Analysis of bank loan issuance for 12 months through February 2007

Total: $123.634 billion in 187 deals year to date

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

Rate (L+)

	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Below 125 bps	5.800	6.384	1.479	7.890	3.641	0.450	7.598	1.965	5.925	0.200	1.650	1.590
125	1.975	0.300	6.478	2.490	1.660	0.925	0.148	1.225	1.000	0.325	3.500	0.400
150	9.090	1.655	6.366	3.710	1.010	0.865	1.740	3.080	4.050	1.180	3.370	4.300
175	6.940	7.666	6.080	3.760	3.385	3.760	4.863	6.692	7.929	0.475	5.794	15.360
200	9.065	4.545	4.386	3.996	3.085	8.271	4.255	6.375	8.885	1.515	7.800	9.870
225	4.285	5.607	7.032	6.869	2.317	1.900	3.455	3.320	3.077	3.398	10.463	7.050
250	1.280	2.377	5.639	4.806	2.800	1.382	6.227	14.476	4.740	4.410	3.013	5.475
275	1.630	6.325	3.614	3.300	6.660	0.890	1.485	13.565	12.525	4.846	2.092	2.677
300	0.945	0.452	4.607	3.115	6.162	0.970	1.314	6.572	8.447	1.395	1.086	0.723
325 bps and upwards	7.377	2.762	3.735	9.937	5.450	2.633	5.148	3.355	9.590	4.548	6.416	6.868
Fixed rate	0.212	0.444	0.503	0	0.080	0.103	0	0.180	0.400	0.265	0	0.141
NA	5.492	6.601	5.565	30.325	5.578	5.580	6.563	13.147	4.859	2.085	4.186	19.736
Other	0	0	0	0	0	0	0.210	0	0	0	0	0
Prime based	0.117	0	0.100	0.010	0	0.085	0.075	0	0	0.075	0	0.075
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	3.240	9	3.240	8	44.572	86	2.62%
125	9.268	19	2.733	13	2.550	9	3.900	5	3.900	4	20.426	51	3.15%
150	11.731	28	3.615	16	8.310	24	7.670	22	7.670	16	40.416	111	6.20%
175	17.506	44	12.008	30	15.096	33	21.154	23	21.154	8	72.704	147	17.11%
200	12.927	37	15.610	33	16.775	23	17.670	28	17.670	16	72.047	139	14.29%
225	19.508	60	7.673	23	9.795	27	17.513	65	17.513	28	58.773	192	14.17%
250	12.821	56	10.408	44	23.625	50	8.488	32	8.488	17	56.623	194	6.87%
275	13.239	41	9.035	27	30.936	36	4.769	23	4.769	14	59.609	141	3.86%
300	8.175	37	8.446	50	16.413	38	1.809	13	1.809	8	35.788	145	1.46%
325 bps and upwards	16.435	108	13.230	95	17.493	99	13.284	86	13.284	38	67.819	424	10.74%
Fixed rate	0.947	4	0.183	3	0.845	5	0.141	4	0.141	1	2.328	18	0.11%
NA	42.491	111	17.721	76	20.091	78	23.921	63	23.921	42	109.717	358	19.35%
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	0.075	1	0.075	1	0.537	11	0.06%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Upsized?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Yes	8.665	8.925	6.250	26.550	1.185	0.525	1.755	3.895	14.567	4.760	11.890	11.765
No	42.420	35.518	48.879	52.425	40.138	27.288	39.412	70.057	53.510	19.956	37.350	62.499
Downsized	3.125	0.675	0.455	1.232	0.505	0	1.913	0	3.350	0	0.130	0
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	23.655	32	23.655	12	100.731	113	19.13%
No	136.821	525	106.838	412	143.523	411	99.849	341	99.849	175	529.452	1863	80.76%
Downsized	2.362	13	2.418	12	3.350	6	0.130	1	0.130	1	11.385	42	0.11%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Flex?
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Down	18.563	12.342	4.056	1.860	1.455	1.350	10.650	15.430	16.919	9.239	19.757	14.321
No	35.437	30.425	44.349	66.006	30.895	25.063	29.798	54.077	51.603	13.707	29.133	59.793
Up	0.210	2.350	7.178	12.341	9.477	1.400	2.632	4.445	2.905	1.770	0.480	0.150
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	34.078	89	34.078	18	125.943	299	27.56%
No	140.780	473	85.757	348	119.388	331	88.926	279	88.926	166	470.288	1579	71.93%
Up	21.869	56	13.509	46	9.120	30	0.630	6	0.630	3	45.338	140	0.51%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Type
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Revolver	20.240	11.970	18.455	44.963	15.211	7.183	14.085	21.370	26.705	5.640	12.005	15.303
TLA	0.912	3.819	5.517	1.133	0.810	2.145	5.058	4.598	4.430	0.110	0.750	2.680
Term	12.750	13.049	9.488	15.354	10.155	10.036	12.082	19.981	16.293	6.330	12.584	22.593
Institutional	16.235	12.083	19.778	13.664	11.785	6.166	8.662	26.036	18.631	7.883	19.887	28.608
Second/third/junior lien	1.790	1.825	1.550	2.714	2.458	1.205	2.921	1.395	3.498	3.938	2.325	2.988
Delayed draw	1.692	2.252	0.470	1.295	0.785	0.410	0.165	0.289	0.410	0.250	0.255	1.673
LoC	0.590	0.120	0.325	1.085	0.625	0.669	0.108	0.284	1.460	0.565	1.565	0.420
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	27.308	144	27.308	138	213.130	845	22.09%
TLA	10.469	16	8.013	11	9.137	12	3.430	6	3.430	2	31.962	50	2.77%
Term	37.891	122	32.272	96	42.604	107	35.177	82	35.177	32	160.693	448	28.45%
Institutional	45.524	108	26.612	73	52.550	68	48.495	73	48.495	16	189.417	352	39.22%
Second/third/junior lien	6.088	53	6.583	46	8.831	42	5.312	38	5.312	1	28.605	194	4.30%
Delayed draw	4.017	18	1.360	13	0.949	11	1.927	13	1.927	1	9.945	63	1.56%
LoC	1.530	15	1.402	7	2.309	23	1.985	18	1.985	3	7.816	66	1.61%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Moody's Rating
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Baa3	0	0	0	0	0	0	0	0	4.322	0.225	0	1.500
Ba1	0.650	4.050	3.250	0.300	1.150	0	2.750	0.850	1.112	2.000	1.700	0.700
Ba2	5.335	0.500	4.175	4.225	2.010	6.625	4.785	10.290	4.824	2.050	5.320	12.729
Ba3	8.515	5.280	2.820	6.340	3.138	2.075	9.614	10.863	28.788	9.154	10.063	13.445
B1	6.520	7.051	7.713	7.168	12.204	0.135	2.880	6.430	1.965	3.035	6.910	14.525
B2	4.925	14.869	9.658	8.483	2.175	0.530	1.193	5.210	2.195	2.035	4.865	2.705
B3	0.635	0.669	1.543	1.445	1.170	0	1.065	0.780	4.080	1.090	0.150	0.215
Caa1	0.415	1.173	0.485	0.725	0.743	0.325	0.635	0.520	0.515	0.167	1.736	1.000
Caa2	0.040	0	0	0.019	0	0	0.062	0.210	0	0	0.100	0.795
NR	27.175	11.526	25.940	51.502	19.239	18.123	20.096	38.800	23.626	4.960	18.526	26.651
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	1.500	1	1.500	1	6.047	5	1.21%
Ba1	7.600	10	3.900	4	3.962	7	2.400	5	2.400	4	18.512	28	1.94%
Ba2	8.900	14	13.420	31	17.164	28	18.049	23	18.049	12	62.867	108	14.60%
Ba3	14.440	49	14.827	42	48.804	69	23.508	47	23.508	21	110.094	226	19.01%
B1	21.932	84	15.219	48	11.430	56	21.435	49	21.435	25	76.536	269	17.34%
B2	33.010	76	3.898	31	9.440	28	7.570	24	7.570	9	58.843	175	6.12%
B3	3.657	32	2.235	14	5.950	17	0.365	4	0.365	1	12.842	73	0.30%
Caa1	2.383	15	1.702	15	1.202	12	2.736	15	2.736	4	8.438	62	2.21%
Caa2	0.019	1	0.062	1	0.210	2	0.895	3	0.895	1	1.226	8	0.72%
NR	88.967	296	57.458	248	67.386	215	45.177	203	45.177	113	286.163	1064	36.54%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Use of Proceeds
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Acquisition	7.990	12.308	23.065	12.227	8.117	8.709	15.705	7.321	14.688	10.174	6.635	24.710
Capex	1.107	0.467	0.225	0.437	2.179	0.393	0.950	0.920	1.335	0	0	1.982
Dividend/recap	3.600	0.961	3.683	3.024	2.415	0.518	1.426	4.055	2.610	3.350	6.225	2.744
Exit financing	0	0.215	0.133	3.175	0.795	0.125	1.100	0.840	0	0.175	0.975	0
GCP	10.650	4.754	5.710	37.547	5.236	5.217	5.493	5.405	24.923	5.870	5.841	8.523
LBO	9.065	6.107	2.692	7.132	11.549	2.491	6.240	29.270	13.066	1.047	14.729	12.773
Refinance	15.857	17.506	14.541	11.790	7.015	5.458	8.091	15.347	13.155	3.220	10.095	21.913
Multiple/Other/NA	5.940	2.800	5.534	4.875	4.521	4.903	4.075	10.795	1.650	0.880	4.870	1.620
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	31.345	36	31.345	36	151.649	214	25.35%
Capex	1.129	5	3.522	9	2.255	5	1.982	11	1.982	11	9.996	33	1.60%
Dividend/recap	7.667	22	4.359	12	10.015	17	8.969	17	8.969	17	34.610	70	7.25%
Exit financing	3.523	4	2.020	5	1.015	3	0.975	2	0.975	2	7.533	14	0.79%
GCP	48.011	79	15.946	51	36.198	54	14.364	29	14.364	29	125.169	245	11.62%
LBO	15.931	35	20.280	37	43.383	36	27.503	36	27.503	36	116.162	164	22.25%
Refinance	43.837	79	20.564	40	31.722	52	32.008	42	32.008	42	143.987	235	25.89%
Multiple/Other/NA	13.209	24	13.499	21	13.325	16	6.490	14	6.490	14	52.463	83	5.25%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	100.00%
Industry Sector (by SIC code)
	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007
Agriculture (0xxx)	1.400	0	0	0	0	0	0.138	0	0	0	0.525	0
Mining (1xxx)	0	0	0	2.715	0.465	0.175	3.177	0	0.335	0.125	0	11.960
Oil and gas (13xx)	3.592	4.785	1.165	1.816	2.600	1.850	3.915	1.275	1.445	1.280	1.280	2.665
Construction (15xx)	0.525	0.400	1.609	3.175	0.420	1.067	0.535	1.350	0.275	0.310	1.030	0.200
Manufacturing (2xxx, 3xxx)	12.473	12.861	22.529	23.326	17.303	17.308	9.831	20.212	43.702	11.414	17.128	15.675
Transportation (4xxx)	4.438	0.726	0	0.660	1.475	1.350	4.628	0.570	0.130	0.712	2.480	0.650
Communications (48xx)	7.685	13.652	7.063	5.030	2.270	0.493	4.145	2.660	0.535	0.875	3.770	21.960
Electric, gas, sanitary services (49xx)	5.735	1.964	3.599	2.010	3.900	0.778	1.603	2.052	5.595	2.200	2.715	11.104
Wholesale (5xxx)	7.885	2.881	5.999	5.022	4.123	1.210	3.465	8.185	2.954	2.400	7.168	1.555
Finance, insurance, real estate (6xxx)	3.035	3.775	3.400	23.175	1.785	0.705	2.440	2.485	4.611	0.375	2.650	2.358
Services (7xxx)	4.345	3.679	7.784	10.675	7.072	2.222	6.946	17.458	10.580	4.426	5.459	5.872
Health services (8xxx)	3.097	0.395	2.435	2.602	0.415	0.655	2.257	17.706	1.265	0.600	5.165	0.266
Total	54.210	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	49.370	74.264
	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	2.063	4	0.42%
Mining (1xxx)	2.715	5	3.817	4	0.460	3	11.960	3	11.960	3	18.952	15	9.67%
Oil and gas (13xx)	7.766	22	8.365	15	4.000	12	3.945	9	3.945	9	27.668	67	3.19%
Construction (15xx)	5.184	10	2.022	8	1.935	7	1.230	3	1.230	3	10.897	30	0.99%
Manufacturing (2xxx, 3xxx)	58.715	110	44.442	79	75.327	83	32.804	67	32.804	67	223.761	375	26.53%
Transportation (4xxx)	1.387	9	7.453	9	1.412	6	3.130	4	3.130	4	17.820	34	2.53%
Communications (48xx)	25.745	27	6.908	15	4.070	9	25.730	21	25.730	21	70.138	76	20.81%
Electric, gas, sanitary services (49xx)	7.573	12	6.281	12	9.847	12	13.819	16	13.819	16	43.254	61	11.18%
Wholesale (5xxx)	13.902	31	8.798	23	13.539	25	8.723	17	8.723	17	52.847	108	7.06%
Finance, insurance, real estate (6xxx)	30.350	20	4.930	18	7.471	17	5.008	6	5.008	6	50.794	71	4.05%
Services (7xxx)	22.138	42	16.239	31	32.464	44	11.331	31	11.331	31	86.518	158	9.16%
Health services (8xxx)	5.432	22	3.328	10	19.570	13	5.431	8	5.431	8	36.857	59	4.39%
Total	180.908	310	112.721	225	170.095	231	123.634	187	123.634	187	641.568	1058	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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