Analysis of bank loan issuance for 12 months through April 2007

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

Rate (L+)

	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Below 125 bps	1.479	7.890	3.641	0.450	7.598	1.965	5.925	0.200	1.650	1.590	2.000	5.400
125	6.478	2.490	1.660	0.925	0.148	1.225	1.000	0.325	3.500	0.400	3.360	0.950
150	6.366	3.710	1.010	0.865	1.740	3.080	5.050	1.180	3.370	11.059	10.250	9.210
175	6.080	3.760	3.385	3.760	4.863	6.692	7.929	0.475	5.794	11.280	8.428	10.540
200	4.386	3.996	3.085	8.271	4.255	6.375	8.885	1.515	7.800	11.140	11.560	3.542
225	7.032	6.869	2.317	1.900	3.455	3.320	3.077	3.398	10.763	20.672	13.423	8.956
250	5.639	4.806	2.800	1.382	6.227	14.476	4.740	4.410	3.163	3.235	3.660	13.163
275	3.614	3.300	6.660	0.890	1.485	13.565	12.525	4.846	2.092	1.680	5.365	2.525
300	4.607	3.115	6.162	0.970	1.314	6.572	8.447	1.395	1.086	2.018	4.300	0.933
325 bps and upwards	3.735	9.937	5.450	2.633	5.148	3.355	9.590	4.548	6.780	7.253	9.965	3.125
Fixed rate	0.503	0	0.080	0.103	0	0.180	0.400	0.265	0	0.141	0.850	0
NA	5.565	30.325	5.578	5.580	6.563	13.147	3.859	2.085	2.772	5.122	7.358	15.075
Other	0	0	0	0	0.210	0	0	0	0	0	0.350	0
Prime based	0.100	0.010	0	0.085	0.075	0	0	0.075	0	0.075	0	0
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	11.689	20	8.090	15	5.240	13	5.400	4	10.640	15	39.788	70	3.81%
125	2.733	13	2.550	9	7.260	11	0.950	2	8.210	10	22.461	53	2.95%
150	3.615	16	9.310	25	24.678	56	9.210	13	33.889	39	56.890	128	12.16%
175	12.008	30	15.096	33	25.502	36	10.540	12	36.042	22	72.986	140	12.93%
200	15.610	33	16.775	23	30.500	67	3.542	12	34.043	38	74.810	161	12.21%
225	7.673	23	9.795	27	44.858	99	8.956	28	53.813	58	85.182	221	19.31%
250	10.408	44	23.625	50	10.059	42	13.163	20	23.221	33	67.700	197	8.33%
275	9.035	27	30.936	36	9.138	43	2.525	11	11.663	28	58.547	149	4.18%
300	8.446	50	16.413	38	7.404	27	0.933	12	8.337	19	40.919	157	2.99%
325 bps and upwards	13.230	95	17.493	99	23.998	137	3.125	21	27.122	66	71.517	438	9.73%
Fixed rate	0.183	3	0.845	5	0.991	6	0	0	0.991	3	2.522	16	0.36%
NA	17.721	76	19.091	77	15.252	79	15.075	44	30.327	83	103.029	351	10.88%
Other	0.210	1	0	0	0.350	1	0	0	0.350	1	0.560	2	0.13%
Prime based	0.160	3	0.075	1	0.075	1	0	0	0.075	1	0.420	8	0.03%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Upsized?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Yes	6.250	26.550	1.185	0.525	1.755	3.895	14.567	4.760	11.890	15.945	8.547	2.755
No	48.879	52.425	40.138	27.288	39.412	70.057	53.510	19.956	36.750	59.529	70.887	70.664
Downsized	0.455	1.232	0.505	0	1.913	0	3.350	0	0.130	0.190	1.435	0
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	3.465	10	23.222	21	36.383	59	2.755	5	39.138	21	98.624	119	14.04%
No	106.838	412	143.523	411	167.167	549	70.664	174	237.831	373	589.496	1932	85.33%
Downsized	2.418	12	3.350	6	1.755	10	0	0	1.755	2	9.210	40	0.63%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Flex?
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Down	4.056	1.860	1.455	1.350	10.650	15.430	16.919	9.239	19.757	23.951	12.785	2.630
No	44.349	66.006	30.895	25.063	29.798	54.077	51.603	13.707	28.533	49.088	57.297	69.886
Up	7.178	12.341	9.477	1.400	2.632	4.445	2.905	1.770	0.480	2.625	10.787	0.903
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Down	13.455	40	41.588	77	56.494	145	2.630	7	59.124	30	120.083	296	21.21%
No	85.757	348	119.388	331	134.918	445	69.886	165	204.804	355	520.304	1631	73.48%
Up	13.509	46	9.120	30	13.892	28	0.903	7	14.795	12	56.943	164	5.31%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Type
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Revolver	18.455	44.963	15.211	7.183	14.085	21.370	26.705	5.640	11.955	15.923	23.750	18.628
TLA	5.517	1.133	0.810	2.145	5.058	4.598	4.430	0.110	0.750	2.730	1.895	2.000
Term	9.488	15.354	10.155	10.036	12.082	19.981	16.293	6.330	12.584	22.418	27.254	28.456
Institutional	19.778	13.664	11.785	6.166	8.662	26.036	18.631	7.883	19.887	28.555	15.979	17.938
Second/third/junior lien	1.550	2.714	2.458	1.205	2.921	1.395	3.498	3.938	2.325	3.313	6.872	2.870
Delayed draw	0.470	1.295	0.785	0.410	0.165	0.289	0.410	0.250	0.255	2.353	2.765	3.248
LoC	0.325	1.085	0.625	0.669	0.108	0.284	1.460	0.565	1.015	0.373	2.355	0.280
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	36.479	188	53.715	175	51.628	231	18.628	71	70.256	288	223.868	844	25.21%
TLA	8.013	11	9.137	12	5.375	9	2.000	1	7.375	3	31.176	45	2.65%
Term	32.272	96	42.604	107	62.256	152	28.456	44	90.712	62	190.429	488	32.55%
Institutional	26.612	73	52.550	68	64.421	101	17.938	30	82.358	34	194.962	350	29.55%
Second/third/junior lien	6.583	46	8.831	42	12.509	71	2.870	17	15.380	8	35.057	216	5.52%
Delayed draw	1.360	13	0.949	11	5.372	24	3.248	11	8.620	2	12.695	70	3.09%
LoC	1.402	7	2.309	23	3.743	30	0.280	5	4.023	4	9.143	78	1.44%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Moody's Rating
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Baa3	0	0	0	0	0	0	4.322	0.225	0	0.500	0	0
Ba1	3.250	0.300	1.150	0	2.750	0.850	1.112	2.000	1.700	2.785	4.320	0.150
Ba2	4.175	4.225	2.010	6.625	4.785	10.290	4.824	2.050	5.320	13.709	4.245	10.639
Ba3	2.820	6.340	3.138	2.075	9.614	10.863	28.788	9.154	8.453	13.495	26.463	5.150
B1	7.713	7.168	12.204	0.135	2.880	6.430	1.965	3.035	8.520	17.545	10.770	8.465
B2	9.658	8.483	2.175	0.530	1.193	5.210	2.195	2.035	4.865	2.965	5.563	2.655
B3	1.543	1.445	1.170	0	1.065	0.780	4.080	1.090	0.150	0.215	2.120	0.930
Caa1	0.485	0.725	0.743	0.325	0.635	0.520	0.515	0.167	1.736	1.275	1.070	1.030
Caa2	0	0.019	0	0	0.062	0.210	0	0	0.100	0.795	0.235	0
NR	25.940	51.502	19.239	18.123	20.096	38.800	23.626	4.960	17.926	22.381	26.084	44.400
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	4.547	4	0.500	1	0	0	0.500	1	5.047	5	0.18%
Ba1	3.900	4	3.962	7	8.805	17	0.150	1	8.955	10	20.367	35	3.21%
Ba2	13.420	31	17.164	28	23.273	37	10.639	15	33.913	21	72.897	124	12.17%
Ba3	14.827	42	48.804	69	48.411	85	5.150	17	53.561	42	126.352	246	19.22%
B1	15.219	48	11.430	56	36.835	86	8.465	25	45.300	54	86.829	280	16.25%
B2	3.898	31	9.440	28	13.393	39	2.655	11	16.048	23	47.527	157	5.76%
B3	2.235	14	5.950	17	2.485	11	0.930	4	3.415	5	14.588	69	1.23%
Caa1	1.702	15	1.202	12	4.081	24	1.030	5	5.111	6	9.226	65	1.83%
Caa2	0.062	1	0.210	2	1.130	4	0	0	1.130	2	1.421	8	0.41%
NR	57.458	248	67.386	215	66.391	314	44.400	101	110.791	234	313.077	1102	39.75%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Use of Proceeds
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Acquisition	23.065	12.227	8.117	8.709	15.705	7.321	14.688	10.174	6.635	25.410	8.585	7.832
Capex	0.225	0.437	2.179	0.393	0.950	0.920	1.335	0	0	2.142	2.200	1.650
Dividend/recap	3.683	3.024	2.415	0.518	1.426	4.055	2.610	3.350	6.225	2.869	9.580	5.087
Exit financing	0.133	3.175	0.795	0.125	1.100	0.840	0	0.175	0.975	0	2.590	0
GCP	5.710	37.547	5.236	5.217	5.493	5.405	24.923	5.870	5.791	8.948	5.965	5.885
LBO	2.692	7.132	11.549	2.491	6.240	29.270	13.066	1.047	14.729	12.618	20.331	28.218
Refinance	14.541	11.790	7.015	5.458	8.091	15.347	13.155	3.220	10.095	22.038	23.882	16.986
Multiple/Other/NA	5.534	4.875	4.521	4.903	4.075	10.795	1.650	0.880	4.320	1.640	7.737	7.760
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	32.531	51	32.183	48	40.630	54	7.832	16	48.462	70	148.468	216	17.39%
Capex	3.522	9	2.255	5	4.342	14	1.650	3	5.992	17	12.431	34	2.15%
Dividend/recap	4.359	12	10.015	17	18.674	29	5.087	10	23.761	39	44.841	84	8.52%
Exit financing	2.020	5	1.015	3	3.565	4	0	0	3.565	4	9.908	15	1.28%
GCP	15.946	51	36.198	54	20.704	46	5.885	7	26.589	53	121.990	215	9.54%
LBO	20.280	37	43.383	36	47.678	55	28.218	13	75.896	68	149.383	164	27.23%
Refinance	20.564	40	31.722	52	56.015	80	16.986	35	73.001	115	151.618	265	26.19%
Multiple/Other/NA	13.499	21	13.325	16	13.697	24	7.760	5	21.457	29	58.690	85	7.70%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	100.00%
Industry Sector (by SIC code)
	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007
Agriculture (0xxx)	0	0	0	0	0.138	0	0	0	0.525	0	0	0
Mining (1xxx)	0	2.715	0.465	0.175	3.177	0	0.335	0.125	0	11.960	0.200	0
Oil and gas (13xx)	1.165	1.816	2.600	1.850	3.915	1.275	1.445	1.280	1.280	2.665	7.275	1.945
Construction (15xx)	1.609	3.175	0.420	1.067	0.535	1.350	0.275	0.310	1.030	0.200	0	0
Manufacturing (2xxx, 3xxx)	22.529	23.326	17.303	17.308	9.831	20.212	43.702	11.414	17.128	16.045	30.529	26.011
Transportation (4xxx)	0	0.660	1.475	1.350	4.628	0.570	0.130	0.712	2.480	0.650	5.160	4.185
Communications (48xx)	7.063	5.030	2.270	0.493	4.145	2.660	0.535	0.875	3.770	22.185	2.275	1.570
Electric, gas, sanitary services (49xx)	3.599	2.010	3.900	0.778	1.603	2.052	5.595	2.200	2.715	11.104	8.475	8.825
Wholesale (5xxx)	5.999	5.022	4.123	1.210	3.465	8.185	2.954	2.400	7.168	1.555	6.580	7.069
Finance, insurance, real estate (6xxx)	3.400	23.175	1.785	0.705	2.440	2.485	4.611	0.375	2.050	2.458	6.855	2.925
Services (7xxx)	7.784	10.675	7.072	2.222	6.946	17.458	10.580	4.426	5.459	6.577	11.562	18.511
Health services (8xxx)	2.435	2.602	0.415	0.655	2.257	17.706	1.265	0.600	5.165	0.266	1.958	2.379
Total	55.583	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.870	73.419
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.138	1	0	0	0.525	2	0	0	0.525	2	0.663	3	0.19%
Mining (1xxx)	3.817	4	0.460	3	12.160	4	0	0	12.160	4	19.152	16	4.36%
Oil and gas (13xx)	8.365	15	4.000	12	11.220	18	1.945	5	13.165	23	28.511	63	4.72%
Construction (15xx)	2.022	8	1.935	7	1.230	3	0	0	1.230	3	9.972	27	0.44%
Manufacturing (2xxx, 3xxx)	44.442	79	75.327	83	63.703	107	26.011	31	89.714	138	255.337	386	32.19%
Transportation (4xxx)	7.453	9	1.412	6	8.290	10	4.185	4	12.475	14	22.000	35	4.48%
Communications (48xx)	6.908	15	4.070	9	28.230	28	1.570	4	29.800	32	52.871	71	10.69%
Electric, gas, sanitary services (49xx)	6.281	12	9.847	12	22.294	23	8.825	5	31.119	28	52.855	61	11.16%
Wholesale (5xxx)	8.798	23	13.539	25	15.303	30	7.069	9	22.372	39	55.730	109	8.03%
Finance, insurance, real estate (6xxx)	4.930	18	7.471	17	11.363	16	2.925	6	14.288	22	53.264	69	5.13%
Services (7xxx)	16.239	31	32.464	44	23.599	49	18.511	19	42.109	68	109.272	173	15.11%
Health services (8xxx)	3.328	10	19.570	13	7.389	16	2.379	6	9.768	22	37.703	65	3.50%
Total	112.721	225	170.095	231	205.304	306	73.419	89	278.723	395	697.330	1078	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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