Analysis of bank loan issuance for 2006

Total: $609.407 billion in 999 deals

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

Rate (L+)

	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Below 125 bps	2.100	2.000	5.800	6.384	1.479	7.890	3.641	0.450	7.598	1.965	6.025	0.200
125	5.115	3.935	1.975	0.300	6.478	2.490	1.660	0.925	0.148	1.225	1.000	0.225
150	10.080	4.190	9.090	1.655	6.366	3.710	1.010	0.865	1.740	3.080	4.050	0.955
175	1.600	1.953	6.940	7.666	6.080	3.760	3.385	2.165	4.863	6.692	7.929	0.300
200	13.140	4.710	8.815	4.545	4.386	3.996	3.085	6.775	4.255	6.375	8.885	0.150
225	7.306	3.015	4.285	5.607	7.032	6.869	2.317	1.900	3.455	3.320	3.077	1.750
250	2.423	1.823	1.280	2.377	5.647	4.806	2.792	1.382	6.227	12.976	4.740	4.633
275	1.667	1.360	1.630	6.325	3.614	3.300	6.660	0.890	1.485	16.315	12.525	2.350
300	2.775	0.706	0.945	0.452	4.607	3.115	6.162	0.970	1.314	6.572	8.572	1.609
325 bps and upwards	5.878	8.518	7.252	2.762	3.735	9.937	5.450	2.633	5.148	3.355	9.365	5.653
Fixed rate	0.025	0.335	0.212	0.444	0.503	0	0	0.103	0	0.180	0.400	0.175
NA	4.590	5.295	5.742	6.601	5.565	30.325	5.578	5.580	6.563	12.947	5.459	5.220
Other	0	0	0	0	0	0	0	0	0.210	0	0	0
Prime based	0	0	0.117	0	0.100	0.010	0	0.085	0.075	0	0	0.075
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	9.900	19	15.753	29	11.689	20	8.190	15	45.532	62	45.532	83	7.48%
125	11.025	20	9.268	19	2.733	13	2.450	8	25.476	45	25.476	60	4.18%
150	23.360	42	11.731	28	3.615	16	8.085	22	46.791	74	46.791	108	7.68%
175	10.493	24	17.506	44	10.413	29	14.921	31	53.333	68	53.333	128	8.75%
200	26.665	40	12.927	37	14.114	32	15.410	20	69.117	64	69.117	129	11.34%
225	14.606	44	19.508	60	7.673	23	8.147	22	49.934	83	49.934	149	8.19%
250	5.526	38	12.829	56	10.401	43	22.349	49	51.105	95	51.105	186	8.39%
275	4.657	27	13.239	41	9.035	27	31.190	36	58.120	64	58.120	131	9.54%
300	4.426	17	8.175	37	8.446	50	16.753	40	37.800	64	37.800	144	6.20%
325 bps and upwards	21.649	91	16.435	108	13.230	95	18.373	87	69.687	131	69.687	381	11.43%
Fixed rate	0.573	4	0.947	4	0.103	2	0.755	4	2.377	9	2.377	14	0.39%
NA	15.627	72	42.491	111	17.721	76	23.626	96	99.466	261	99.466	355	16.32%
Other	0	0	0	0	0.210	1	0	0	0.210	1	0.210	1	0.03%
Prime based	0.117	3	0.110	3	0.160	3	0.075	1	0.462	4	0.462	10	0.08%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Upsized?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Yes	12.659	1.738	8.665	8.925	6.250	26.550	1.185	0.525	1.755	3.895	14.567	3.760
No	44.040	34.291	42.295	35.518	48.887	52.425	40.050	24.198	39.412	71.107	55.010	19.535
Downsized	0	1.810	3.125	0.675	0.455	1.232	0.505	0	1.913	0	2.450	0
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	23.062	28	41.724	39	3.465	10	22.222	20	90.474	37	90.474	97	14.85%
No	120.626	401	136.829	525	103.660	408	145.652	406	506.768	952	506.768	1740	83.16%
Downsized	4.935	12	2.362	13	2.418	12	2.450	5	12.165	11	12.165	42	2.00%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Flex?
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Down	25.449	6.295	18.563	12.342	4.056	1.860	1.455	1.350	10.650	16.680	16.919	4.130
No	31.005	27.879	35.312	30.425	44.349	66.006	30.808	21.973	29.798	53.877	52.328	17.625
Up	0.245	3.665	0.210	2.350	7.186	12.341	9.477	1.400	2.632	4.445	2.780	1.540
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Down	50.307	90	18.259	48	13.455	40	37.729	72	119.750	59	119.750	250	19.65%
No	94.196	343	140.780	473	82.579	344	123.831	333	441.386	901	441.386	1493	72.43%
Up	4.120	8	21.877	56	13.509	46	8.764	26	48.271	40	48.271	136	7.92%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Type
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Revolver	17.310	14.520	20.240	11.970	18.455	44.963	15.204	7.183	14.085	21.170	27.005	5.465
TLA	8.005	1.475	0.912	3.819	5.518	1.133	0.810	0.550	5.058	4.598	4.430	0
Term	9.098	12.761	12.750	13.049	9.488	15.354	10.155	10.036	12.082	21.231	16.293	5.484
Institutional	16.250	7.866	16.235	12.083	19.786	13.664	11.705	4.670	8.662	26.036	18.781	7.593
Second/third/junior lien	4.252	1.005	1.665	1.825	1.550	2.714	2.458	1.205	2.921	1.395	3.648	3.938
Delayed draw	0.345	0.050	1.692	2.252	0.470	1.295	0.785	0.410	0.165	0.289	0.410	0.250
LoC	1.439	0.162	0.590	0.120	0.325	1.085	0.625	0.669	0.108	0.284	1.460	0.565
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	52.070	199	75.388	245	36.471	187	53.640	171	217.570	778	217.570	802	35.70%
TLA	10.393	15	10.470	16	6.418	10	9.027	11	36.307	7	36.307	52	5.96%
Term	34.609	101	37.891	122	32.272	96	43.008	105	147.780	108	147.780	424	24.25%
Institutional	40.351	69	45.532	108	25.037	71	52.410	67	163.331	81	163.331	315	26.80%
Second/third/junior lien	6.922	36	6.088	53	6.583	46	8.981	43	28.575	12	28.575	178	4.69%
Delayed draw	2.087	12	4.017	18	1.360	13	0.949	11	8.413	4	8.413	54	1.38%
LoC	2.191	9	1.530	15	1.402	7	2.309	23	7.432	12	7.432	54	1.22%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Moody's Rating
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Baa3	0	0	0	0	0	0	0	0	0	0	4.322	0.225
Ba1	2.200	0	0.650	4.050	3.250	0.300	1.150	0	2.750	0.850	1.012	0
Ba2	22.805	2.450	5.335	0.500	4.175	4.225	2.010	6.625	4.785	10.090	4.824	2.050
Ba3	7.324	3.120	8.515	5.280	2.820	6.340	3.138	2.075	9.614	10.863	28.803	6.658
B1	7.103	2.683	5.770	7.051	7.713	7.168	12.204	0.135	2.880	6.430	2.165	2.805
B2	1.059	6.706	4.225	14.869	9.658	8.483	2.175	0.530	1.193	5.210	2.445	2.010
B3	0.576	0.651	2.085	0.669	1.543	1.445	1.170	0	1.065	0.780	4.080	1.080
Caa1	0	0.120	0.415	1.173	0.485	0.725	0.743	0.325	0.635	0.520	0.515	0.127
Caa2	0	0.115	0.040	0	0	0.019	0	0	0.062	0.210	0.150	0
NR	15.633	21.994	27.050	11.526	25.948	51.502	19.151	15.033	20.096	40.050	23.711	8.341
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	0	0	4.547	4	4.547	3	4.547	4	0.75%
Ba1	2.850	5	7.600	10	3.900	4	1.862	4	16.212	12	16.212	23	2.66%
Ba2	30.590	30	8.900	14	13.420	31	16.964	27	69.874	55	69.874	102	11.47%
Ba3	18.959	39	14.440	49	14.827	42	46.324	69	94.549	95	94.549	199	15.51%
B1	15.556	72	21.932	84	15.219	48	11.400	55	64.106	126	64.106	259	10.52%
B2	11.990	44	33.010	76	3.898	31	9.665	28	58.563	86	58.563	179	9.61%
B3	3.312	16	3.657	32	2.235	14	5.940	17	15.144	21	15.144	79	2.49%
Caa1	0.535	7	2.383	15	1.702	15	1.162	11	5.782	3	5.782	48	0.95%
Caa2	0.155	2	0.019	1	0.062	1	0.360	3	0.596	1	0.596	7	0.10%
NR	64.677	226	88.975	296	54.280	244	72.101	213	280.033	601	280.033	979	45.95%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Use of Proceeds
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Acquisition	29.934	6.631	7.865	12.308	23.073	12.227	8.117	5.618	15.705	7.321	14.688	9.828
Capex	0.675	1.436	1.107	0.467	0.225	0.437	2.179	0.393	0.950	0.920	1.335	0
Dividend/recap	2.935	1.541	3.600	0.961	3.683	3.024	2.415	0.518	1.426	4.055	2.510	3.350
Exit financing	3.080	0	0	0.215	0.133	3.175	0.795	0.125	1.100	0.840	0	0.175
GCP	7.683	10.190	10.650	4.754	5.710	37.547	5.236	5.217	5.493	5.405	24.923	5.530
LBO	3.258	2.550	9.065	6.107	2.692	7.132	11.461	2.491	6.240	30.320	13.066	1.047
Refinance	8.559	11.591	15.857	17.506	14.541	11.790	7.015	5.458	8.091	15.347	13.855	2.720
Multiple/Other/NA	0.575	3.900	5.940	2.800	5.534	4.875	4.521	4.903	4.075	10.795	1.650	0.645
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	44.430	46	47.609	62	29.441	50	31.837	46	153.316	204	153.316	204	25.16%
Capex	3.219	8	1.129	5	3.522	9	2.255	5	10.125	27	10.125	27	1.66%
Dividend/recap	8.076	13	7.667	22	4.359	12	9.915	16	30.017	63	30.017	63	4.93%
Exit financing	3.080	2	3.523	4	2.020	5	1.015	3	9.638	14	9.638	14	1.58%
GCP	28.523	73	48.011	79	15.946	51	35.858	51	128.337	254	128.337	254	21.06%
LBO	14.873	32	15.931	35	20.192	36	44.433	36	95.430	139	95.430	139	15.66%
Refinance	36.008	49	43.837	79	20.564	40	31.922	52	132.330	220	132.330	220	21.71%
Multiple/Other/NA	10.415	19	13.209	24	13.499	21	13.090	15	50.213	78	50.213	78	8.24%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006
Agriculture (0xxx)	0	0.338	1.400	0	0	0	0	0	0.138	0	0	0
Mining (1xxx)	0.709	0	0	0	0	2.715	0.465	0.175	3.177	0	0.335	0.125
Oil and gas (13xx)	2.400	2.215	3.467	4.785	1.165	1.816	2.600	1.850	3.915	1.275	1.445	1.280
Construction (15xx)	0.350	1.110	0.525	0.400	1.609	3.175	0.420	1.067	0.535	1.350	0.275	0.075
Manufacturing (2xxx, 3xxx)	19.795	5.659	12.473	12.861	22.529	23.326	17.303	14.217	9.831	20.212	44.302	11.139
Transportation (4xxx)	3.300	2.050	4.438	0.726	0	0.660	1.475	1.350	4.628	0.570	0.130	0.712
Communications (48xx)	0.780	4.853	7.685	13.652	7.071	5.030	2.183	0.493	4.145	2.660	0.535	0.375
Electric, gas, sanitary services (49xx)	9.925	0.750	5.735	1.964	3.599	2.010	3.900	0.778	1.603	2.052	5.595	2.200
Wholesale (5xxx)	2.450	3.495	7.885	2.881	5.999	5.022	4.123	1.210	3.465	8.185	2.954	2.175
Finance, insurance, real estate (6xxx)	6.715	2.380	3.035	3.775	3.400	23.175	1.785	0.705	2.440	2.285	4.511	0.300
Services (7xxx)	8.745	7.461	4.345	3.679	7.784	10.675	7.072	2.222	6.946	17.458	10.680	4.315
Health services (8xxx)	1.530	7.529	3.097	0.395	2.435	2.602	0.415	0.655	2.257	18.956	1.265	0.600
Total	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	72.027	23.296
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	1.738	3	0	0	0.138	1	0	0	1.875	4	1.875	4	0.31%
Mining (1xxx)	0.709	2	2.715	5	3.817	4	0.460	3	7.701	14	7.701	14	1.26%
Oil and gas (13xx)	8.082	14	7.766	22	8.365	15	4.000	12	28.213	63	28.213	63	4.63%
Construction (15xx)	1.985	8	5.184	10	2.022	8	1.700	6	10.892	32	10.892	32	1.79%
Manufacturing (2xxx, 3xxx)	37.926	75	58.715	110	41.351	78	75.652	82	213.645	345	213.645	345	35.06%
Transportation (4xxx)	9.788	9	1.387	9	7.453	9	1.412	6	20.040	33	20.040	33	3.29%
Communications (48xx)	13.318	12	25.753	27	6.821	14	3.570	8	49.461	61	49.461	61	8.12%
Electric, gas, sanitary services (49xx)	16.410	16	7.573	12	6.281	12	9.847	12	40.111	52	40.111	52	6.58%
Wholesale (5xxx)	13.830	25	13.902	31	8.798	23	13.314	24	49.844	103	49.844	103	8.18%
Finance, insurance, real estate (6xxx)	12.130	25	30.350	20	4.930	18	7.096	15	54.506	78	54.506	78	8.94%
Services (7xxx)	20.551	33	22.138	42	16.239	31	32.453	43	91.382	149	91.382	149	15.00%
Health services (8xxx)	12.156	20	5.432	22	3.328	10	20.820	13	41.736	65	41.736	65	6.85%
Total	148.623	242	180.916	310	109.543	223	170.324	224	609.407	999	609.407	999	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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