Analysis of bank loan issuance for 12 months through October 2008

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

Rate (L+)

	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Below 125 bps	0.300	1.125	0	0	1.075	0	0.440	0.045	0	0	0.325	0
125	0.144	0.240	0	0	0.300	0.400	0	0	0	0	0.145	0
150	2.015	0.075	0.340	0.420	0	0.990	1.425	1.460	1.005	0.270	0	0.270
175	1.704	1.465	0.450	1.090	0.320	0.305	2.656	0.475	0.640	0.620	0.361	0.165
200	1.438	4.245	3.025	1.038	0.060	2.567	0.445	0.200	0.860	1.895	0.985	0.300
225	2.731	1.549	0.400	0.723	0.150	1.536	1.600	0.350	0.910	0.260	0	0.255
250	0.960	0.760	1.325	0.550	0.300	2.335	4.965	2.953	2.366	0.720	4.944	0.225
275	21.425	0	0.259	1.982	1.505	0.400	3.930	1.705	1.090	0.075	0.521	0.015
300	7.070	0.520	18.450	0.910	0	0.125	4.000	1.110	1.455	0.225	3.230	0.850
325 bps and upwards	35.995	5.411	8.764	4.951	2.712	8.647	14.121	23.895	14.490	2.461	7.570	5.658
Fixed rate	0	0	0.283	1.385	0	0.015	2.803	1.597	0.172	0.346	0.230	0.330
NA	9.182	4.263	3.672	2.445	2.032	2.765	2.897	5.230	3.926	5.518	2.737	6.216
Other	0	0	0	0	1.000	0	0.826	0	0.745	0.050	0	0.125
Prime based	0	0	0.025	0	0.110	0	0	0	0	0	0	0
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	1.075	2	0.485	3	0.325	2	0	0	1.885	7	3.310	12	0.79%
125	0.300	2	0.400	3	0.145	2	0	0	0.845	6	1.229	10	0.36%
150	0.760	8	3.875	14	1.275	4	0.270	2	6.180	25	8.270	34	2.61%
175	1.860	10	3.436	11	1.621	9	0.165	3	7.082	24	10.251	45	2.99%
200	4.122	14	3.212	11	3.740	20	0.300	1	11.375	34	17.058	62	4.80%
225	1.273	7	3.486	12	1.170	7	0.255	3	6.184	25	10.464	43	2.61%
250	2.175	9	10.253	26	8.030	28	0.225	3	20.683	43	22.403	72	8.73%
275	3.747	12	6.035	13	1.686	10	0.015	1	11.482	24	32.907	46	4.85%
300	19.360	10	5.235	10	4.910	14	0.850	4	30.355	23	37.945	51	12.82%
325 bps and upwards	16.428	93	46.662	89	24.521	84	5.658	24	93.270	149	134.679	368	39.39%
Fixed rate	1.669	7	4.415	11	0.748	8	0.330	6	7.161	14	7.161	32	3.02%
NA	8.149	48	10.893	53	12.181	48	6.216	29	37.440	130	50.885	213	15.81%
Other	1.000	1	0.826	4	0.795	5	0.125	1	2.746	9	2.746	11	1.16%
Prime based	0.135	2	0	0	0	0	0	0	0.135	1	0.135	2	0.06%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Upsized?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Yes	5.413	0.796	4.960	1.106	0.500	1.318	1.695	2.565	3.553	0.060	4.398	0.109
No	77.128	18.783	31.421	14.089	8.405	17.333	36.664	36.307	18.921	12.381	15.735	14.250
Downsized	0.425	0.075	0.613	0.300	0.659	1.435	1.750	0.147	5.185	0	0.915	0.050
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	6.566	19	5.578	17	8.011	15	0.109	1	20.263	29	26.473	60	8.56%
No	53.916	195	90.305	233	47.037	220	14.250	75	205.507	458	301.418	910	86.78%
Downsized	1.572	11	3.333	10	6.100	6	0.050	1	11.055	15	11.555	31	4.67%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Flex?
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Down	0	0.075	0	0	0	0	0	1.045	1.070	0	0	0
No	80.904	19.412	34.489	15.495	9.235	19.836	39.807	37.760	25.989	12.206	19.188	14.409
Up	2.063	0.168	2.504	0	0.330	0.250	0.302	0.215	0.600	0.235	1.860	0
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	1.045	3	1.070	1	0	0	2.115	2	2.190	5	0.89%
No	59.219	215	97.403	253	57.383	229	14.409	77	228.414	489	328.729	956	96.45%
Up	2.834	10	0.767	4	2.695	11	0	0	6.296	12	8.527	40	2.66%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Type
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Revolver	16.746	7.457	9.865	6.349	4.991	10.133	17.017	9.998	10.680	8.803	8.858	5.630
TLA	4.662	0.375	1.916	1.163	0.616	1.082	2.580	3.467	3.100	0.125	3.120	0.610
Term	21.186	7.304	8.930	5.046	3.680	4.672	9.056	9.894	5.547	2.747	4.554	7.139
Institutional	36.681	3.950	13.585	2.179	0.278	1.515	10.115	13.302	6.405	0.585	4.201	0.825
Second/third/junior lien	2.085	0.329	1.530	0.489	0	2.585	0.637	0.299	1.268	0.164	0.265	0.072
Delayed draw	1.340	0.240	1.102	0.250	0	0.043	0.380	1.680	0.115	0	0	0.132
LoC	0.265	0	0.065	0.020	0	0.057	0.324	0.380	0.545	0.017	0.050	0
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	21.205	108	37.147	121	28.341	126	5.630	40	92.323	365	116.526	487	38.98%
TLA	3.694	15	7.130	13	6.345	14	0.610	3	17.779	5	22.816	51	7.51%
Term	17.656	56	23.622	82	12.847	66	7.139	27	61.264	99	89.754	283	25.87%
Institutional	16.042	23	24.932	20	11.191	15	0.825	3	52.990	14	93.622	87	22.38%
Second/third/junior lien	2.019	13	3.521	8	1.696	11	0.072	1	7.309	10	9.722	44	3.09%
Delayed draw	1.352	7	2.103	8	0.115	2	0.132	3	3.702	6	5.282	28	1.56%
LoC	0.085	3	0.760	8	0.612	7	0	0	1.458	7	1.722	21	0.62%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Moody's Rating
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Baa2	0	0	0	0	0	0	0	0	0.300	0	0	0
Baa3	0	0	0	0	0	0	3.135	2.150	0.200	0	2.950	0
Ba1	0	0	2.525	0	0.300	1.300	0	1.770	1.335	0	1.750	0
Ba2	12.450	0.350	10.740	0.975	0	0.700	12.650	0	4.145	0	1.225	0
Ba3	5.590	0.230	3.939	2.380	1.200	1.180	0.350	1.585	1.225	0	0.265	0.735
B1	20.898	0.950	1.360	1.633	0.900	0.305	0.302	16.731	0.861	0.160	0	0.450
B2	0	0.150	9.200	0.261	0	0	1.300	0.347	0	0	0	0
B3	0	0	0	0	0	0	0.910	0	0	0	0	0
Caa1	0.140	0	0.060	0.178	0	0.130	0	0	0	0	0	0
Caa2	1.700	0.050	0	0	0	0	0	0	0	0	0	0
NR	42.189	17.924	9.169	10.069	7.165	16.471	21.462	16.437	19.593	12.281	14.858	13.224
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0.300	2	0	0	0.300	1	0.300	2	0.13%
Baa3	0	0	5.285	11	3.150	5	0	0	8.435	7	8.435	16	3.56%
Ba1	2.825	6	3.070	9	3.085	9	0	0	8.980	11	8.980	24	3.79%
Ba2	11.715	12	13.350	9	5.370	8	0	0	30.435	10	43.235	34	12.85%
Ba3	7.519	13	3.115	14	1.490	10	0.735	3	12.858	19	18.678	50	5.43%
B1	3.893	10	17.338	10	1.021	5	0.450	3	22.702	12	44.550	47	9.59%
B2	9.461	4	1.647	4	0	0	0	0	11.108	4	11.258	10	4.69%
B3	0	0	0.910	2	0	0	0	0	0.910	2	0.910	2	0.38%
Caa1	0.238	2	0.130	1	0	0	0	0	0.368	2	0.508	4	0.16%
Caa2	0	0	0	0	0	0	0	0	0	0	1.750	2	0.00%
NR	26.403	178	54.370	200	46.732	202	13.224	71	140.729	436	200.841	810	59.42%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Use of Proceeds
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Acquisition	27.703	2.829	3.758	4.726	1.814	4.038	2.102	2.270	11.185	1.783	10.240	3.906
Capex	0.741	0.399	0.595	1.575	0.175	0.850	2.190	0.973	0.510	0.550	0.280	3.960
Dividend/recap	0	0.466	0	0	0	0	0.350	0.215	0	0	0	0
Exit financing	0.425	3.980	10.650	0	0.085	0.100	1.059	0.214	0.125	0.175	0.464	0.880
GCP	4.094	2.470	3.352	1.226	1.670	1.893	6.997	3.595	3.047	2.184	1.571	1.610
LBO	42.209	1.407	16.013	1.564	1.734	3.687	14.570	20.611	3.856	1.045	0.519	1.165
Refinance	3.985	3.328	0.800	3.669	2.337	6.318	10.366	4.890	3.565	6.006	4.196	0.662
Multiple/Other/NA	3.810	4.775	1.825	2.736	1.750	3.200	2.475	6.252	5.371	0.698	3.778	2.226
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	10.297	26	8.410	19	23.208	27	3.906	9	45.822	81	76.354	101	19.35%
Capex	2.345	10	4.013	11	1.340	6	3.960	5	11.658	32	12.798	37	4.92%
Dividend/recap	0	0	0.565	2	0	0	0	0	0.565	2	1.031	3	0.24%
Exit financing	10.735	4	1.372	5	0.764	3	0.880	3	13.751	15	18.156	19	5.81%
GCP	6.248	20	12.486	32	6.802	32	1.610	8	27.146	92	33.710	109	11.46%
LBO	19.310	23	38.868	18	5.420	15	1.165	7	64.763	63	108.379	82	27.35%
Refinance	6.806	35	21.574	43	13.767	37	0.662	5	42.809	120	50.122	143	18.08%
Multiple/Other/NA	6.311	15	11.927	33	9.847	35	2.226	14	30.311	97	38.896	113	12.80%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	100.00%
Industry Sector (by SIC code)
	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008
Agriculture (0xxx)	0	0	0	0.350	0	0	0	0	0	0	0	0.185
Mining (1xxx)	0	0	0	0	0	0.265	0.450	0	0.125	0.700	0	1.744
Oil and gas (13xx)	5.015	2.345	2.915	3.066	0.950	0.907	0.330	3.333	4.232	3.980	1.230	1.609
Construction (15xx)	0.545	0	0.135	0	0.335	0	0	0.100	0	0.150	0.250	0
Manufacturing (2xxx, 3xxx)	42.373	8.223	8.728	1.883	4.959	10.018	19.907	6.005	11.271	3.360	8.432	2.442
Transportation (4xxx)	2.226	0	0.463	0.716	0.190	0.100	1.488	0.080	0.435	0.835	0.326	1.090
Communications (48xx)	16.875	1.185	0.679	2.270	0.685	1.165	4.343	17.487	0	0	0.731	0.311
Electric, gas, sanitary services (49xx)	2.268	0.466	7.550	0.940	0	0.740	1.315	1.158	2.400	0.202	1.085	0.580
Wholesale (5xxx)	0.939	2.795	1.187	2.635	0.117	2.232	2.205	1.440	0.765	1.148	4.089	0.970
Finance, insurance, real estate (6xxx)	7.894	2.075	2.325	1.095	1.720	2.208	4.265	4.160	1.526	0.361	0.910	0.785
Services (7xxx)	1.855	0.992	12.189	1.177	0.574	1.525	5.807	4.452	6.140	0.475	1.045	4.335
Health services (8xxx)	2.976	1.573	0.822	1.365	0.035	0.926	0	0.805	0.765	1.230	2.950	0.150
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0	0.209
Total	82.967	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	21.048	14.409
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.350	1	0	0	0	0	0.185	1	0.535	2	0.535	2	0.23%
Mining (1xxx)	0	0	0.715	3	0.825	2	1.744	3	3.284	8	3.284	8	1.39%
Oil and gas (13xx)	6.931	15	4.569	12	9.443	25	1.609	5	22.552	57	29.912	75	9.52%
Construction (15xx)	0.469	4	0.100	1	0.400	2	0	0	0.970	7	1.514	9	0.41%
Manufacturing (2xxx, 3xxx)	15.569	42	35.930	49	23.063	49	2.442	13	77.004	153	127.599	184	32.52%
Transportation (4xxx)	1.369	7	1.667	7	1.596	8	1.090	3	5.722	25	7.948	28	2.42%
Communications (48xx)	3.634	10	22.995	11	0.731	2	0.311	2	27.671	25	45.731	31	11.68%
Electric, gas, sanitary services (49xx)	8.490	5	3.213	7	3.687	8	0.580	3	15.970	23	18.704	30	6.74%
Wholesale (5xxx)	3.939	12	5.877	19	6.002	13	0.970	6	16.787	50	20.521	62	7.09%
Finance, insurance, real estate (6xxx)	5.140	9	10.633	21	2.796	15	0.785	7	19.354	52	29.323	63	8.17%
Services (7xxx)	13.940	19	11.784	24	7.660	23	4.335	6	37.719	72	40.566	82	15.93%
Health services (8xxx)	2.222	9	1.731	9	4.945	8	0.150	1	9.048	27	13.598	32	3.82%
Non-operating (9995)	0	0	0	0	0	0	0.209	1	0.209	1	0.209	1	0.09%
Total	62.053	133	99.215	163	61.148	155	14.409	51	236.825	502	339.446	607	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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