Analysis of bank loan issuance for 12 months through October 2007

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

Rate (L+)

	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Below 125 bps	5.925	0.200	1.650	1.590	2.000	5.800	3.950	8.450	1.200	3.425	4.250	2.000
125	1.000	0.325	3.500	0.400	3.360	0.950	2.435	0.840	1.850	0.200	0.675	0
150	5.050	1.180	3.370	11.559	10.250	11.040	3.962	6.280	2.700	1.115	3.650	4.725
175	7.929	0.475	5.794	12.680	8.428	8.515	5.585	4.684	2.043	1.510	1.555	3.770
200	8.885	1.515	7.800	11.140	12.040	3.610	6.464	4.206	0.986	0.545	1.855	0.747
225	2.832	3.398	10.763	20.672	13.313	11.300	6.692	11.450	1.312	0.075	2.814	2.235
250	4.740	4.410	3.163	3.235	3.660	5.900	7.505	4.280	8.416	0.925	2.195	1.900
275	12.525	4.846	2.092	1.680	6.055	3.269	2.260	12.714	0.700	0.725	15.000	1.850
300	8.447	1.395	1.086	2.018	4.500	9.941	3.545	4.571	2.015	1.163	5.114	10.355
325 bps and upwards	9.590	4.548	6.780	7.253	10.220	4.652	5.133	18.973	9.335	0.568	5.602	45.110
Fixed rate	0.400	0.265	0	0.141	0.925	0	0.530	0.029	0.075	0	0.361	0.220
NA	3.859	2.085	2.772	3.222	5.743	8.240	10.775	29.287	5.810	8.320	27.938	7.077
Other	0	0	0	0	0.350	0	0	0	0	0	0	0
Prime based	0	0.075	0	0.075	0	0	0	0	0	0	0	0
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	5.240	13	18.200	19	8.875	19	2.000	1	34.315	42	40.440	60	5.29%
125	7.260	11	4.225	11	2.725	6	0	0	14.210	21	15.535	34	2.19%
150	25.178	57	21.282	41	7.465	16	4.725	7	58.651	78	64.880	138	9.04%
175	26.902	38	18.784	43	5.108	19	3.770	6	54.564	52	62.967	127	8.41%
200	30.980	70	14.280	44	3.386	14	0.747	5	49.393	72	59.793	150	7.61%
225	44.748	98	29.443	85	4.200	16	2.235	7	80.626	91	86.856	224	12.42%
250	10.059	42	17.684	66	11.536	23	1.900	5	41.179	66	50.329	158	6.34%
275	9.828	45	18.243	46	16.425	21	1.850	5	46.346	51	63.717	133	7.14%
300	7.604	28	18.057	46	8.292	25	10.355	20	44.308	55	54.149	139	6.83%
325 bps and upwards	24.252	138	28.756	141	15.505	100	45.110	52	113.623	147	127.763	504	17.53%
Fixed rate	1.066	7	0.559	5	0.436	4	0.220	2	2.281	9	2.946	22	0.35%
NA	11.737	70	48.301	100	42.068	93	7.077	34	109.184	215	115.128	343	16.82%
Other	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.05%
Prime based	0.075	1	0	0	0	0	0	0	0.075	1	0.150	2	0.01%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Upsized?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Yes	14.567	4.760	11.890	15.945	8.547	6.312	3.368	8.456	3.175	0.600	0.435	2.495
No	53.490	19.956	36.750	59.529	70.862	65.505	55.258	97.107	32.445	17.971	69.315	77.494
Downsized	3.125	0	0.130	0.190	1.435	1.400	0.210	0.200	0.821	0	1.259	0
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	36.383	59	18.136	34	4.210	7	2.495	2	61.224	37	80.550	116	9.43%
No	167.142	550	217.869	606	119.730	338	77.494	142	582.235	834	655.681	1886	89.70%
Downsized	1.755	10	1.810	7	2.080	11	0	0	5.645	6	8.770	33	0.87%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Flex?
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Down	16.919	9.239	19.757	23.951	12.885	9.389	7.722	6.495	0	0.300	0	0.320
No	51.358	13.707	28.533	49.088	56.742	51.406	46.654	74.709	28.543	18.271	71.009	79.669
Up	2.905	1.770	0.480	2.625	11.217	12.423	4.460	24.559	7.898	0	0	0
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Down	56.594	146	23.605	69	0.300	2	0.320	2	80.819	45	106.977	265	12.45%
No	134.363	442	172.768	502	117.823	308	79.669	142	504.623	785	569.689	1597	77.74%
Up	14.322	31	41.442	76	7.898	46	0	0	63.662	46	68.337	173	9.81%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Type
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Revolver	26.685	5.640	11.955	15.923	23.760	19.423	20.623	44.962	12.271	11.298	32.245	19.191
TLA	4.430	0.110	0.750	2.730	2.125	1.050	1.385	2.860	2.300	0.975	5.894	5.060
Term	16.068	6.330	12.584	22.418	26.739	21.983	13.291	25.793	6.652	4.853	8.498	10.540
Institutional	18.631	7.883	19.887	28.555	16.178	24.325	17.503	22.018	12.399	1.113	20.830	38.116
Second/third/junior lien	3.498	3.938	2.325	3.313	6.922	2.753	3.614	6.924	2.315	0.095	0.542	1.162
Delayed draw	0.410	0.250	0.255	2.353	2.765	3.178	1.515	2.875	0.324	0.237	2.050	4.520
LoC	1.460	0.565	1.015	0.373	2.355	0.505	0.905	0.330	0.180	0	0.950	1.400
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	51.638	231	85.008	251	55.814	151	19.191	65	211.651	667	243.976	798	32.61%
TLA	5.605	10	5.295	9	9.169	15	5.060	7	25.129	7	29.669	49	3.87%
Term	61.741	150	61.067	153	20.004	85	10.540	27	153.352	112	175.750	482	23.63%
Institutional	64.621	102	63.846	104	34.342	52	38.116	28	200.924	66	227.438	326	30.95%
Second/third/junior lien	12.559	72	13.291	82	2.951	34	1.162	10	29.964	15	37.400	229	4.62%
Delayed draw	5.372	24	7.568	35	2.611	15	4.520	4	20.072	9	20.732	84	3.09%
LoC	3.743	30	1.740	13	1.130	4	1.400	3	8.013	4	10.038	67	1.23%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Moody's Rating
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Baa3	4.322	0.225	0	0.500	0	0	2.500	0	0	0	0	0
Ba1	1.112	2.000	1.700	2.785	4.320	0.150	1.405	0.471	0.030	0.375	6.909	1.200
Ba2	4.824	2.050	5.320	13.709	4.675	19.177	2.805	2.499	9.075	1.650	0	2.627
Ba3	28.788	9.154	8.453	13.495	26.513	9.610	9.986	14.441	2.100	0	19.925	31.655
B1	1.965	3.035	8.520	17.545	12.220	11.805	8.149	17.976	6.014	2.025	3.318	3.765
B2	2.195	2.035	4.865	2.965	5.563	3.970	4.543	5.150	1.982	0	1.932	1.420
B3	4.080	1.090	0.150	0.215	2.370	1.840	3.440	3.800	0.410	0	0.280	0.190
Caa1	0.515	0.167	1.736	1.600	1.070	1.596	1.775	3.145	0.940	0	0	0.472
Caa2	0	0	0.100	0.795	0.235	0	1.315	0.120	0.729	0	0	0
NR	23.381	4.960	17.926	22.056	23.879	25.069	22.918	58.161	15.162	14.521	38.645	38.660
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	0.500	1	2.500	3	0	0	0	0	3.000	2	7.547	8	0.46%
Ba1	8.805	17	2.026	5	7.314	14	1.200	3	19.345	23	22.457	44	2.98%
Ba2	23.703	39	24.481	40	10.725	17	2.627	6	61.536	45	68.410	119	9.48%
Ba3	48.461	85	34.037	76	22.025	31	31.655	25	136.178	95	174.119	264	20.98%
B1	38.285	91	37.931	115	11.357	34	3.765	16	91.337	120	96.337	282	14.07%
B2	13.393	39	13.662	44	3.913	16	1.420	3	32.389	47	36.619	116	4.99%
B3	2.735	12	9.080	24	0.690	4	0.190	2	12.695	8	17.865	52	1.96%
Caa1	4.406	25	6.516	37	0.940	7	0.472	3	12.334	7	13.016	79	1.90%
Caa2	1.130	4	1.435	8	0.729	5	0	0	3.294	3	3.294	17	0.51%
NR	63.861	306	106.148	295	68.328	228	38.660	86	276.996	528	305.338	1054	42.67%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Use of Proceeds
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Acquisition	14.688	10.174	6.635	25.410	8.585	7.433	9.611	19.906	4.985	7.398	8.914	27.027
Capex	1.335	0	0	2.142	2.200	2.025	0.377	0.650	0.556	0.370	3.376	0.775
Dividend/recap	2.610	3.350	6.225	2.869	9.630	5.184	5.479	6.281	0.750	0.600	0.950	0.840
Exit financing	0	0.175	0.975	0	2.590	0	0.080	0	0	0.320	0	0.452
Expansion	0	0	0	0	0	0	0	0	0	0	0	0.760
GCP	24.923	5.870	5.791	8.948	5.965	7.985	11.365	27.347	2.303	4.601	23.995	2.850
LBO	12.821	1.047	14.729	12.618	20.256	26.498	14.499	23.471	16.153	0.895	27.076	41.468
Refinance	13.155	3.220	10.095	22.038	23.882	16.332	16.099	15.355	10.252	2.155	5.341	3.097
Multiple/Other/NA	1.650	0.880	4.320	1.640	7.737	7.760	1.325	12.753	1.443	2.232	1.357	2.720
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	40.630	54	36.950	61	21.296	32	27.027	15	125.902	162	150.764	196	19.40%
Capex	4.342	14	3.052	5	4.302	9	0.775	1	12.471	29	13.806	32	1.92%
Dividend/recap	18.724	29	16.944	35	2.300	5	0.840	2	38.807	71	44.767	81	5.98%
Exit financing	3.565	4	0.080	1	0.320	1	0.452	2	4.417	8	4.592	9	0.68%
Expansion	0	0	0	0	0	0	0.760	1	0.760	1	0.760	1	0.12%
GCP	20.704	46	46.697	46	30.899	39	2.850	11	101.149	142	131.942	175	15.58%
LBO	47.603	55	64.469	61	44.124	38	41.468	23	197.663	177	211.531	196	30.45%
Refinance	56.015	80	47.787	83	17.748	37	3.097	6	124.647	206	141.022	237	19.21%
Multiple/Other/NA	13.697	24	21.838	26	5.032	25	2.720	4	43.287	79	45.817	88	6.67%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	100.00%
Industry Sector (by SIC code)
	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007
Agriculture (0xxx)	0	0	0.525	0	0	0	0.160	0	0	0	0	0
Mining (1xxx)	0.335	0.125	0	11.960	0.200	0	0.300	5.050	0.219	0.800	0	0.127
Oil and gas (13xx)	1.445	1.280	1.280	2.665	7.275	1.945	1.375	6.269	0.880	2.800	0.787	0.600
Construction (15xx)	0.275	0.310	1.030	0.200	0	0	1.090	0.155	1.965	0	0.775	0.250
Manufacturing (2xxx, 3xxx)	43.457	11.414	17.128	16.045	30.579	28.189	24.401	21.690	17.800	1.834	11.467	33.657
Transportation (4xxx)	0.130	0.712	2.480	0.650	5.160	4.135	0.961	2.455	0.525	1.780	1.485	0.646
Communications (48xx)	0.535	0.875	3.770	22.185	2.275	1.585	7.760	4.910	1.500	0	2.983	1.020
Electric, gas, sanitary services (49xx)	5.595	2.200	2.715	11.104	8.475	7.290	3.469	6.410	1.250	1.625	1.900	27.710
Wholesale (5xxx)	2.954	2.400	7.168	1.555	6.580	7.319	4.497	5.580	3.330	3.660	3.700	6.102
Finance, insurance, real estate (6xxx)	4.611	0.375	2.050	2.458	6.855	2.925	2.973	20.817	2.147	1.825	40.956	5.010
Services (7xxx)	10.580	4.426	5.459	6.577	11.562	17.485	10.410	12.234	5.292	3.927	4.081	3.052
Health services (8xxx)	1.265	0.600	5.165	0.266	1.883	2.344	1.135	20.192	1.008	0.320	2.875	1.815
Non-operating (9995)	0	0	0	0	0	0	0.305	0	0	0	0	0
Total	71.182	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.441	18.571	71.009	79.989
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.525	2	0.160	1	0	0	0	0	0.685	3	0.685	3	0.11%
Mining (1xxx)	12.160	4	5.350	4	1.019	2	0.127	1	18.656	11	19.116	14	2.87%
Oil and gas (13xx)	11.220	18	9.589	19	4.467	15	0.600	3	25.876	55	28.601	62	3.99%
Construction (15xx)	1.230	3	1.245	2	2.740	5	0.250	1	5.465	11	6.050	14	0.84%
Manufacturing (2xxx, 3xxx)	63.753	107	74.280	100	31.101	63	33.657	25	202.791	295	257.661	348	31.24%
Transportation (4xxx)	8.290	10	7.551	12	3.790	8	0.646	1	20.276	31	21.119	34	3.12%
Communications (48xx)	28.230	28	14.255	25	4.483	6	1.020	3	47.988	62	49.398	67	7.39%
Electric, gas, sanitary services (49xx)	22.294	23	17.169	24	4.775	8	27.710	5	71.948	60	79.743	67	11.08%
Wholesale (5xxx)	15.303	30	17.396	27	10.690	24	6.102	9	49.491	90	54.845	106	7.62%
Finance, insurance, real estate (6xxx)	11.363	16	26.715	20	44.928	14	5.010	3	88.016	53	93.002	66	13.56%
Services (7xxx)	23.599	49	40.129	57	13.300	31	3.052	8	80.079	145	95.085	169	12.34%
Health services (8xxx)	7.314	16	23.672	25	4.204	9	1.815	6	37.004	56	38.869	62	5.70%
Non-operating (9995)	0	0	0.305	2	0	0	0	0	0.305	2	0.305	2	0.05%
Total	205.279	306	237.815	318	126.021	186	79.989	65	649.104	875	745.002	1015	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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