Analysis of bank loan issuance for 12 months through June 2007

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

Rate (L+)

	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Below 125 bps	3.641	0.450	7.598	1.965	5.925	0.200	1.650	1.590	2.000	5.800	3.950	4.000
125	1.660	0.925	0.148	1.225	1.000	0.325	3.500	0.400	3.360	0.950	2.435	3.715
150	1.010	0.865	1.740	3.080	5.050	1.180	3.370	11.559	10.250	11.040	3.962	5.280
175	3.385	3.760	4.863	6.692	7.929	0.475	5.794	12.680	8.428	8.515	5.585	4.080
200	3.085	8.271	4.255	6.375	8.885	1.515	7.800	11.140	12.040	3.610	6.464	8.924
225	2.317	1.900	3.455	3.320	2.832	3.398	10.763	20.672	13.313	11.300	6.702	4.399
250	2.800	1.382	6.227	14.476	4.740	4.410	3.163	3.235	3.660	5.900	7.455	7.702
275	6.660	0.890	1.485	13.565	12.525	4.846	2.092	1.680	6.055	3.269	4.860	13.707
300	6.162	0.970	1.314	6.572	8.447	1.395	1.086	2.018	4.500	9.941	1.205	5.115
325 bps and upwards	5.450	2.633	5.148	3.355	9.590	4.548	6.780	7.253	10.220	4.832	5.183	22.038
Fixed rate	0.080	0.103	0	0.180	0.400	0.265	0	0.141	0.925	0	0.480	0
NA	5.578	5.580	6.563	13.147	3.859	2.085	2.772	3.222	5.743	8.260	30.425	36.425
Other	0	0	0.210	0	0	0	0	0	0.350	0	0	0
Prime based	0	0.085	0.075	0	0	0.075	0	0.075	0	0	0	0
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	13.750	16	18.990	26	38.769	64	4.01%
125	2.733	13	2.550	9	7.260	11	7.100	13	14.360	17	19.643	46	3.04%
150	3.615	16	9.310	25	25.178	57	20.282	39	45.461	58	58.386	137	9.62%
175	12.008	30	15.096	33	26.902	38	18.180	39	45.082	35	72.186	140	9.54%
200	15.610	33	16.775	23	30.980	70	18.998	41	49.978	58	82.363	167	10.57%
225	7.673	23	9.550	25	44.748	98	22.402	88	67.150	84	84.373	234	14.20%
250	10.408	44	23.625	50	10.059	42	21.056	70	31.115	52	65.149	206	6.58%
275	9.035	27	30.936	36	9.828	45	21.836	38	31.664	41	71.635	146	6.70%
300	8.446	50	16.413	38	7.604	28	16.261	42	23.865	34	48.724	158	5.05%
325 bps and upwards	13.230	95	17.493	99	24.252	138	32.051	131	56.304	93	87.026	463	11.91%
Fixed rate	0.183	3	0.845	5	1.066	7	0.480	3	1.546	5	2.574	18	0.33%
NA	17.721	76	19.091	77	11.737	70	75.110	132	86.847	144	123.659	355	18.37%
Other	0.210	1	0	0	0.350	1	0	0	0.350	1	0.560	2	0.07%
Prime based	0.160	3	0.075	1	0.075	1	0	0	0.075	1	0.310	5	0.02%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Upsized?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Yes	1.185	0.525	1.755	3.895	14.567	4.760	11.890	15.945	8.547	6.312	3.368	6.525
No	40.138	27.288	39.412	70.057	53.490	19.956	36.750	59.529	70.862	65.705	75.127	108.660
Downsized	0.505	0	1.913	0	3.125	0	0.130	0.190	1.435	1.400	0.210	0.200
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	16.205	27	52.587	28	79.275	117	11.12%
No	106.838	412	143.503	410	167.142	550	249.492	618	416.634	598	666.976	1990	88.12%
Downsized	2.418	12	3.125	5	1.755	10	1.810	7	3.565	4	9.108	34	0.75%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Flex?
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Down	1.455	1.350	10.650	15.430	16.919	9.239	19.757	23.951	12.885	9.389	7.722	9.960
No	30.895	25.063	29.798	54.077	51.358	13.707	28.533	49.088	56.742	51.425	66.338	94.766
Up	9.477	1.400	2.632	4.445	2.905	1.770	0.480	2.625	11.217	12.603	4.645	10.659
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	27.070	68	83.664	42	138.707	331	17.70%
No	85.757	348	119.143	329	134.363	442	212.530	542	346.893	566	551.793	1661	73.37%
Up	13.509	46	9.120	30	14.322	31	27.907	42	42.229	21	64.858	149	8.93%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Type
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Revolver	15.211	7.183	14.085	21.370	26.685	5.640	11.955	15.923	23.760	19.443	23.633	41.462
TLA	0.810	2.145	5.058	4.598	4.430	0.110	0.750	2.730	2.125	1.050	1.385	3.235
Term	10.155	10.036	12.082	19.981	16.068	6.330	12.584	22.418	26.739	22.113	27.291	26.344
Institutional	11.785	6.166	8.662	26.036	18.631	7.883	19.887	28.555	16.178	24.325	20.312	33.034
Second/third/junior lien	2.458	1.205	2.921	1.395	3.498	3.938	2.325	3.313	6.922	2.803	3.664	8.839
Delayed draw	0.785	0.410	0.165	0.289	0.410	0.250	0.255	2.353	2.765	3.178	1.515	2.225
LoC	0.625	0.669	0.108	0.284	1.460	0.565	1.015	0.373	2.355	0.505	0.905	0.245
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	Q3/2006	Count	Q4/2006	Count	Q1/2007	Count	Q2/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	36.479	188	53.695	174	51.638	231	84.538	252	136.176	465	226.350	845	28.80%
TLA	8.013	11	9.137	12	5.605	10	5.670	10	11.275	5	28.425	43	2.38%
Term	32.272	96	42.379	106	61.741	150	75.748	157	137.489	95	212.140	509	29.08%
Institutional	26.612	73	52.550	68	64.621	102	77.671	105	142.292	49	221.455	348	30.10%
Second/third/junior lien	6.583	46	8.831	42	12.559	72	15.306	84	27.866	11	43.280	244	5.89%
Delayed draw	1.360	13	0.949	11	5.372	24	6.918	32	12.290	5	14.600	80	2.60%
LoC	1.402	7	2.309	23	3.743	30	1.655	12	5.398	4	9.108	72	1.14%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Moody's Rating
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Baa3	0	0	0	0	4.322	0.225	0	0.500	0	0	2.500	0
Ba1	1.150	0	2.750	0.850	1.112	2.000	1.700	2.785	4.320	0.150	1.405	0.424
Ba2	2.010	6.625	4.785	10.290	4.824	2.050	5.320	13.709	4.675	19.177	2.805	3.429
Ba3	3.138	2.075	9.614	10.863	28.788	9.154	8.453	13.495	26.513	9.610	10.151	14.671
B1	12.204	0.135	2.880	6.430	1.965	3.035	8.520	17.545	12.220	11.955	7.944	6.871
B2	2.175	0.530	1.193	5.210	2.195	2.035	4.865	2.965	5.563	3.970	8.143	2.620
B3	1.170	0	1.065	0.780	4.080	1.090	0.150	0.215	2.370	1.840	3.700	0.795
Caa1	0.743	0.325	0.635	0.520	0.515	0.167	1.736	1.600	1.070	1.646	1.825	2.800
Caa2	0	0	0.062	0.210	0	0	0.100	0.795	0.235	0	1.315	0.070
NR	19.239	18.123	20.096	38.800	23.381	4.960	17.926	22.056	23.879	25.069	38.917	83.705
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	0.63%
Ba1	3.900	4	3.962	7	8.805	17	1.979	5	10.784	14	18.646	33	2.28%
Ba2	13.420	31	17.164	28	23.703	39	25.411	42	49.114	35	79.698	140	10.39%
Ba3	14.827	42	48.804	69	48.461	85	34.432	80	82.893	74	146.524	276	17.53%
B1	15.219	48	11.430	56	38.285	91	26.770	102	65.055	92	91.704	297	13.76%
B2	3.898	31	9.440	28	13.393	39	14.732	40	28.125	35	41.464	138	5.95%
B3	2.235	14	5.950	17	2.735	12	6.335	26	9.070	8	17.255	69	1.92%
Caa1	1.702	15	1.202	12	4.406	25	6.271	35	10.677	8	13.581	87	2.26%
Caa2	0.062	1	0.210	2	1.130	4	1.385	7	2.515	3	2.787	14	0.53%
NR	57.458	248	67.141	213	63.861	306	147.692	312	211.552	363	336.152	1079	44.75%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Use of Proceeds
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Acquisition	8.117	8.709	15.705	7.321	14.688	10.174	6.635	25.410	8.585	7.433	9.611	19.686
Capex	2.179	0.393	0.950	0.920	1.335	0	0	2.142	2.200	2.025	0.377	0.650
Dividend/recap	2.415	0.518	1.426	4.055	2.610	3.350	6.225	2.869	9.630	5.184	5.479	8.009
Exit financing	0.795	0.125	1.100	0.840	0	0.175	0.975	0	2.590	0	0.080	0
GCP	5.236	5.217	5.493	5.405	24.923	5.870	5.791	8.948	5.965	7.985	11.365	26.122
LBO	11.549	2.491	6.240	29.270	12.821	1.047	14.729	12.618	20.256	26.498	34.359	35.272
Refinance	7.015	5.458	8.091	15.347	13.155	3.220	10.095	22.038	23.882	16.532	16.110	14.115
Multiple/Other/NA	4.521	4.903	4.075	10.795	1.650	0.880	4.320	1.640	7.737	7.760	1.325	11.531
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	36.730	60	77.359	114	142.073	213	16.36%
Capex	3.522	9	2.255	5	4.342	14	3.052	5	7.394	19	13.171	33	1.56%
Dividend/recap	4.359	12	10.015	17	18.724	29	18.672	39	37.395	68	51.769	97	7.91%
Exit financing	2.020	5	1.015	3	3.565	4	0.080	1	3.645	5	6.680	13	0.77%
GCP	15.946	51	36.198	54	20.704	46	45.472	45	66.176	91	118.320	196	14.00%
LBO	20.280	37	43.138	35	47.603	55	96.129	64	143.732	119	207.150	191	30.40%
Refinance	20.564	40	31.722	52	56.015	80	46.757	85	102.772	165	155.057	257	21.74%
Multiple/Other/NA	13.499	21	13.325	16	13.697	24	20.616	24	34.313	48	61.137	84	7.26%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	100.00%
Industry Sector (by SIC code)
	7/2006	8/2006	9/2006	10/2006	11/2006	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007
Agriculture (0xxx)	0	0	0.138	0	0	0	0.525	0	0	0	0.160	0
Mining (1xxx)	0.465	0.175	3.177	0	0.335	0.125	0	11.960	0.200	0	0.300	3.850
Oil and gas (13xx)	2.600	1.850	3.915	1.275	1.445	1.280	1.280	2.665	7.275	1.945	1.375	6.119
Construction (15xx)	0.420	1.067	0.535	1.350	0.275	0.310	1.030	0.200	0	0	1.090	0.155
Manufacturing (2xxx, 3xxx)	17.303	17.308	9.831	20.212	43.457	11.414	17.128	16.045	30.579	28.389	28.271	35.708
Transportation (4xxx)	1.475	1.350	4.628	0.570	0.130	0.712	2.480	0.650	5.160	4.135	0.961	1.230
Communications (48xx)	2.270	0.493	4.145	2.660	0.535	0.875	3.770	22.185	2.275	1.585	7.760	4.913
Electric, gas, sanitary services (49xx)	3.900	0.778	1.603	2.052	5.595	2.200	2.715	11.104	8.475	7.290	3.469	5.835
Wholesale (5xxx)	4.123	1.210	3.465	8.185	2.954	2.400	7.168	1.555	6.580	7.319	4.497	5.430
Finance, insurance, real estate (6xxx)	1.785	0.705	2.440	2.485	4.611	0.375	2.050	2.458	6.855	2.925	18.973	20.817
Services (7xxx)	7.072	2.222	6.946	17.458	10.580	4.426	5.459	6.577	11.562	17.485	10.410	11.420
Health services (8xxx)	0.415	0.655	2.257	17.706	1.265	0.600	5.165	0.266	1.883	2.344	1.135	19.907
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.305	0
Total	41.828	27.813	43.080	73.952	71.182	24.716	48.770	75.664	80.845	73.417	78.706	115.385
	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	0.14%
Mining (1xxx)	3.817	4	0.460	3	12.160	4	4.150	4	16.310	8	20.587	15	3.45%
Oil and gas (13xx)	8.365	15	4.000	12	11.220	18	9.439	19	20.659	37	33.024	64	4.37%
Construction (15xx)	2.022	8	1.935	7	1.230	3	1.245	2	2.475	5	6.433	20	0.52%
Manufacturing (2xxx, 3xxx)	44.442	79	75.082	82	63.753	107	92.368	109	156.121	216	275.645	377	33.02%
Transportation (4xxx)	7.453	9	1.412	6	8.290	10	6.325	11	14.616	21	23.480	36	3.09%
Communications (48xx)	6.908	15	4.070	9	28.230	28	14.258	25	42.488	53	53.466	77	8.99%
Electric, gas, sanitary services (49xx)	6.281	12	9.847	12	22.294	23	16.594	23	38.888	46	55.015	70	8.23%
Wholesale (5xxx)	8.798	23	13.539	25	15.303	30	17.247	26	32.549	56	54.886	104	6.88%
Finance, insurance, real estate (6xxx)	4.930	18	7.471	17	11.363	16	42.715	21	54.077	37	66.478	72	11.44%
Services (7xxx)	16.239	31	32.464	44	23.599	49	39.315	56	62.913	105	111.617	180	13.31%
Health services (8xxx)	3.328	10	19.570	13	7.314	16	23.387	24	30.700	40	53.598	63	6.49%
Non-operating (9995)	0	0	0	0	0	0	0.305	2	0.305	2	0.305	2	0.06%
Total	112.721	225	169.850	230	205.279	306	267.507	323	472.786	629	755.358	1084	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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