Analysis of bank loan issuance for 2007

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

Rate (L+)

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Below 125 bps	1.650	1.590	2.000	5.800	3.950	8.450	1.200	3.425	5.050	2.650	0.300	1.125
125	3.500	0.400	3.360	0.950	2.435	0.840	1.850	0.200	0.675	0	0.144	0.240
150	3.370	11.559	10.250	11.040	3.962	6.280	2.700	1.115	3.650	3.425	2.015	0.615
175	5.794	12.680	8.428	8.515	5.585	4.684	2.043	0.660	1.730	3.595	1.704	0.925
200	7.800	11.140	12.040	3.610	6.464	4.206	0.986	0.545	1.900	0.747	1.438	1.085
225	10.763	20.672	13.313	11.300	6.692	11.450	1.312	0.925	2.814	2.235	3.481	1.524
250	3.163	3.235	3.660	5.900	7.505	4.280	8.416	0.925	2.195	1.850	0.960	0.760
275	2.092	1.680	6.055	3.269	2.260	12.229	0.700	0.725	14.925	1.100	21.285	0
300	1.086	2.018	4.500	9.941	3.545	4.571	2.015	1.163	5.114	7.450	7.070	0.155
325 bps and upwards	6.780	7.253	10.220	4.652	5.133	19.218	9.335	0.568	5.797	33.560	28.821	5.666
Fixed rate	0	0.141	0.925	0	0.530	0.029	0.075	0	0.361	0.220	0	0
NA	2.772	3.222	5.743	8.240	10.775	29.287	5.995	7.870	26.723	6.257	5.807	6.774
Other	0	0	0.350	0	0	0	0	0	0	0	0	0
Prime based	0	0.075	0	0	0	0	0	0	0	0	0	0
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	5.240	13	18.200	19	9.675	21	4.075	7	37.190	49	37.190	60	5.14%
125	7.260	11	4.225	11	2.725	6	0.384	3	14.594	23	14.594	31	2.02%
150	25.178	57	21.282	41	7.465	16	6.055	13	59.980	83	59.980	127	8.29%
175	26.902	38	18.784	43	4.433	19	6.224	19	56.343	61	56.343	119	7.79%
200	30.980	70	14.280	44	3.431	15	3.271	18	51.961	83	51.961	147	7.18%
225	44.748	98	29.443	85	5.051	17	7.240	23	86.481	100	86.481	223	11.95%
250	10.059	42	17.684	66	11.536	23	3.570	11	42.849	68	42.849	142	5.92%
275	9.828	45	17.758	45	16.350	21	22.385	16	66.321	53	66.321	127	9.17%
300	7.604	28	18.057	46	8.292	25	14.675	29	48.628	60	48.628	128	6.72%
325 bps and upwards	24.252	138	29.001	142	15.700	102	68.049	125	137.005	177	137.005	507	18.97%
Fixed rate	1.066	7	0.559	5	0.436	4	0.220	2	2.281	9	2.281	18	0.32%
NA	11.737	70	48.301	100	40.588	87	18.837	63	119.464	229	119.464	320	16.51%
Other	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.05%
Prime based	0.075	1	0	0	0	0	0	0	0.075	1	0.075	1	0.01%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Upsized?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	11.890	15.945	8.547	6.312	3.368	8.456	3.175	0.600	0.435	4.065	2.869	0.796
No	36.750	59.529	70.862	65.505	55.258	96.867	32.630	17.521	69.240	57.674	70.159	18.073
Downsized	0.130	0.190	1.435	1.400	0.210	0.200	0.821	0	1.259	1.350	0	0
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	36.383	59	18.136	34	4.210	7	7.729	11	66.458	40	66.458	111	9.19%
No	167.142	550	217.629	606	119.390	338	145.906	317	650.067	930	650.067	1811	89.85%
Downsized	1.755	10	1.810	7	2.080	11	1.350	1	6.995	6	6.995	29	0.97%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Flex?
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Down	19.757	23.951	12.885	9.389	7.722	6.495	0	0.300	0	0.830	0	0
No	28.533	49.088	56.742	51.406	46.654	74.279	28.728	17.821	70.934	61.509	71.584	18.869
Up	0.480	2.625	11.217	12.423	4.460	24.749	7.898	0	0	0.750	1.444	0
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Down	56.594	146	23.605	69	0.300	2	0.830	4	81.329	46	81.329	221	11.24%
No	134.363	442	172.338	500	117.483	308	151.962	312	576.146	878	576.146	1562	79.63%
Up	14.322	31	41.632	78	7.898	46	2.194	13	66.046	52	66.046	168	9.13%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Type
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Revolver	11.955	15.923	23.760	19.423	20.623	44.962	12.271	11.298	32.245	15.991	16.601	6.557
TLA	0.750	2.730	2.125	1.050	1.385	2.860	2.300	0.975	5.894	2.710	4.662	0.375
Term	12.584	22.418	26.739	21.983	13.291	25.848	6.838	4.403	8.498	7.570	6.402	7.514
Institutional	19.887	28.555	16.178	24.325	17.503	21.778	12.399	1.113	20.755	29.551	41.592	3.950
Second/third/junior lien	2.325	3.313	6.922	2.753	3.614	6.869	2.315	0.095	0.542	1.347	2.090	0.234
Delayed draw	0.255	2.353	2.765	3.178	1.515	2.875	0.324	0.237	2.050	4.520	1.415	0.240
LoC	1.015	0.373	2.355	0.505	0.905	0.330	0.180	0	0.950	1.400	0.265	0
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	51.638	231	85.008	251	55.814	151	39.149	151	231.609	740	231.609	784	32.01%
TLA	5.605	10	5.295	9	9.169	15	7.747	13	27.817	7	27.817	47	3.84%
Term	61.741	150	61.122	153	19.739	85	21.485	74	164.087	133	164.087	462	22.68%
Institutional	64.621	102	63.605	104	34.267	52	75.093	54	237.586	69	237.586	312	32.84%
Second/third/junior lien	12.559	72	13.236	82	2.951	34	3.671	20	32.417	16	32.417	208	4.48%
Delayed draw	5.372	24	7.568	35	2.611	15	6.175	11	21.727	9	21.727	85	3.00%
LoC	3.743	30	1.740	13	1.130	4	1.665	6	8.278	5	8.278	53	1.14%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Moody's Rating
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Baa3	0	0.500	0	0	2.500	0	0	0	0	0	0	0
Ba1	1.700	2.785	4.320	0.150	1.405	0.471	0.030	0.375	6.909	3.200	0	0
Ba2	5.320	13.709	4.675	19.177	2.805	2.499	9.075	1.650	0	2.627	0	0.350
Ba3	8.453	13.495	26.513	9.610	9.986	14.741	2.285	0	19.850	32.795	1.255	0
B1	8.520	17.545	12.220	11.805	8.149	17.731	6.114	2.025	3.318	4.115	5.898	0
B2	4.865	2.965	5.563	3.970	4.543	5.150	2.174	0	1.932	1.480	0	0
B3	0.150	0.215	2.370	1.840	3.440	3.690	0.410	0	0.280	0.275	0	0
Caa1	1.736	1.600	1.070	1.596	1.775	2.960	0.940	0	0	0.547	0.140	0
Caa2	0.100	0.795	0.235	0	1.315	0.120	0.729	0	0	0	0	0
NR	17.926	22.056	23.879	25.069	22.918	58.161	14.869	14.071	38.645	18.050	65.735	18.519
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	0.500	1	2.500	3	0	0	0	0	3.000	2	3.000	4	0.41%
Ba1	8.805	17	2.026	5	7.314	14	3.200	4	21.345	24	21.345	40	2.95%
Ba2	23.703	39	24.481	40	10.725	17	2.977	8	61.886	46	61.886	104	8.55%
Ba3	48.461	85	34.337	77	22.135	32	34.050	32	138.983	98	138.983	226	19.21%
B1	38.285	91	37.685	114	11.457	35	10.013	29	97.440	127	97.440	269	13.47%
B2	13.393	39	13.662	44	4.106	17	1.480	3	32.642	47	32.642	103	4.51%
B3	2.735	12	8.970	25	0.690	4	0.275	3	12.670	8	12.670	44	1.75%
Caa1	4.406	25	6.331	36	0.940	7	0.687	5	12.364	7	12.364	73	1.71%
Caa2	1.130	4	1.435	8	0.729	5	0	0	3.294	3	3.294	17	0.46%
NR	63.861	306	106.148	295	67.585	225	102.304	245	339.897	616	339.897	1071	46.98%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Use of Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Acquisition	6.635	25.410	8.585	7.433	9.611	19.906	5.170	7.398	8.914	9.167	27.703	2.833
Capex	0	2.142	2.200	2.025	0.377	0.650	0.556	0.370	3.376	1.535	0.916	0.399
Dividend/recap	6.225	2.869	9.630	5.184	5.479	6.281	0.750	0.150	0.950	0.890	0	0.466
Exit financing	0.975	0	2.590	0	0.080	0	0	0.320	0	0.452	0.425	3.980
GCP	5.791	8.948	5.965	7.985	11.365	27.347	2.303	4.601	23.995	2.850	4.094	2.470
LBO	14.729	12.618	20.256	26.498	14.499	23.231	16.153	0.895	27.001	41.553	31.875	1.407
Refinance	10.095	22.038	23.882	16.332	16.099	15.355	10.252	2.805	5.341	3.097	3.955	3.353
Multiple/Other/NA	4.320	1.640	7.737	7.760	1.325	12.753	1.443	1.582	1.357	3.545	4.060	3.960
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	40.630	54	36.950	61	21.481	32	39.704	32	138.764	179	138.764	179	19.18%
Capex	4.342	14	3.052	5	4.302	9	2.850	7	14.546	35	14.546	35	2.01%
Dividend/recap	18.724	29	16.944	35	1.850	4	1.356	3	38.873	71	38.873	71	5.37%
Exit financing	3.565	4	0.080	1	0.320	1	4.857	6	8.822	12	8.822	12	1.22%
GCP	20.704	46	46.697	46	30.899	39	9.414	28	107.713	159	107.713	159	14.89%
LBO	47.603	55	64.228	61	44.049	38	74.835	39	230.715	193	230.715	193	31.89%
Refinance	56.015	80	47.787	83	18.398	38	10.405	29	132.605	230	132.605	230	18.33%
Multiple/Other/NA	13.697	24	21.838	26	4.382	24	11.565	22	51.482	96	51.482	96	7.12%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	100.00%
Industry Sector (by SIC code)
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Agriculture (0xxx)	0.525	0	0	0	0.160	0	0	0	0	0	0	0
Mining (1xxx)	0	11.960	0.200	0	0.300	5.050	0.219	0.800	0	0.627	0	0
Oil and gas (13xx)	1.280	2.665	7.275	1.945	1.375	6.269	0.880	2.800	0.787	0.600	5.015	2.770
Construction (15xx)	1.030	0.200	0	0	1.090	0.155	1.965	0	0.775	0.325	0.545	0
Manufacturing (2xxx, 3xxx)	17.128	16.045	30.579	28.189	24.401	21.690	17.800	1.834	11.467	16.042	35.623	7.463
Transportation (4xxx)	2.480	0.650	5.160	4.135	0.961	2.455	0.525	1.780	1.485	0.646	2.226	0
Communications (48xx)	3.770	22.185	2.275	1.585	7.760	4.910	1.500	0	2.983	1.050	17.050	1.100
Electric, gas, sanitary services (49xx)	2.715	11.104	8.475	7.290	3.469	6.410	1.250	1.175	1.900	27.760	2.268	0.466
Wholesale (5xxx)	7.168	1.555	6.580	7.319	4.497	5.580	3.515	3.660	3.700	6.162	0.980	2.795
Finance, insurance, real estate (6xxx)	2.050	2.458	6.855	2.925	2.973	20.817	2.147	1.825	40.881	5.010	7.864	1.710
Services (7xxx)	5.459	6.577	11.562	17.485	10.410	12.234	5.292	3.927	4.081	3.052	1.030	0.992
Health services (8xxx)	5.165	0.266	1.883	2.344	1.135	19.953	1.008	0.320	2.875	1.815	0.426	1.573
Non-operating (9995)	0	0	0	0	0.305	0	0	0	0	0	0	0
Total	48.770	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.028	18.869
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.525	2	0.160	1	0	0	0	0	0.685	3	0.685	3	0.09%
Mining (1xxx)	12.160	4	5.350	4	1.019	2	0.627	2	19.156	12	19.156	12	2.65%
Oil and gas (13xx)	11.220	18	9.589	19	4.467	15	8.385	22	33.661	74	33.661	74	4.65%
Construction (15xx)	1.230	3	1.245	2	2.740	5	0.870	4	6.085	14	6.085	14	0.84%
Manufacturing (2xxx, 3xxx)	63.753	107	74.280	100	31.101	63	59.127	53	228.261	323	228.261	323	31.55%
Transportation (4xxx)	8.290	10	7.551	12	3.790	8	2.872	4	22.503	34	22.503	34	3.11%
Communications (48xx)	28.230	28	14.255	25	4.483	6	19.200	8	66.168	67	66.168	67	9.15%
Electric, gas, sanitary services (49xx)	22.294	23	17.169	24	4.325	7	30.494	12	74.282	66	74.282	66	10.27%
Wholesale (5xxx)	15.303	30	17.396	27	10.875	24	9.937	21	53.511	102	53.511	102	7.40%
Finance, insurance, real estate (6xxx)	11.363	16	26.715	20	44.853	14	14.584	13	97.515	63	97.515	63	13.48%
Services (7xxx)	23.599	49	40.129	57	13.300	31	5.075	17	82.102	154	82.102	154	11.35%
Health services (8xxx)	7.314	16	23.431	25	4.204	9	3.814	10	38.763	60	38.763	60	5.36%
Non-operating (9995)	0	0	0.305	2	0	0	0	0	0.305	2	0.305	2	0.04%
Total	205.279	306	237.575	318	125.681	185	154.986	166	723.521	975	723.521	975	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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