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

Total: $396.826 billion in 688 deals year to date

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

Rate (L+)

	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Below 125 bps	4.100	6.100	1.550	1.725	2.100	2.000	5.800	6.384	1.479	7.890	5.941	0
125	0.550	0	1.295	0.400	5.115	3.935	1.975	0.300	6.478	2.490	1.660	0.925
150	2.770	5.230	2.712	0.855	10.080	4.190	9.090	1.655	6.366	3.675	1.010	0.665
175	1.632	0.775	6.053	2.228	1.600	1.953	6.940	7.666	6.080	3.700	3.385	2.025
200	2.587	1.515	3.869	2.474	13.140	4.710	8.815	4.545	4.386	3.996	2.995	6.100
225	2.930	3.105	6.295	2.840	7.306	3.015	4.260	5.607	7.032	6.869	2.317	1.400
250	3.910	1.289	6.384	1.337	2.423	1.646	1.280	2.377	5.647	4.811	2.762	1.382
275	1.510	3.455	1.908	2.765	1.667	1.360	1.630	6.325	3.614	3.300	6.710	0.755
300	1.754	3.659	1.590	1.350	2.775	0.706	0.945	0.452	4.607	3.115	5.932	0.970
325 bps and upwards	3.761	3.384	3.680	2.308	5.878	8.419	7.252	2.762	3.735	9.937	5.200	2.443
Fixed rate	0.076	0.025	0.212	0.540	0.025	0.335	0.212	0.444	0.503	0	0	0.103
NA	6.870	6.561	6.247	9.900	4.590	5.295	5.742	6.601	5.565	30.325	6.168	6.745
Other	0.200	0	0	0	0	0	0	0	0	0	0	0
Prime based	0	1.000	0.040	0.095	0	0	0.117	0	0.100	0.010	0	0.085
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	15.753	29	5.941	10	31.594	41	45.069	90	7.96%
125	1.695	8	11.025	20	9.268	19	2.585	11	22.878	37	25.122	60	5.77%
150	8.797	27	23.360	42	11.696	27	1.675	7	36.731	51	48.298	109	9.26%
175	9.055	35	10.493	24	17.446	43	5.410	17	33.349	49	44.037	128	8.40%
200	7.857	26	26.665	40	12.927	37	9.095	20	48.687	49	59.132	135	12.27%
225	12.240	40	14.581	44	19.508	60	3.717	13	37.807	64	52.977	169	9.53%
250	9.011	50	5.349	35	12.835	54	4.144	14	22.328	56	35.248	165	5.63%
275	8.128	32	4.657	27	13.239	41	7.465	19	25.360	44	34.998	125	6.39%
300	6.599	37	4.426	17	8.175	37	6.902	33	19.503	37	27.856	136	4.91%
325 bps and upwards	9.370	91	21.550	88	16.435	108	7.642	59	45.623	92	58.757	374	11.51%
Fixed rate	0.777	8	0.573	4	0.947	4	0.103	2	1.622	5	2.475	19	0.41%
NA	22.709	81	15.627	72	42.491	111	12.913	55	71.031	178	100.610	348	17.90%
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	0.085	2	0.312	2	1.447	16	0.08%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Upsized?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Yes	6.373	2.514	3.532	0.350	12.659	1.738	8.370	8.925	6.250	26.550	1.185	0.525
No	25.627	32.560	36.852	27.387	44.040	34.015	42.565	35.518	48.887	52.335	42.660	23.073
Downsized	0.650	1.024	1.450	1.080	0	1.810	3.125	0.675	0.455	1.232	0.235	0
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	1.710	8	66.201	27	78.971	100	16.68%
No	96.799	439	120.620	396	136.739	521	65.733	252	323.093	655	445.519	1729	81.42%
Downsized	3.554	16	4.935	12	2.362	13	0.235	2	7.532	6	11.736	46	1.90%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Flex?
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Down	10.758	3.458	7.133	1.610	25.449	6.295	18.538	12.342	4.056	1.860	1.455	1.350
No	20.811	29.267	26.666	27.037	31.005	27.603	35.312	30.425	44.349	65.911	33.453	20.848
Up	1.081	3.374	8.034	0.170	0.245	3.665	0.210	2.350	7.186	12.346	9.172	1.400
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	18.259	48	2.805	12	71.346	35	94.306	221	17.98%
No	82.970	388	93.920	337	140.685	471	54.300	219	288.906	625	392.687	1510	72.80%
Up	11.579	47	4.120	8	21.882	54	10.572	31	36.575	29	49.234	144	9.22%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Type
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Revolver	12.640	16.815	18.472	16.357	17.310	14.520	20.240	11.970	18.455	44.933	16.134	6.353
Term	5.351	8.392	10.999	5.618	9.098	12.486	12.725	13.049	9.488	15.294	11.805	9.761
TLA	2.350	1.625	0.955	0.400	8.005	1.475	0.912	3.819	5.518	1.133	0.810	0.550
Institutional	9.642	5.478	8.243	4.332	16.250	7.866	16.235	12.083	19.786	13.664	11.505	4.670
Second/third/junior lien	1.056	1.655	1.631	0.870	4.252	1.005	1.665	1.825	1.550	2.714	2.417	1.185
Delayed draw	0.605	1.200	1.043	0.725	0.345	0.050	1.692	2.252	0.470	1.295	0.785	0.410
LoC	1.007	0.935	0.490	0.515	1.439	0.162	0.590	0.120	0.325	1.085	0.625	0.669
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	75.358	243	22.486	112	149.915	540	214.199	844	37.78%
Term	25.009	93	34.308	95	37.831	121	21.565	60	93.704	67	124.064	395	23.61%
TLA	2.980	11	10.393	15	10.470	16	1.360	5	22.222	3	27.552	51	5.60%
Institutional	18.052	62	40.351	69	45.532	107	16.175	44	102.059	64	129.752	306	25.72%
Second/third/junior lien	4.156	51	6.922	36	6.088	53	3.603	26	16.613	6	21.825	180	4.19%
Delayed draw	2.968	11	2.087	12	4.017	18	1.195	10	7.299	3	10.872	54	1.84%
LoC	1.940	12	2.191	9	1.530	15	1.294	5	5.015	7	7.962	45	1.26%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Moody's Rating
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Baa3	0	1.650	0	0	0	0	0	0	0	0	2.400	0
Ba1	2.100	3.000	2.520	0	2.200	0	0.650	4.050	3.250	0.300	1.150	0
Ba2	0	3.090	5.403	0.690	22.805	2.450	5.335	0.500	4.175	4.225	2.010	6.625
Ba3	2.262	3.025	2.467	1.975	7.324	3.120	8.515	5.280	2.820	6.345	3.138	2.200
B1	6.203	4.775	7.213	4.535	7.103	2.683	5.770	7.051	7.713	7.168	12.159	0.135
B2	3.960	3.432	4.713	1.345	1.059	6.706	4.225	14.869	9.166	8.483	2.175	0.530
B3	0.798	0.710	0.450	0.150	0.576	0.651	2.085	0.669	1.543	1.445	1.170	0
Caa1	0.102	0.075	0.342	0	0	0.120	0.415	1.173	0.485	0.725	0.743	0.325
Caa2	0.178	0	0	0	0	0.115	0.040	0	0	0.019	0	0
NR	17.047	16.343	18.727	20.122	15.633	21.718	27.025	11.526	26.440	51.407	19.137	13.783
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	0.60%
Ba1	5.520	8	2.850	5	7.600	10	1.150	2	11.600	8	19.220	31	2.92%
Ba2	9.183	23	30.590	30	8.900	14	8.635	22	48.125	36	57.308	89	12.13%
Ba3	7.467	23	18.959	39	14.445	47	5.338	22	38.742	50	48.470	142	9.76%
B1	16.523	70	15.556	72	21.932	84	12.294	32	49.781	89	72.507	283	12.54%
B2	9.489	52	11.990	44	32.518	75	2.705	23	47.213	71	60.662	213	11.90%
B3	1.310	16	3.312	16	3.657	32	1.170	10	8.139	19	10.247	82	2.05%
Caa1	0.417	3	0.535	7	2.383	15	1.067	10	3.986	2	4.505	37	1.00%
Caa2	0	0	0.155	2	0.019	1	0	0	0.174	1	0.352	5	0.04%
NR	55.192	269	64.376	220	89.372	295	32.919	139	186.667	413	258.905	987	47.04%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Use of Proceeds
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Acquisition	5.771	7.226	3.833	2.040	29.934	6.631	7.840	12.308	23.073	12.137	8.027	5.618
Capex	0.851	1.315	0.233	2.775	0.675	1.160	1.107	0.467	0.225	0.437	2.179	0.242
Dividend/recap	1.708	2.240	2.590	1.588	2.935	1.541	3.600	0.961	3.683	3.024	2.415	0.518
Exit financing	0	0.285	0.650	1.865	3.080	0	0	0.215	0.133	3.175	3.195	0.125
GCP	6.315	10.260	9.975	5.870	7.683	10.190	10.650	4.754	5.710	37.547	5.236	4.462
LBO	7.087	2.527	12.724	1.560	3.258	2.550	9.065	6.107	2.692	7.132	11.461	2.646
Refinance	9.895	8.295	8.264	12.168	8.559	11.591	15.857	17.506	14.541	11.790	7.045	5.083
Multiple/Other/NA	1.025	3.950	3.565	0.950	0.575	3.900	5.940	2.800	5.534	4.875	4.521	4.903
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	13.646	26	105.569	133	124.440	179	26.60%
Capex	4.322	9	2.942	7	1.129	5	2.422	6	6.494	18	11.667	29	1.64%
Dividend/recap	6.418	14	8.076	13	7.667	22	2.933	8	18.676	43	26.802	64	4.71%
Exit financing	2.800	5	3.080	2	3.523	4	3.320	5	9.923	11	12.723	16	2.50%
GCP	26.105	77	28.523	73	48.011	79	9.698	26	86.231	178	118.652	275	21.73%
LBO	16.811	34	14.873	32	15.931	35	14.107	21	44.912	88	68.810	135	11.32%
Refinance	28.728	68	36.008	49	43.837	79	12.128	29	91.973	157	130.595	241	23.18%
Multiple/Other/NA	8.465	22	10.415	19	13.209	24	9.424	18	33.048	61	42.538	87	8.33%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	100.00%
Industry Sector (by SIC code)
	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006
Agriculture (0xxx)	0.520	0	0.710	0	0	0.338	1.400	0	0	0	0	0
Mining (1xxx)	0	0.700	0.800	0.225	0.709	0	0	0	0	2.715	0.465	0.175
Oil and gas (13xx)	1.200	1.575	2.945	1.750	2.400	2.215	3.467	4.785	1.165	1.816	2.600	1.700
Construction (15xx)	3.185	1.755	3.370	2.300	0.350	1.110	0.525	0.400	1.609	3.175	0.420	1.067
Manufacturing (2xxx, 3xxx)	5.728	13.482	11.246	6.251	19.795	5.383	12.473	12.861	22.529	23.231	19.713	13.897
Transportation (4xxx)	2.325	1.466	0.840	0	3.300	2.050	4.438	0.726	0	0.660	1.505	1.350
Communications (48xx)	1.200	4.165	1.343	1.040	0.780	4.853	7.685	13.652	7.071	5.030	2.183	0.493
Electric, gas, sanitary services (49xx)	2.536	4.484	3.555	2.685	9.425	0.750	5.735	1.964	3.599	2.010	3.900	0.278
Wholesale (5xxx)	7.870	5.149	1.220	4.940	2.950	3.495	7.860	2.881	5.999	5.022	4.023	0.985
Finance, insurance, real estate (6xxx)	0.250	1.450	4.192	0.890	6.715	2.380	3.035	3.775	3.400	23.175	1.785	0.525
Services (7xxx)	6.252	0.540	10.125	7.696	8.745	7.461	4.345	3.679	7.784	10.681	7.072	2.472
Health services (8xxx)	1.585	1.332	1.488	1.040	1.530	7.529	3.097	0.395	2.435	2.602	0.415	0.655
Total	32.651	36.099	41.834	28.817	56.699	37.563	54.060	45.118	55.591	80.117	44.081	23.598
	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	0.44%
Mining (1xxx)	1.725	6	0.709	2	2.715	5	0.640	2	4.064	9	5.789	15	1.02%
Oil and gas (13xx)	6.270	18	8.082	14	7.766	22	4.300	8	20.148	44	27.618	64	5.08%
Construction (15xx)	7.425	12	1.985	8	5.184	10	1.488	6	8.657	24	19.267	40	2.18%
Manufacturing (2xxx, 3xxx)	30.980	87	37.650	74	58.620	109	33.611	57	129.891	240	166.589	351	32.73%
Transportation (4xxx)	2.306	6	9.788	9	1.387	9	2.855	7	14.030	25	18.660	33	3.54%
Communications (48xx)	6.548	17	13.318	12	25.753	27	2.675	10	41.746	49	49.494	68	10.52%
Electric, gas, sanitary services (49xx)	10.724	17	15.910	15	7.573	12	4.178	6	27.661	33	40.921	57	6.97%
Wholesale (5xxx)	11.309	32	14.305	26	13.902	31	5.008	12	33.215	69	52.395	108	8.37%
Finance, insurance, real estate (6xxx)	6.532	17	12.130	25	30.350	20	2.310	8	44.790	53	51.572	71	11.29%
Services (7xxx)	18.360	35	20.551	33	22.143	42	9.543	19	52.237	94	76.849	146	13.16%
Health services (8xxx)	3.861	16	12.156	20	5.432	22	1.070	4	18.658	46	24.103	68	4.70%
Total	106.750	264	148.322	241	180.826	309	67.678	138	396.826	688	536.227	1025	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).

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