0	0	0.227	2	1.362	14	0.06%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Upsized?
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Yes	0.880	6.373	2.514	3.532	0.350	12.659	1.738	8.370	8.925	6.250	26.550	0.335
No	20.099	25.627	32.560	36.852	27.387	44.040	34.015	42.565	35.518	48.887	53.478	48.969
Downsized	0	0.650	1.024	1.450	1.080	0	1.810	3.125	0.675	0.455	1.232	0.050
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	6.396	13	22.767	27	41.724	39	0.335	2	64.826	25	78.476	97	17.08%
No	96.799	439	120.620	396	137.882	517	49.019	167	307.521	606	450.046	1726	81.00%
Downsized	3.554	16	4.935	12	2.362	13	0	0	7.297	6	11.502	44	1.92%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Flex?
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Down	2.292	10.758	3.458	7.133	1.610	25.449	6.295	18.538	12.342	4.056	1.510	1.145
No	15.906	20.811	29.267	26.666	27.037	31.005	27.603	35.312	30.425	44.349	67.629	42.699
Up	2.780	1.081	3.374	8.034	0.170	0.245	3.665	0.210	2.350	7.186	12.121	5.510
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Down	12.201	33	50.282	90	17.909	47	1.145	6	69.336	33	94.588	225	18.26%
No	82.970	388	93.920	337	142.403	470	42.699	152	279.022	579	398.709	1516	73.50%
Up	11.579	47	4.120	8	21.657	52	5.510	11	31.287	23	46.727	126	8.24%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Type
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Revolver	13.110	12.640	16.815	18.472	16.357	17.310	14.520	20.240	11.970	18.455	45.956	20.535
Term	3.671	5.351	8.392	10.999	5.618	9.098	12.486	12.725	13.049	9.488	15.619	12.143
TLA	0.085	2.350	1.625	0.955	0.400	8.005	1.475	0.912	3.819	5.518	0.933	0.810
Institutional	3.165	9.642	5.478	8.243	4.332	16.250	7.866	16.235	12.083	19.786	13.629	12.363
Second/third/junior lien	0.448	1.056	1.655	1.631	0.870	4.252	1.005	1.665	1.825	1.550	2.719	2.092
Delayed draw	0.500	0.605	1.200	1.043	0.725	0.345	0.050	1.692	2.252	0.470	1.395	0.785
LoC	0	1.007	0.935	0.490	0.515	1.439	0.162	0.590	0.120	0.325	1.010	0.625
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	51.644	228	52.070	199	76.381	241	20.535	72	148.987	501	226.381	850	39.24%
Term	25.009	93	34.308	95	38.156	122	12.143	36	84.607	62	118.638	393	22.29%
TLA	2.980	11	10.393	15	10.270	15	0.810	3	21.472	2	26.887	51	5.66%
Institutional	18.052	62	40.351	69	45.497	106	12.363	30	98.211	59	129.070	302	25.87%
Second/third/junior lien	4.156	51	6.922	36	6.093	53	2.092	20	15.108	6	20.768	179	3.98%
Delayed draw	2.968	11	2.087	12	4.117	18	0.785	6	6.989	3	11.062	51	1.84%
LoC	1.940	12	2.191	9	1.455	14	0.625	2	4.271	6	7.218	41	1.12%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Moody's Rating
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Baa3	0	0	1.650	0	0	0	0	0	0	0	0	2.400
Ba1	0	2.100	3.000	2.520	0	2.200	0	0.650	3.200	3.250	0.300	0
Ba2	2.700	0	3.090	5.403	0.690	22.805	2.450	5.335	0.500	4.175	4.225	1.085
Ba3	2.625	2.262	3.025	2.467	1.975	7.324	3.120	8.515	5.280	2.820	6.445	3.013
B1	0.550	6.203	4.775	7.213	4.535	7.103	2.683	5.770	7.051	7.713	6.773	10.329
B2	1.000	3.960	3.432	4.713	1.345	1.059	6.706	4.225	14.869	9.166	9.446	1.955
B3	0.237	0.798	0.710	0.450	0.150	0.576	0.651	2.085	0.669	1.543	1.445	0.995
Caa1	0.080	0.102	0.075	0.342	0	0	0.120	0.415	1.173	0.485	0.730	0.708
Caa2	0	0.178	0	0	0	0	0.115	0.040	0	0	0.019	0
NR	13.786	17.047	16.343	18.727	20.122	15.633	21.718	27.025	12.376	26.440	51.877	28.869
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Baa3	1.650	4	0	0	0	0	2.400	2	2.400	1	4.050	6	0.63%
Ba1	5.520	8	2.850	5	6.750	8	0	0	9.600	6	17.220	27	2.53%
Ba2	9.183	23	30.590	30	8.900	13	1.085	6	40.575	26	52.458	75	10.69%
Ba3	7.467	23	18.959	39	14.545	47	3.013	13	36.517	45	48.870	143	9.62%
B1	16.523	70	15.556	72	21.537	81	10.329	20	47.422	83	70.698	272	12.49%
B2	9.489	52	11.990	44	33.481	74	1.955	17	47.426	68	61.875	212	12.49%
B3	1.310	16	3.312	16	3.657	32	0.995	8	7.964	18	10.309	82	2.10%
Caa1	0.417	3	0.535	7	2.388	15	0.708	7	3.631	2	4.230	35	0.96%
Caa2	0	0	0.155	2	0.019	1	0	0	0.174	1	0.352	5	0.05%
NR	55.192	269	64.376	220	90.692	298	28.869	96	183.937	388	269.962	1010	48.45%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Use of Proceeds
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Acquisition	4.636	5.771	7.226	3.833	2.040	29.934	6.631	7.840	12.308	23.073	12.137	9.578
Capex	0.911	0.851	1.315	0.233	2.775	0.675	1.160	1.107	0.467	0.225	0.837	0.679
Dividend/recap	1.183	1.708	2.240	2.590	1.588	2.935	1.541	3.600	0.961	3.683	3.024	2.390
Exit financing	0	0	0.285	0.650	1.865	3.080	0	0	0.215	0.133	3.175	3.195
GCP	7.574	6.315	10.260	9.975	5.870	7.683	10.190	10.650	4.754	5.710	38.514	9.768
LBO	0.670	7.087	2.527	12.724	1.560	3.258	2.550	9.065	6.107	2.692	7.132	12.767
Refinance	4.080	9.895	8.295	8.264	12.168	8.559	11.591	15.857	17.506	14.541	11.565	6.175
Multiple/Other/NA	1.925	1.025	3.950	3.565	0.950	0.575	3.900	5.940	2.800	5.534	4.875	4.802
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	13.100	35	44.405	46	47.519	61	9.578	21	101.501	128	125.007	181	26.74%
Capex	4.322	9	2.942	7	1.529	6	0.679	3	5.151	16	11.236	30	1.36%
Dividend/recap	6.418	14	8.076	13	7.667	22	2.390	3	18.133	38	27.441	62	4.78%
Exit financing	2.800	5	3.080	2	3.523	4	3.195	4	9.798	10	12.598	15	2.58%
GCP	26.105	77	28.523	73	48.978	79	9.768	14	87.269	166	127.264	285	22.99%
LBO	16.811	34	14.873	32	15.931	35	12.767	15	43.571	82	68.140	131	11.48%
Refinance	28.728	68	36.008	49	43.612	78	6.175	16	85.795	143	128.497	233	22.60%
Multiple/Other/NA	8.465	22	10.415	19	13.209	24	4.802	9	28.426	52	39.841	86	7.49%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%
Industry Sector (by SIC code)
	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006
Agriculture (0xxx)	0	0.520	0	0.710	0	0	0.338	1.400	0	0	0	0
Mining (1xxx)	0.400	0	0.700	0.800	0.225	0.709	0	0	0	0	3.115	0.465
Oil and gas (13xx)	2.255	1.200	1.575	2.945	1.750	2.400	2.215	3.467	4.785	1.165	1.816	4.100
Construction (15xx)	1.755	3.185	1.755	3.370	2.300	0.350	1.110	0.525	0.400	1.609	3.175	0.420
Manufacturing (2xxx, 3xxx)	6.002	5.728	13.482	11.246	6.251	19.795	5.383	12.473	12.861	22.529	23.959	23.972
Transportation (4xxx)	0.850	2.325	1.466	0.840	0	3.300	2.050	4.438	0.726	0	0.660	1.350
Communications (48xx)	0.890	1.200	4.165	1.343	1.040	0.780	4.853	7.685	13.652	7.071	5.030	2.179
Electric, gas, sanitary services (49xx)	1.320	2.536	4.484	3.555	2.685	9.425	0.750	5.735	1.964	3.599	1.615	3.200
Wholesale (5xxx)	3.760	7.870	5.149	1.220	4.940	2.950	3.495	7.860	2.881	5.999	5.122	3.833
Finance, insurance, real estate (6xxx)	0.831	0.250	1.450	4.192	0.890	6.715	2.380	3.035	3.775	3.400	23.175	1.660
Services (7xxx)	1.740	6.252	0.540	10.125	7.696	8.745	7.461	4.345	3.679	7.784	10.681	7.760
Health services (8xxx)	1.175	1.585	1.332	1.488	1.040	1.530	7.529	3.097	0.395	2.435	2.602	0.415
Total	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	81.260	49.354
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.710	1	1.738	3	0	0	0	0	1.738	3	2.967	5	0.46%
Mining (1xxx)	1.725	6	0.709	2	3.115	6	0.465	1	4.289	9	6.414	16	1.13%
Oil and gas (13xx)	6.270	18	8.082	14	7.766	22	4.100	4	19.948	40	29.673	63	5.25%
Construction (15xx)	7.425	12	1.985	8	5.184	10	0.420	2	7.590	20	19.954	39	2.00%
Manufacturing (2xxx, 3xxx)	30.980	87	37.650	74	59.349	108	23.972	34	120.971	216	163.681	344	31.86%
Transportation (4xxx)	2.306	6	9.788	9	1.387	9	1.350	4	12.525	22	18.005	33	3.30%
Communications (48xx)	6.548	17	13.318	12	25.753	27	2.179	7	41.250	46	49.888	68	10.87%
Electric, gas, sanitary services (49xx)	10.724	17	15.910	15	7.178	11	3.200	4	26.288	30	40.868	57	6.92%
Wholesale (5xxx)	11.309	32	14.305	26	14.002	31	3.833	8	32.141	65	55.080	110	8.47%
Finance, insurance, real estate (6xxx)	6.532	17	12.130	25	30.350	20	1.660	5	44.140	50	51.753	72	11.63%
Services (7xxx)	18.360	35	20.551	33	22.143	42	7.760	14	50.453	89	76.805	145	13.29%
Health services (8xxx)	3.861	16	12.156	20	5.432	22	0.415	2	18.003	44	24.623	70	4.74%
Total	106.750	264	148.322	241	181.969	309	49.354	85	379.645	635	540.024	1023	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• Deals must be $75 million or bigger for inclusion.

• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.

• Includes amended and restated loans where the maturity or size is changed but not repricings.

• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.

• Numeric totals are for the number of deals. Where individual tranches have different features (e.g. interest rate, flex), breakdown is by tranches, otherwise breakdown is by number of deals (e.g. use of proceeds, industry sector).

© 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.