Analysis of bank loan issuance for 12 months through January 2007

Total: $56.498 billion in 87 deals year to date

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

Rate (L+)

	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Below 125 bps	2.000	5.800	6.384	1.479	7.890	3.641	0.450	7.598	1.965	5.925	0.200	0.800
125	3.935	1.975	0.300	6.478	2.490	1.660	0.925	0.148	1.225	1.000	0.325	2.800
150	4.190	9.090	1.655	6.366	3.710	1.010	0.865	1.740	3.080	4.050	1.180	2.085
175	1.953	6.940	7.666	6.080	3.760	3.385	3.760	4.863	6.692	7.929	0.475	1.939
200	4.710	9.065	4.545	4.386	3.996	3.085	8.271	4.255	6.375	8.885	1.515	6.995
225	3.015	4.285	5.607	7.032	6.869	2.317	1.900	3.455	3.320	3.077	3.398	8.621
250	1.823	1.280	2.377	5.639	4.806	2.800	1.382	6.227	14.476	4.740	4.410	2.718
275	1.360	1.630	6.325	3.614	3.300	6.660	0.890	1.485	13.565	12.525	4.846	1.857
300	0.706	0.945	0.452	4.607	3.115	6.162	0.970	1.314	6.572	8.447	1.395	2.715
325 bps and upwards	8.518	7.377	2.762	3.735	9.937	5.450	2.633	5.148	3.355	9.590	4.548	5.216
Fixed rate	0.335	0.212	0.444	0.503	0	0.080	0.103	0	0.180	0.400	0.265	0
NA	5.295	5.492	6.601	5.565	30.325	5.578	5.580	6.563	13.147	4.859	2.085	20.752
Other	0	0	0	0	0	0	0	0.210	0	0	0	0
Prime based	0	0.117	0	0.100	0.010	0	0.085	0.075	0	0	0.075	0
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	15.753	29	11.689	20	8.090	15	0.800	3	0.800	2	44.132	82	1.42%
125	9.268	19	2.733	13	2.550	9	2.800	3	2.800	2	23.261	58	4.96%
150	11.731	28	3.615	16	8.310	24	2.085	8	2.085	6	39.021	107	3.69%
175	17.506	44	12.008	30	15.096	33	1.939	7	1.939	4	55.442	134	3.43%
200	12.927	37	15.610	33	16.775	23	6.995	15	6.995	7	66.082	135	12.38%
225	19.508	60	7.673	23	9.795	27	8.621	23	8.621	10	52.896	164	15.26%
250	12.821	56	10.408	44	23.625	50	2.718	17	2.718	9	52.676	189	4.81%
275	13.239	41	9.035	27	30.936	36	1.857	14	1.857	8	58.057	140	3.29%
300	8.175	37	8.446	50	16.413	38	2.715	6	2.715	3	37.400	142	4.81%
325 bps and upwards	16.435	108	13.230	95	17.493	99	5.216	36	5.216	18	68.269	407	9.25%
Fixed rate	0.947	4	0.183	3	0.845	5	0	0	0	0	2.522	15	0.00%
NA	42.491	111	17.721	76	20.091	78	20.752	52	20.752	28	111.842	361	36.73%
Other	0	0	0.210	1	0	0	0	0	0	0	0.210	1	0.00%
Prime based	0.110	3	0.160	3	0.075	1	0	0	0	0	0.462	10	0.00%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Upsized?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Yes	1.738	8.665	8.925	6.250	26.550	1.185	0.525	1.755	3.895	14.567	4.760	8.408
No	34.291	42.420	35.518	48.879	52.425	40.138	27.288	39.412	70.057	53.510	19.956	47.960
Downsized	1.810	3.125	0.675	0.455	1.232	0.505	0	1.913	0	3.350	0	0.130
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	41.724	39	3.465	10	23.222	21	8.408	13	8.408	3	87.222	99	14.88%
No	136.821	525	106.838	412	143.523	411	47.960	170	47.960	84	511.854	1802	84.89%
Downsized	2.362	13	2.418	12	3.350	6	0.130	1	0.130	1	13.195	44	0.23%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Flex?
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Down	6.295	18.563	12.342	4.056	1.860	1.455	1.350	10.650	15.430	16.919	9.239	13.810
No	27.879	35.437	30.425	44.349	66.006	30.895	25.063	29.798	54.077	51.603	13.707	42.528
Up	3.665	0.210	2.350	7.178	12.341	9.477	1.400	2.632	4.445	2.905	1.770	0.160
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Down	18.259	48	13.455	40	41.588	77	13.810	31	13.810	2	111.970	257	24.44%
No	140.780	473	85.757	348	119.388	331	42.528	152	42.528	86	451.769	1550	75.27%
Up	21.869	56	13.509	46	9.120	30	0.160	1	0.160	1	48.533	138	0.28%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Type
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Revolver	14.520	20.240	11.970	18.455	44.963	15.211	7.183	14.085	21.370	26.705	5.640	11.695
TLA	1.475	0.912	3.819	5.517	1.133	0.810	2.145	5.058	4.598	4.430	0.110	0.750
Term	12.761	12.750	13.049	9.488	15.354	10.155	10.036	12.082	19.981	16.293	6.330	12.918
Institutional	7.866	16.235	12.083	19.778	13.664	11.785	6.166	8.662	26.036	18.631	7.883	26.490
Second/third/junior lien	1.005	1.790	1.825	1.550	2.714	2.458	1.205	2.921	1.395	3.498	3.938	2.409
Delayed draw	0.050	1.692	2.252	0.470	1.295	0.785	0.410	0.165	0.289	0.410	0.250	0.695
LoC	0.162	0.590	0.120	0.325	1.085	0.625	0.669	0.108	0.284	1.460	0.565	1.540
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	75.388	245	36.479	188	53.715	175	11.695	70	11.695	68	212.037	818	20.70%
TLA	10.469	16	8.013	11	9.137	12	0.750	2	0.750	2	30.757	49	1.33%
Term	37.891	122	32.272	96	42.604	107	12.918	39	12.918	9	151.196	442	22.86%
Institutional	45.524	108	26.612	73	52.550	68	26.490	37	26.490	7	175.278	334	46.89%
Second/third/junior lien	6.088	53	6.583	46	8.831	42	2.409	20	2.409	1	26.707	185	4.26%
Delayed draw	4.017	18	1.360	13	0.949	11	0.695	5	0.695	1	8.763	56	1.23%
LoC	1.530	15	1.402	7	2.309	23	1.540	11	1.540	2	7.532	61	2.73%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Moody's Rating
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Baa3	0	0	0	0	0	0	0	0	0	4.322	0.225	0
Ba1	0	0.650	4.050	3.250	0.300	1.150	0	2.750	0.850	1.112	2.000	1.700
Ba2	2.665	5.335	0.500	4.175	4.225	2.010	6.625	4.785	10.290	4.824	2.050	5.120
Ba3	3.120	8.515	5.280	2.820	6.340	3.138	2.075	9.614	10.863	28.788	9.154	9.206
B1	2.683	6.520	7.051	7.713	7.168	12.204	0.135	2.880	6.430	1.965	2.815	5.275
B2	6.706	4.925	14.869	9.658	8.483	2.175	0.530	1.193	5.210	2.195	2.035	3.360
B3	0.651	0.635	0.669	1.543	1.445	1.170	0	1.065	0.780	4.080	1.090	0.185
Caa1	0.120	0.415	1.173	0.485	0.725	0.743	0.325	0.635	0.520	0.515	0.117	0.961
Caa2	0.115	0.040	0	0	0.019	0	0	0.062	0.210	0	0	0.100
NR	21.779	27.175	11.526	25.940	51.502	19.239	18.123	20.096	38.800	23.626	5.231	30.591
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	4.547	4	0	0	0	0	4.547	4	0.00%
Ba1	7.600	10	3.900	4	3.962	7	1.700	4	1.700	3	17.812	27	3.01%
Ba2	8.900	14	13.420	31	17.164	28	5.120	8	5.120	4	52.604	99	9.06%
Ba3	14.440	49	14.827	42	48.804	69	9.206	22	9.206	9	98.912	208	16.29%
B1	21.932	84	15.219	48	11.210	54	5.275	15	5.275	8	62.839	249	9.34%
B2	33.010	76	3.898	31	9.440	28	3.360	9	3.360	4	61.339	178	5.95%
B3	3.657	32	2.235	14	5.950	17	0.185	1	0.185	1	13.313	74	0.33%
Caa1	2.383	15	1.702	15	1.152	11	0.961	5	0.961	1	6.734	53	1.70%
Caa2	0.019	1	0.062	1	0.210	2	0.100	1	0.100	1	0.546	7	0.18%
NR	88.967	296	57.458	248	67.656	218	30.591	119	30.591	58	293.626	1046	54.15%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Use of Proceeds
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Acquisition	6.631	7.990	12.308	23.065	12.227	8.117	8.709	15.705	7.321	14.688	10.174	6.625
Capex	1.436	1.107	0.467	0.225	0.437	2.179	0.393	0.950	0.920	1.335	0	0
Dividend/recap	1.541	3.600	0.961	3.683	3.024	2.415	0.518	1.426	4.055	2.610	3.350	6.140
Exit financing	0	0	0.215	0.133	3.175	0.795	0.125	1.100	0.840	0	0.175	0.975
GCP	10.190	10.650	4.754	5.710	37.547	5.236	5.217	5.493	5.405	24.923	5.870	4.751
LBO	2.550	9.065	6.107	2.692	7.132	11.549	2.491	6.240	29.270	13.066	1.047	23.047
Refinance	11.591	15.857	17.506	14.541	11.790	7.015	5.458	8.091	15.347	13.155	3.220	10.140
Multiple/Other/NA	3.900	5.940	2.800	5.534	4.875	4.521	4.903	4.075	10.795	1.650	0.880	4.820
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	47.601	62	32.531	51	32.183	48	6.625	16	6.625	16	133.560	208	11.73%
Capex	1.129	5	3.522	9	2.255	5	0	0	0	0	9.450	25	0.00%
Dividend/recap	7.667	22	4.359	12	10.015	17	6.140	9	6.140	9	33.322	66	10.87%
Exit financing	3.523	4	2.020	5	1.015	3	0.975	2	0.975	2	7.533	14	1.73%
GCP	48.011	79	15.946	51	36.198	54	4.751	14	4.751	14	125.745	247	8.41%
LBO	15.931	35	20.280	37	43.383	36	23.047	24	23.047	24	114.257	157	40.79%
Refinance	43.837	79	20.564	40	31.722	52	10.140	16	10.140	16	133.711	225	17.95%
Multiple/Other/NA	13.209	24	13.499	21	13.325	16	4.820	7	4.820	7	54.693	84	8.53%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	1025	100.00%
Industry Sector (by SIC code)
	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007
Agriculture (0xxx)	0.338	1.400	0	0	0	0	0	0.138	0	0	0	0.525
Mining (1xxx)	0	0	0	0	2.715	0.465	0.175	3.177	0	0.335	0.125	0
Oil and gas (13xx)	2.215	3.592	4.785	1.165	1.816	2.600	1.850	3.915	1.275	1.445	1.280	0.530
Construction (15xx)	1.110	0.525	0.400	1.609	3.175	0.420	1.067	0.535	1.350	0.275	0.310	1.030
Manufacturing (2xxx, 3xxx)	5.659	12.473	12.861	22.529	23.326	17.303	17.308	9.831	20.212	43.702	11.414	16.779
Transportation (4xxx)	2.050	4.438	0.726	0	0.660	1.475	1.350	4.628	0.570	0.130	0.712	2.525
Communications (48xx)	4.853	7.685	13.652	7.063	5.030	2.270	0.493	4.145	2.660	0.535	0.875	11.950
Electric, gas, sanitary services (49xx)	0.750	5.735	1.964	3.599	2.010	3.900	0.778	1.603	2.052	5.595	2.200	2.715
Wholesale (5xxx)	3.495	7.885	2.881	5.999	5.022	4.123	1.210	3.465	8.185	2.954	2.400	7.170
Finance, insurance, real estate (6xxx)	2.380	3.035	3.775	3.400	23.175	1.785	0.705	2.440	2.485	4.611	0.375	2.650
Services (7xxx)	7.461	4.345	3.679	7.784	10.675	7.072	2.222	6.946	17.458	10.580	4.426	5.459
Health services (8xxx)	7.529	3.097	0.395	2.435	2.602	0.415	0.655	2.257	17.706	1.265	0.600	5.165
Total	37.839	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	56.498
	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.138	1	0	0	0.525	2	0.525	2	2.401	6	0.93%
Mining (1xxx)	2.715	5	3.817	4	0.460	3	0	0	0	0	6.992	12	0.00%
Oil and gas (13xx)	7.766	22	8.365	15	4.000	12	0.530	3	0.530	3	26.468	63	0.94%
Construction (15xx)	5.184	10	2.022	8	1.935	7	1.030	1	1.030	1	11.807	32	1.82%
Manufacturing (2xxx, 3xxx)	58.715	110	44.442	79	75.327	83	16.779	32	16.779	32	213.394	355	29.70%
Transportation (4xxx)	1.387	9	7.453	9	1.412	6	2.525	3	2.525	3	19.265	34	4.47%
Communications (48xx)	25.745	27	6.908	15	4.070	9	11.950	9	11.950	9	61.211	69	21.15%
Electric, gas, sanitary services (49xx)	7.573	12	6.281	12	9.847	12	2.715	5	2.715	5	32.901	51	4.81%
Wholesale (5xxx)	13.902	31	8.798	23	13.539	25	7.170	9	7.170	9	54.790	106	12.69%
Finance, insurance, real estate (6xxx)	30.350	20	4.930	18	7.471	17	2.650	3	2.650	3	50.816	75	4.69%
Services (7xxx)	22.138	42	16.239	31	32.464	44	5.459	14	5.459	14	88.107	155	9.66%
Health services (8xxx)	5.432	22	3.328	10	19.570	13	5.165	6	5.165	6	44.121	67	9.14%
Total	180.908	310	112.721	225	170.095	231	56.498	87	56.498	87	612.271	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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