Analysis of bank loan issuance for 12 months through March 2007

Total: $206.233 billion in 302 deals year to date

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

Rate (L+)

	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Below 125 bps	6.384	1.479	7.890	3.641	0.450	7.598	1.965	5.925	0.200	1.650	1.590	2.000
125	0.300	6.478	2.490	1.660	0.925	0.148	1.225	1.000	0.325	3.500	0.400	3.360
150	1.655	6.366	3.710	1.010	0.865	1.740	3.080	5.050	1.180	3.370	11.059	10.100
175	7.666	6.080	3.760	3.385	3.760	4.863	6.692	7.929	0.475	5.794	11.280	7.558
200	4.545	4.386	3.996	3.085	8.271	4.255	6.375	8.885	1.515	7.800	11.390	9.920
225	5.607	7.032	6.869	2.317	1.900	3.455	3.320	3.077	3.398	10.763	20.622	9.828
250	2.377	5.639	4.806	2.800	1.382	6.227	14.476	4.740	4.410	3.163	3.235	3.348
275	6.325	3.614	3.300	6.660	0.890	1.485	13.565	12.525	4.846	2.092	1.680	5.157
300	0.452	4.607	3.115	6.162	0.970	1.314	6.572	8.447	1.395	1.086	2.018	1.135
	2.762	3.735	9.937	5.450	2.633	5.148	3.355	9.590	4.548	6.780	7.253	8.090
Fixed rate	0.444	0.503	0	0.080	0.103	0	0.180	0.400	0.265	0	0.141	0.850
NA	6.601	5.565	30.325	5.578	5.580	6.563	13.147	3.859	2.085	2.772	5.172	19.853
Other	0	0	0	0	0	0.210	0	0	0	0	0	0.350
Prime based	0	0.100	0.010	0	0.085	0.075	0	0	0.075	0	0.075	0
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	5.240	13	5.240	11	40.772	77	2.54%
125	9.268	19	2.733	13	2.550	9	7.260	11	7.260	9	21.811	52	3.52%
150	11.731	28	3.615	16	9.310	25	24.529	50	24.529	30	49.185	119	11.89%
175	17.506	44	12.008	30	15.096	33	24.632	38	24.632	18	69.242	145	11.94%
200	12.927	37	15.610	33	16.775	23	29.110	59	29.110	27	74.422	152	14.12%
225	19.508	60	7.673	23	9.795	27	41.213	94	41.213	43	78.188	204	19.98%
250	12.821	56	10.408	44	23.625	50	9.746	41	9.746	23	56.601	191	4.73%
275	13.239	41	9.035	27	30.936	36	8.929	40	8.929	21	62.139	144	4.33%
300	8.175	37	8.446	50	16.413	38	4.239	25	4.239	14	37.273	150	2.06%
17850	16.435	108	13.230	95	17.493	99	22.123	128	22.123	54	69.281	430	10.70%
Fixed rate	0.947	4	0.183	3	0.845	5	0.991	6	0.991	3	2.965	18	0.48%
NA	42.491	111	17.721	76	19.091	77	27.797	99	27.797	64	107.100	363	13.48%
Other	0	0	0.210	1	0	0	0.350	1	0.350	1	0.560	2	0.17%
Prime based	0.110	3	0.160	3	0.075	1	0.075	1	0.075	1	0.420	8	0.04%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Upsized?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Yes	8.925	6.250	26.550	1.185	0.525	1.755	3.895	14.567	4.760	11.890	16.195	7.130
No	35.518	48.879	52.425	40.138	27.288	39.412	70.057	53.510	19.956	36.750	59.529	73.544
Downsized	0.675	0.455	1.232	0.505	0	1.913	0	3.350	0	0.130	0.190	0.875
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	35.215	54	35.215	19	103.626	124	17.08%
No	136.821	525	106.838	412	143.523	411	169.823	545	169.823	284	557.006	1893	82.35%
Downsized	2.362	13	2.418	12	3.350	6	1.195	7	1.195	1	9.325	38	0.58%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Flex?
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Down	12.342	4.056	1.860	1.455	1.350	10.650	15.430	16.919	9.239	19.757	24.201	10.325
No	30.425	44.349	66.006	30.895	25.063	29.798	54.077	51.603	13.707	28.533	49.088	61.890
Up	2.350	7.178	12.341	9.477	1.400	2.632	4.445	2.905	1.770	0.480	2.625	9.334
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	54.283	140	54.283	29	127.585	305	26.32%
No	140.780	473	85.757	348	119.388	331	139.511	448	139.511	268	485.435	1600	67.65%
Up	21.869	56	13.509	46	9.120	30	12.439	18	12.439	6	56.937	150	6.03%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Type
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Revolver	11.970	18.455	44.963	15.211	7.183	14.085	21.370	26.705	5.640	11.955	15.923	24.300
TLA	3.819	5.517	1.133	0.810	2.145	5.058	4.598	4.430	0.110	0.750	2.730	1.620
Term	13.049	9.488	15.354	10.155	10.036	12.082	19.981	16.293	6.330	12.584	22.418	28.541
Institutional	12.083	19.778	13.664	11.785	6.166	8.662	26.036	18.631	7.883	19.887	28.805	15.661
Second/third/junior lien	1.825	1.550	2.714	2.458	1.205	2.921	1.395	3.498	3.938	2.325	3.313	6.962
Delayed draw	2.252	0.470	1.295	0.785	0.410	0.165	0.289	0.410	0.250	0.255	2.353	2.045
LoC	0.120	0.325	1.085	0.625	0.669	0.108	0.284	1.460	0.565	1.015	0.373	2.420
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	52.178	230	52.178	219	217.760	838	25.30%
TLA	10.469	16	8.013	11	9.137	12	5.100	8	5.100	2	32.720	47	2.47%
Term	37.891	122	32.272	96	42.604	107	63.542	144	63.542	52	176.309	469	30.81%
Institutional	45.524	108	26.612	73	52.550	68	64.353	101	64.353	24	189.040	350	31.20%
Second/third/junior lien	6.088	53	6.583	46	8.831	42	12.600	70	12.600	7	34.102	211	6.11%
Delayed draw	4.017	18	1.360	13	0.949	11	4.652	23	4.652	1	10.979	65	2.26%
LoC	1.530	15	1.402	7	2.309	23	3.808	30	3.808	2	9.048	75	1.85%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Moody's Rating
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Baa3	0	0	0	0	0	0	0	4.322	0.225	0	0.500	0
Ba1	4.050	3.250	0.300	1.150	0	2.750	0.850	1.112	2.000	1.700	2.785	4.320
Ba2	0.500	4.175	4.225	2.010	6.625	4.785	10.290	4.824	2.050	5.320	13.709	4.095
Ba3	5.280	2.820	6.340	3.138	2.075	9.614	10.863	28.788	9.154	8.453	13.495	22.763
B1	7.051	7.713	7.168	12.204	0.135	2.880	6.430	1.965	3.035	8.520	17.560	8.009
B2	14.869	9.658	8.483	2.175	0.530	1.193	5.210	2.195	2.035	4.865	2.965	5.738
B3	0.669	1.543	1.445	1.170	0	1.065	0.780	4.080	1.090	0.150	0.215	2.120
Caa1	1.173	0.485	0.725	0.743	0.325	0.635	0.520	0.515	0.167	1.736	1.275	0.955
Caa2	0	0	0.019	0	0	0.062	0.210	0	0	0.100	0.795	0.235
NR	11.526	25.940	51.502	19.239	18.123	20.096	38.800	23.626	4.960	17.926	22.616	33.314
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	0.500	1	0.500	1	5.047	5	0.24%
Ba1	7.600	10	3.900	4	3.962	7	8.805	17	8.805	9	24.267	38	4.27%
Ba2	8.900	14	13.420	31	17.164	28	23.123	36	23.123	16	62.608	109	11.21%
Ba3	14.440	49	14.827	42	48.804	69	44.711	80	44.711	32	122.782	240	21.68%
B1	21.932	84	15.219	48	11.430	56	34.089	72	34.089	36	82.669	260	16.53%
B2	33.010	76	3.898	31	9.440	28	13.568	37	13.568	16	59.916	172	6.58%
B3	3.657	32	2.235	14	5.950	17	2.485	11	2.485	4	14.327	74	1.20%
Caa1	2.383	15	1.702	15	1.202	12	3.966	22	3.966	5	9.254	64	1.92%
Caa2	0.019	1	0.062	1	0.210	2	1.130	4	1.130	2	1.421	8	0.55%
NR	88.967	296	57.458	248	67.386	215	73.856	326	73.856	184	287.667	1085	35.81%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Use of Proceeds
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Acquisition	12.308	23.065	12.227	8.117	8.709	15.705	7.321	14.688	10.174	6.635	25.435	8.420
Capex	0.467	0.225	0.437	2.179	0.393	0.950	0.920	1.335	0	0	2.142	2.050
Dividend/recap	0.961	3.683	3.024	2.415	0.518	1.426	4.055	2.610	3.350	6.225	2.869	9.805
Exit financing	0.215	0.133	3.175	0.795	0.125	1.100	0.840	0	0.175	0.975	0	2.590
GCP	4.754	5.710	37.547	5.236	5.217	5.493	5.405	24.923	5.870	5.791	8.923	5.980
LBO	6.107	2.692	7.132	11.549	2.491	6.240	29.270	13.066	1.047	14.729	12.868	21.673
Refinance	17.506	14.541	11.790	7.015	5.458	8.091	15.347	13.155	3.220	10.095	22.038	23.042
Multiple/Other/NA	2.800	5.534	4.875	4.521	4.903	4.075	10.795	1.650	0.880	4.320	1.640	7.989
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	40.489	55	40.489	55	152.804	216	19.63%
Capex	1.129	5	3.522	9	2.255	5	4.192	13	4.192	13	11.098	32	2.03%
Dividend/recap	7.667	22	4.359	12	10.015	17	18.898	30	18.898	30	40.940	81	9.16%
Exit financing	3.523	4	2.020	5	1.015	3	3.565	4	3.565	4	10.123	16	1.73%
GCP	48.011	79	15.946	51	36.198	54	20.694	46	20.694	46	120.849	230	10.03%
LBO	15.931	35	20.280	37	43.383	36	49.270	56	49.270	56	128.865	164	23.89%
Refinance	43.837	79	20.564	40	31.722	52	55.175	75	55.175	75	151.297	246	26.75%
Multiple/Other/NA	13.209	24	13.499	21	13.325	16	13.949	25	13.949	25	53.982	85	6.76%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	100.00%
Industry Sector (by SIC code)
	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007
Agriculture (0xxx)	0	0	0	0	0	0.138	0	0	0	0.525	0	0
Mining (1xxx)	0	0	2.715	0.465	0.175	3.177	0	0.335	0.125	0	11.960	0.200
Oil and gas (13xx)	4.785	1.165	1.816	2.600	1.850	3.915	1.275	1.445	1.280	1.280	2.665	7.250
Construction (15xx)	0.400	1.609	3.175	0.420	1.067	0.535	1.350	0.275	0.310	1.030	0.200	0
Manufacturing (2xxx, 3xxx)	12.861	22.529	23.326	17.303	17.308	9.831	20.212	43.702	11.414	17.128	16.295	30.371
Transportation (4xxx)	0.726	0	0.660	1.475	1.350	4.628	0.570	0.130	0.712	2.480	0.650	5.010
Communications (48xx)	13.652	7.063	5.030	2.270	0.493	4.145	2.660	0.535	0.875	3.770	22.185	2.240
Electric, gas, sanitary services (49xx)	1.964	3.599	2.010	3.900	0.778	1.603	2.052	5.595	2.200	2.715	11.104	7.975
Wholesale (5xxx)	2.881	5.999	5.022	4.123	1.210	3.465	8.185	2.954	2.400	7.168	1.555	7.835
Finance, insurance, real estate (6xxx)	3.775	3.400	23.175	1.785	0.705	2.440	2.485	4.611	0.375	2.050	2.458	7.145
Services (7xxx)	3.679	7.784	10.675	7.072	2.222	6.946	17.458	10.580	4.426	5.459	6.577	11.760
Health services (8xxx)	0.395	2.435	2.602	0.415	0.655	2.257	17.706	1.265	0.600	5.165	0.266	1.763
Total	45.118	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.914	81.549
	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	0.663	3	0.25%
Mining (1xxx)	2.715	5	3.817	4	0.460	3	12.160	4	12.160	4	19.152	16	5.90%
Oil and gas (13xx)	7.766	22	8.365	15	4.000	12	11.195	18	11.195	18	31.326	67	5.43%
Construction (15xx)	5.184	10	2.022	8	1.935	7	1.230	3	1.230	3	10.372	28	0.60%
Manufacturing (2xxx, 3xxx)	58.715	110	44.442	79	75.327	83	63.794	106	63.794	106	242.279	378	30.93%
Transportation (4xxx)	1.387	9	7.453	9	1.412	6	8.140	9	8.140	9	18.392	33	3.95%
Communications (48xx)	25.745	27	6.908	15	4.070	9	28.195	27	28.195	27	64.918	78	13.67%
Electric, gas, sanitary services (49xx)	7.573	12	6.281	12	9.847	12	21.794	22	21.794	22	45.494	58	10.57%
Wholesale (5xxx)	13.902	31	8.798	23	13.539	25	16.558	30	16.558	30	52.797	109	8.03%
Finance, insurance, real estate (6xxx)	30.350	20	4.930	18	7.471	17	11.653	16	11.653	16	54.404	71	5.65%
Services (7xxx)	22.138	42	16.239	31	32.464	44	23.796	50	23.796	50	94.638	167	11.54%
Health services (8xxx)	5.432	22	3.328	10	19.570	13	7.194	15	7.194	15	35.524	60	3.49%
Total	180.908	310	112.721	225	170.095	231	206.233	302	206.233	302	669.958	1068	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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