Analysis of bank loan issuance for 12 months through September 2008

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

Rate (L+)

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Below 125 bps	2.650	0.300	1.125	0	0	1.075	0	0.440	0.045	0	0	0.325
125	0	0.144	0.240	0	0	0.300	0.400	0	0	0	0	0.125
150	3.425	2.015	0.075	0.340	0.420	0	0.990	1.425	1.460	1.005	0.270	0
175	3.595	1.704	1.465	0.450	1.090	0.320	0.305	2.656	0.475	0.640	0.620	0.361
7/1900	0.747	1.438	4.245	3.025	1.038	0.060	2.567	0.445	0.200	0.860	1.895	0.675
225	2.235	2.731	1.549	0.400	0.723	0.150	1.536	1.600	0.250	0.910	0.260	0
250	1.850	0.960	0.760	1.325	0.550	0.300	2.335	4.930	2.953	2.366	0.720	4.944
275	1.100	21.425	0	0.259	1.982	1.505	0.400	3.930	1.705	1.090	0.075	1.271
300	7.450	7.070	0.520	18.450	0.910	0	0.125	4.000	1.110	1.455	0.225	1.725
325 bps and upwards	33.560	35.995	5.411	8.764	4.951	2.712	8.647	14.108	23.895	13.920	2.461	7.985
Fixed rate	0.220	0	0	0.283	1.385	0	0.015	2.803	1.597	0.172	0.346	0.230
NA	6.257	9.182	4.263	3.672	2.445	2.032	2.765	2.897	5.330	4.036	5.518	3.937
Other	0	0	0	0	0	1.000	0	0.826	0	0.635	0.050	0
Prime based	0	0	0	0.025	0	0.110	0	0	0	0	0	0
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	4.075	7	1.075	2	0.485	3	0.325	2	1.885	7	5.960	14	0.85%
125	0.384	3	0.300	2	0.400	3	0.125	1	0.825	5	1.209	9	0.37%
150	5.515	12	0.760	8	3.875	14	1.275	4	5.910	23	11.425	38	2.66%
175	6.764	20	1.860	10	3.436	11	1.621	9	6.917	22	13.681	50	3.11%
200	6.431	21	4.122	14	3.212	11	3.430	18	10.765	31	17.195	64	4.84%
225	6.515	21	1.273	7	3.386	11	1.170	7	5.829	21	12.344	46	2.62%
250	3.570	11	2.175	9	10.218	26	8.030	28	20.423	40	23.993	74	9.19%
275	22.525	14	3.747	12	6.035	13	2.436	11	12.218	24	34.743	50	5.50%
300	15.040	31	19.360	10	5.235	10	3.405	12	28.000	17	43.040	63	12.59%
325 bps and upwards	74.968	131	16.428	93	46.649	89	24.366	83	87.444	132	162.412	396	39.32%
Fixed rate	0.220	2	1.669	7	4.415	11	0.748	8	6.832	12	7.052	28	3.07%
NA	19.703	67	8.149	48	10.993	54	13.491	48	32.633	113	52.336	217	14.68%
Other	0	0	1.000	1	0.826	4	0.685	4	2.511	7	2.511	9	1.13%
Prime based	0	0	0.135	2	0	0	0	0	0.135	1	0.135	2	0.06%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Upsized?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	4.065	5.413	0.796	4.960	1.106	0.500	1.318	1.580	2.565	3.553	0.060	4.398
No	57.674	77.128	18.783	31.421	14.089	8.405	17.333	36.731	36.307	18.351	12.381	16.680
Downsized	1.350	0.425	0.075	0.613	0.300	0.659	1.435	1.750	0.147	5.185	0	0.500
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	10.274	14	6.566	19	5.463	16	8.011	15	20.039	27	30.314	64	9.01%
No	153.585	322	53.916	195	90.372	234	47.412	215	191.699	406	345.285	966	86.22%
Downsized	1.850	4	1.572	11	3.333	10	5.685	5	10.589	13	12.440	30	4.76%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Flex?
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Down	0.830	0	0.075	0	0	0	0	0	1.045	1.070	0	0
No	61.509	80.904	19.412	34.489	15.495	9.235	19.836	39.759	37.760	25.419	12.206	20.219
Up	0.750	2.063	0.168	2.504	0	0.330	0.250	0.302	0.215	0.600	0.235	1.359
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Down	0.905	5	0	0	1.045	3	1.070	1	2.115	2	3.020	9	0.95%
No	161.824	316	59.219	215	97.355	253	57.844	226	214.418	435	376.242	1010	96.44%
Up	2.981	19	2.834	10	0.767	4	2.194	8	5.795	10	8.775	41	2.61%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Type
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Revolver	15.991	16.746	7.457	9.865	6.349	4.991	10.133	16.982	9.998	10.680	8.803	8.808
TLA	2.710	4.662	0.375	1.916	1.163	0.616	1.082	2.580	3.467	3.100	0.125	3.120
Term	7.570	21.186	7.304	8.930	5.046	3.680	4.672	9.056	9.894	5.547	2.747	5.254
Institutional	29.551	36.681	3.950	13.585	2.179	0.278	1.515	10.115	13.302	5.895	0.585	4.201
Second/third/junior lien	1.347	2.085	0.329	1.530	0.489	0	2.585	0.637	0.299	1.268	0.164	0.145
Delayed draw	4.520	1.340	0.240	1.102	0.250	0	0.043	0.367	1.680	0.115	0	0
LoC	1.400	0.265	0	0.065	0.020	0	0.057	0.324	0.380	0.485	0.017	0.050
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	40.194	156	21.205	108	37.112	121	28.291	123	86.608	323	126.802	508	38.96%
TLA	7.747	13	3.694	15	7.130	13	6.345	14	17.169	5	24.916	55	7.72%
Term	36.060	78	17.656	56	23.622	82	13.547	66	54.825	87	90.885	282	24.66%
Institutional	70.182	53	16.042	23	24.932	20	10.681	14	51.655	13	121.838	110	23.23%
Second/third/junior lien	3.760	22	2.019	13	3.521	8	1.577	10	7.117	10	10.877	53	3.20%
Delayed draw	6.100	12	1.352	7	2.090	8	0.115	2	3.557	5	9.657	29	1.60%
LoC	1.665	6	0.085	3	0.760	8	0.552	6	1.397	7	3.062	23	0.63%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Moody's Rating
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Baa2	0	0	0	0	0	0	0	0	0	0.300	0	2.950
Baa3	0	0	0	0	0	0	0	3.100	2.150	0.200	0	0
Ba1	3.200	0	0	2.525	0	0.300	1.300	0	1.770	1.335	0	1.750
Ba2	2.627	12.450	0.350	10.740	0.975	0	0.700	12.650	0	4.145	0	1.225
Ba3	32.795	5.590	0.230	3.939	2.380	1.200	1.180	0.350	1.585	1.225	0	0.265
B1	4.115	20.898	0.950	1.360	1.633	0.900	0.305	0.302	16.731	0.861	0.160	0
B2	1.480	0	0.150	9.200	0.261	0	0	1.300	0.347	0	0	0
B3	0.275	0	0	0	0	0	0	0.910	0	0	0	0
Caa1	0.547	0.140	0	0.060	0.178	0	0.130	0	0	0	0	0
Caa2	0	1.700	0.050	0	0	0	0	0	0	0	0	0
NR	18.050	42.189	17.924	9.169	10.069	7.165	16.471	21.449	16.437	19.023	12.281	15.388
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0	0	3.250	5	3.250	2	3.250	5	1.46%
Baa3	0	0	0	0	5.250	11	0.200	2	5.450	6	5.450	13	2.45%
Ba1	3.200	4	2.825	6	3.070	9	3.085	9	8.980	11	12.180	28	4.04%
Ba2	15.427	11	11.715	12	13.350	9	5.370	8	30.435	10	45.862	40	13.69%
Ba3	38.615	37	7.519	13	3.115	14	1.490	10	12.123	18	50.739	74	5.45%
B1	25.963	37	3.893	10	17.338	10	1.021	5	22.252	11	48.215	62	10.01%
B2	1.630	5	9.461	4	1.647	4	0	0	11.108	4	12.738	13	5.00%
B3	0.275	3	0	0	0.910	2	0	0	0.910	2	1.185	5	0.41%
Caa1	0.687	5	0.238	2	0.130	1	0	0	0.368	2	1.055	8	0.17%
Caa2	1.750	2	0	0	0	0	0	0	0	0	1.750	2	0.00%
NR	78.163	236	26.403	178	54.357	200	46.692	196	127.452	382	205.615	810	57.33%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Use of Proceeds
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Acquisition	9.167	27.703	2.829	3.758	4.726	1.814	4.038	2.102	2.270	11.185	1.783	11.075
Capex	1.535	0.741	0.399	0.595	1.575	0.175	0.850	2.190	0.973	0.510	0.550	0.280
Dividend/recap	0.890	0	0.466	0	0	0	0	0.350	0.215	0	0	0
Exit financing	0.452	0.425	3.980	10.650	0	0.085	0.100	1.059	0.214	0.125	0.175	0.464
GCP	2.850	4.094	2.470	3.352	1.226	1.670	1.893	6.984	3.595	3.047	2.184	2.111
LBO	41.553	42.209	1.407	16.013	1.564	1.734	3.687	14.570	20.611	3.286	1.045	0.519
Refinance	3.097	3.985	3.328	0.800	3.669	2.337	6.318	10.331	4.890	3.565	5.946	2.101
Multiple/Other/NA	3.545	3.810	4.775	1.825	2.736	1.750	3.200	2.475	6.252	5.371	0.758	5.028
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	39.699	33	10.297	26	8.410	19	24.043	27	42.751	72	82.449	105	19.23%
Capex	2.675	7	2.345	10	4.013	11	1.340	6	7.698	27	10.373	34	3.46%
Dividend/recap	1.356	3	0	0	0.565	2	0	0	0.565	2	1.921	5	0.25%
Exit financing	4.857	6	10.735	4	1.372	5	0.764	3	12.871	12	17.728	18	5.79%
GCP	9.414	28	6.248	20	12.473	32	7.342	32	26.063	84	35.477	112	11.72%
LBO	85.169	42	19.310	23	38.868	18	4.850	14	63.028	55	148.197	97	28.35%
Refinance	10.410	29	6.806	35	21.539	43	11.612	32	39.957	110	50.367	139	17.97%
Multiple/Other/NA	12.130	23	6.311	15	11.927	33	11.157	36	29.395	84	41.525	107	13.22%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Agriculture (0xxx)	0	0	0	0	0.350	0	0	0	0	0	0	0
Mining (1xxx)	0.627	0	0	0	0	0	0.265	0.450	0	0.125	0.700	0
Oil and gas (13xx)	0.600	5.015	2.345	2.915	3.066	0.950	0.907	0.330	3.333	4.232	3.980	0.980
Construction (15xx)	0.325	0.545	0	0.135	0	0.335	0	0	0.100	0	0.150	0.250
Manufacturing (2xxx, 3xxx)	16.042	42.373	8.223	8.728	1.883	4.959	10.018	19.907	6.005	10.701	3.360	9.157
Transportation (4xxx)	0.646	2.226	0	0.463	0.716	0.190	0.100	1.488	0.080	0.435	0.835	0.326
Communications (48xx)	1.050	16.875	1.185	0.679	2.270	0.685	1.165	4.343	17.487	0	0	0.731
Electric, gas, sanitary services (49xx)	27.760	2.268	0.466	7.550	0.940	0	0.740	1.315	1.158	2.400	0.202	0.830
Wholesale (5xxx)	6.162	0.939	2.795	1.187	2.635	0.117	2.232	2.205	1.440	0.765	1.148	4.089
Finance, insurance, real estate (6xxx)	5.010	7.894	2.075	2.325	1.095	1.720	2.208	4.265	4.160	1.526	0.361	1.220
Services (7xxx)	3.052	1.855	0.992	12.189	1.177	0.574	1.525	5.759	4.452	6.140	0.475	1.045
Health services (8xxx)	1.815	2.976	1.573	0.822	1.365	0.035	0.926	0	0.805	0.765	1.230	2.950
Total	63.089	82.967	19.654	36.993	15.495	9.565	20.086	40.061	39.020	27.089	12.441	21.578
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.350	1	0	0	0	0	0.350	1	0.350	1	0.16%
Mining (1xxx)	0.627	2	0	0	0.715	3	0.825	2	1.540	5	2.167	7	0.69%
Oil and gas (13xx)	7.960	21	6.931	15	4.569	12	9.193	24	20.693	51	28.653	72	9.31%
Construction (15xx)	0.870	4	0.469	4	0.100	1	0.400	2	0.970	7	1.839	11	0.44%
Manufacturing (2xxx, 3xxx)	66.637	55	15.569	42	35.930	49	23.218	46	74.717	137	141.354	192	33.61%
Transportation (4xxx)	2.872	4	1.369	7	1.667	7	1.596	8	4.632	22	7.504	26	2.08%
Communications (48xx)	19.110	9	3.634	10	22.995	11	0.731	2	27.360	23	46.470	32	12.31%
Electric, gas, sanitary services (49xx)	30.494	12	8.490	5	3.213	7	3.432	7	15.135	19	45.630	31	6.81%
Wholesale (5xxx)	9.896	21	3.939	12	5.877	19	6.002	13	15.818	44	25.714	65	7.11%
Finance, insurance, real estate (6xxx)	14.979	14	5.140	9	10.633	21	3.106	15	18.880	45	33.859	59	8.49%
Services (7xxx)	5.900	18	13.940	19	11.736	24	7.660	23	33.336	66	39.235	84	14.99%
Health services (8xxx)	6.364	11	2.222	9	1.731	9	4.945	8	8.898	26	15.263	37	4.00%
Total	165.710	171	62.053	133	99.167	163	61.108	150	222.328	446	388.038	617	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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.