Analysis of bank loan issuance for 12 months through May 2007

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

Rate (L+)

	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Below 125 bps	7.890	3.641	0.450	7.598	1.965	5.925	0.200	1.650	1.590	2.000	5.800	3.950
125	2.490	1.660	0.925	0.148	1.225	1.000	0.325	3.500	0.400	3.360	0.950	2.435
150	3.710	1.010	0.865	1.740	3.080	5.050	1.180	3.370	11.059	10.250	12.585	3.815
175	3.760	3.385	3.760	4.863	6.692	7.929	0.475	5.794	12.680	8.428	8.515	5.225
200	3.996	3.085	8.271	4.255	6.375	8.885	1.515	7.800	11.140	12.040	3.635	5.417
225	6.869	2.317	1.900	3.455	3.320	3.077	3.398	10.763	20.672	13.313	11.300	6.827
250	4.806	2.800	1.382	6.227	14.476	4.740	4.410	3.163	3.235	3.660	5.655	5.572
275	3.300	6.660	0.890	1.485	13.565	12.525	4.846	2.092	1.680	6.055	3.269	3.290
300	3.115	6.162	0.970	1.314	6.572	8.447	1.395	1.086	2.018	4.500	9.941	1.425
325 bps and upwards	9.937	5.450	2.633	5.148	3.355	9.590	4.548	6.780	7.253	10.220	4.832	4.603
Fixed rate	0	0.080	0.103	0	0.180	0.400	0.265	0	0.141	0.925	0	0.450
NA	30.325	5.578	5.580	6.563	13.147	3.859	2.085	2.772	3.722	5.743	8.505	34.715
Other	0	0	0	0.210	0	0	0	0	0	0.350	0	0
Prime based	0.010	0	0.085	0.075	0	0	0.075	0	0.075	0	0	0
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	9.750	9	14.990	20	42.659	71	4.19%
125	2.733	13	2.550	9	7.260	11	3.385	6	10.645	13	18.418	47	2.97%
150	3.615	16	9.310	25	24.678	56	16.400	29	41.078	49	57.714	137	11.47%
175	12.008	30	15.096	33	26.902	38	13.740	23	40.642	28	71.506	136	11.35%
200	15.610	33	16.775	23	30.980	70	9.052	26	40.032	50	76.413	169	11.18%
225	7.673	23	9.795	27	44.748	98	18.128	58	62.876	67	87.213	222	17.56%
250	10.408	44	23.625	50	10.059	42	11.227	36	21.285	36	60.125	199	5.95%
275	9.035	27	30.936	36	9.828	45	6.559	28	16.387	36	59.658	155	4.58%
300	8.446	50	16.413	38	7.604	28	11.366	28	18.970	25	46.944	161	5.30%
325 bps and upwards	13.230	95	17.493	99	24.252	138	9.434	64	33.688	72	74.345	453	9.39%
Fixed rate	0.183	3	0.845	5	1.066	7	0.450	2	1.516	5	2.544	17	0.42%
NA	17.721	76	19.091	77	12.237	71	43.220	77	55.457	109	122.594	346	15.49%
Other	0.210	1	0	0	0.350	1	0	0	0.350	1	0.560	2	0.10%
Prime based	0.160	3	0.075	1	0.075	1	0	0	0.075	1	0.320	6	0.02%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Upsized?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Yes	26.550	1.185	0.525	1.755	3.895	14.567	4.760	11.890	15.945	8.547	6.312	1.025
No	52.425	40.138	27.288	39.412	70.057	53.510	19.956	36.750	59.529	70.862	67.275	76.699
Downsized	1.232	0.505	0	1.913	0	3.350	0	0.130	0.190	1.435	1.400	0
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	7.337	20	43.719	25	96.957	122	12.21%
No	106.838	412	143.523	411	167.142	550	143.974	363	311.116	467	613.902	1959	86.91%
Downsized	2.418	12	3.350	6	1.755	10	1.400	3	3.155	2	10.155	40	0.88%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Flex?
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Down	1.860	1.455	1.350	10.650	15.430	16.919	9.239	19.757	23.951	12.885	9.389	3.360
No	66.006	30.895	25.063	29.798	54.077	51.603	13.707	28.533	49.088	56.742	52.995	73.364
Up	12.341	9.477	1.400	2.632	4.445	2.905	1.770	0.480	2.625	11.217	12.603	1.000
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	56.594	146	12.748	43	69.342	37	126.245	320	19.37%
No	85.757	348	119.388	331	134.363	442	126.359	319	260.723	441	531.874	1632	72.83%
Up	13.509	46	9.120	30	14.322	31	13.603	24	27.925	16	62.895	169	7.80%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Type
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Revolver	44.963	15.211	7.183	14.085	21.370	26.705	5.640	11.955	15.923	23.760	19.468	23.205
TLA	1.133	0.810	2.145	5.058	4.598	4.430	0.110	0.750	2.730	2.125	1.050	1.385
Term	15.354	10.155	10.036	12.082	19.981	16.293	6.330	12.584	22.418	26.739	22.113	26.733
Institutional	13.664	11.785	6.166	8.662	26.036	18.631	7.883	19.887	28.555	16.178	25.870	20.133
Second/third/junior lien	2.714	2.458	1.205	2.921	1.395	3.498	3.938	2.325	3.313	6.922	2.803	3.829
Delayed draw	1.295	0.785	0.410	0.165	0.289	0.410	0.250	0.255	2.353	2.765	3.178	1.515
LoC	1.085	0.625	0.669	0.108	0.284	1.460	0.565	1.015	0.373	2.355	0.505	0.925
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	51.638	231	42.673	150	94.311	365	229.468	847	26.34%
TLA	8.013	11	9.137	12	5.605	10	2.435	6	8.040	4	26.323	43	2.25%
Term	32.272	96	42.604	107	61.741	150	48.846	91	110.587	74	200.816	500	30.89%
Institutional	26.612	73	52.550	68	64.621	102	46.002	65	110.623	39	203.449	346	30.90%
Second/third/junior lien	6.583	46	8.831	42	12.559	72	6.632	44	19.192	8	37.320	229	5.36%
Delayed draw	1.360	13	0.949	11	5.372	24	4.693	19	10.066	3	13.670	76	2.81%
LoC	1.402	7	2.309	23	3.743	30	1.430	11	5.173	4	9.968	80	1.45%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Moody's Rating
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Baa3	0	0	0	0	0	4.322	0.225	0	0.500	0	0	2.500
Ba1	0.300	1.150	0	2.750	0.850	1.112	2.000	1.700	2.785	4.320	0.150	1.350
Ba2	4.225	2.010	6.625	4.785	10.290	4.824	2.050	5.320	13.709	4.675	20.722	2.990
Ba3	6.340	3.138	2.075	9.614	10.863	28.788	9.154	8.453	13.495	26.513	11.140	9.471
B1	7.168	12.204	0.135	2.880	6.430	1.965	3.035	8.520	17.545	12.220	10.425	6.927
B2	8.483	2.175	0.530	1.193	5.210	2.195	2.035	4.865	2.965	5.563	3.695	8.125
B3	1.445	1.170	0	1.065	0.780	4.080	1.090	0.150	0.215	2.370	1.840	3.280
Caa1	0.725	0.743	0.325	0.635	0.520	0.515	0.167	1.736	1.600	1.070	1.646	1.715
Caa2	0.019	0	0	0.062	0.210	0	0	0.100	0.795	0.235	0	1.200
NR	51.502	19.239	18.123	20.096	38.800	23.626	4.960	17.926	22.056	23.879	25.369	40.166
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	2.500	3	3.000	2	7.547	8	0.84%
Ba1	3.900	4	3.962	7	8.805	17	1.500	3	10.305	12	18.467	33	2.88%
Ba2	13.420	31	17.164	28	23.703	39	23.712	34	47.416	30	82.225	141	13.25%
Ba3	14.827	42	48.804	69	48.461	85	20.611	49	69.072	58	139.043	268	19.29%
B1	15.219	48	11.430	56	38.285	91	17.352	61	55.637	73	89.454	296	15.54%
B2	3.898	31	9.440	28	13.393	39	11.820	34	25.213	32	47.034	151	7.04%
B3	2.235	14	5.950	17	2.735	12	5.120	16	7.855	6	17.485	70	2.19%
Caa1	1.702	15	1.202	12	4.406	25	3.361	19	7.767	6	11.396	78	2.17%
Caa2	0.062	1	0.210	2	1.130	4	1.200	5	2.330	2	2.621	13	0.65%
NR	57.458	248	67.386	215	63.861	306	65.535	162	129.396	275	305.742	1063	36.15%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Use of Proceeds
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Acquisition	12.227	8.117	8.709	15.705	7.321	14.688	10.174	6.635	25.410	8.585	7.433	9.607
Capex	0.437	2.179	0.393	0.950	0.920	1.335	0	0	2.142	2.200	2.025	0.377
Dividend/recap	3.024	2.415	0.518	1.426	4.055	2.610	3.350	6.225	2.869	9.630	5.209	5.351
Exit financing	3.175	0.795	0.125	1.100	0.840	0	0.175	0.975	0	2.590	0	0
GCP	37.547	5.236	5.217	5.493	5.405	24.923	5.870	5.791	8.948	5.965	7.985	10.765
LBO	7.132	11.549	2.491	6.240	29.270	13.066	1.047	14.729	12.618	20.256	28.043	34.135
Refinance	11.790	7.015	5.458	8.091	15.347	13.155	3.220	10.095	22.038	23.882	16.532	16.165
Multiple/Other/NA	4.875	4.521	4.903	4.075	10.795	1.650	0.880	4.320	1.640	7.737	7.760	1.325
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	17.040	33	57.669	87	134.610	209	16.11%
Capex	3.522	9	2.255	5	4.342	14	2.402	4	6.744	18	12.958	34	1.88%
Dividend/recap	4.359	12	10.015	17	18.724	29	10.560	20	29.284	49	46.681	86	8.18%
Exit financing	2.020	5	1.015	3	3.565	4	0	0	3.565	4	9.775	14	1.00%
GCP	15.946	51	36.198	54	20.704	46	18.750	25	39.454	71	129.145	213	11.02%
LBO	20.280	37	43.383	36	47.603	55	62.178	37	109.781	92	180.576	181	30.67%
Refinance	20.564	40	31.722	52	56.015	80	32.697	60	88.712	140	152.787	265	24.78%
Multiple/Other/NA	13.499	21	13.325	16	13.697	24	9.085	8	22.782	32	54.481	78	6.36%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	100.00%
Industry Sector (by SIC code)
	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007
Agriculture (0xxx)	0	0	0	0.138	0	0	0	0.525	0	0	0	0.160
Mining (1xxx)	2.715	0.465	0.175	3.177	0	0.335	0.125	0	11.960	0.200	0	0.300
Oil and gas (13xx)	1.816	2.600	1.850	3.915	1.275	1.445	1.280	1.280	2.665	7.275	1.945	1.375
Construction (15xx)	3.175	0.420	1.067	0.535	1.350	0.275	0.310	1.030	0.200	0	0	1.090
Manufacturing (2xxx, 3xxx)	23.326	17.303	17.308	9.831	20.212	43.702	11.414	17.128	16.045	30.579	28.414	28.201
Transportation (4xxx)	0.660	1.475	1.350	4.628	0.570	0.130	0.712	2.480	0.650	5.160	4.135	0.961
Communications (48xx)	5.030	2.270	0.493	4.145	2.660	0.535	0.875	3.770	22.185	2.275	1.585	7.870
Electric, gas, sanitary services (49xx)	2.010	3.900	0.778	1.603	2.052	5.595	2.200	2.715	11.104	8.475	8.835	3.385
Wholesale (5xxx)	5.022	4.123	1.210	3.465	8.185	2.954	2.400	7.168	1.555	6.580	7.319	4.497
Finance, insurance, real estate (6xxx)	23.175	1.785	0.705	2.440	2.485	4.611	0.375	2.050	2.458	6.855	2.925	18.610
Services (7xxx)	10.675	7.072	2.222	6.946	17.458	10.580	4.426	5.459	6.577	11.562	17.485	9.835
Health services (8xxx)	2.602	0.415	0.655	2.257	17.706	1.265	0.600	5.165	0.266	1.883	2.344	1.135
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0	0.305
Total	80.207	41.828	27.813	43.080	73.952	71.427	24.716	48.770	75.664	80.845	74.987	77.724
	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	0.160	1	0.685	3	0.823	4	0.19%
Mining (1xxx)	3.817	4	0.460	3	12.160	4	0.300	1	12.460	5	19.452	17	3.48%
Oil and gas (13xx)	8.365	15	4.000	12	11.220	18	3.320	9	14.540	27	28.721	62	4.06%
Construction (15xx)	2.022	8	1.935	7	1.230	3	1.090	1	2.320	4	9.453	24	0.65%
Manufacturing (2xxx, 3xxx)	44.442	79	75.327	83	63.753	107	56.615	65	120.368	172	263.463	379	33.62%
Transportation (4xxx)	7.453	9	1.412	6	8.290	10	5.096	10	13.386	20	22.911	41	3.74%
Communications (48xx)	6.908	15	4.070	9	28.230	28	9.455	12	37.685	40	53.693	70	10.53%
Electric, gas, sanitary services (49xx)	6.281	12	9.847	12	22.294	23	12.220	12	34.514	35	52.651	63	9.64%
Wholesale (5xxx)	8.798	23	13.539	25	15.303	30	11.816	18	27.119	48	54.478	112	7.58%
Finance, insurance, real estate (6xxx)	4.930	18	7.471	17	11.363	16	21.535	12	32.898	28	68.474	69	9.19%
Services (7xxx)	16.239	31	32.464	44	23.599	49	27.320	36	50.919	85	110.298	178	14.22%
Health services (8xxx)	3.328	10	19.570	13	7.314	16	3.479	8	10.793	24	36.293	59	3.01%
Non-operating (9995)	0	0	0	0	0	0	0.305	2	0.305	2	0.305	2	0.09%
Total	112.721	225	170.095	231	205.279	306	152.711	187	357.990	493	721.014	1080	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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