Analysis of bank loan issuance for 12 months through November 2008

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

Rate (L+)

	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Below 125 bps	1.125	0	0	1.075	0	0.440	0.045	0	0	0.325	0	0
125	0.240	0	0	0.300	0.400	0	0	0	0	0.145	0	0.110
150	0.075	0.340	0.420	0	0.990	1.425	1.460	1.005	0.270	0	0.270	0.280
175	1.465	0.450	1.090	0.320	0.305	2.656	0.475	0.640	0.620	0.361	0.165	0.100
200	4.245	3.025	1.038	0.060	2.567	0.445	0.200	0.860	1.895	0.985	0.585	0.212
225	1.549	0.400	0.723	0.150	1.536	1.600	0.350	0.910	0.260	0	0.255	0.600
250	0.760	1.325	0.550	0.300	2.335	4.965	2.953	2.366	0.720	4.944	0.475	0.300
275	0	0.259	1.982	1.505	0.400	3.930	1.705	1.090	0.075	0.521	0.015	0
300	0.520	18.450	0.910	0	0.125	4.000	1.110	1.455	0.225	4.130	0.850	0.802
325 bps and upwards	5.411	8.764	4.951	2.712	8.647	14.121	23.895	14.490	2.461	6.820	5.789	4.859
Fixed rate	0	0.283	1.385	0	0.015	2.803	1.597	0.172	0.346	0.230	0.330	0.205
NA	4.263	3.672	2.445	2.032	2.765	2.897	5.230	3.926	5.518	1.837	5.772	7.490
Other	0	0	0	1.000	0	0.826	0	0.745	0.050	0	0.125	0.145
Prime based	0	0.025	0	0.110	0	0	0	0	0	0	0	0
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	3.010	10	0.75%
125	0.300	2	0.400	3	0.145	2	0.110	1	0.955	7	1.195	9	0.38%
150	0.760	8	3.875	14	1.275	4	0.550	3	6.460	26	6.535	30	2.57%
175	1.860	10	3.436	11	1.621	9	0.265	4	7.182	25	8.647	39	2.86%
200	4.122	14	3.212	11	3.740	20	0.797	4	11.873	36	16.117	59	4.72%
225	1.273	7	3.486	12	1.170	7	0.855	4	6.784	26	8.333	35	2.70%
250	2.175	9	10.253	26	8.030	28	0.775	6	21.233	46	21.993	70	8.45%
275	3.747	12	6.035	13	1.686	10	0.015	1	11.482	24	11.482	36	4.57%
300	19.360	10	5.235	10	5.810	15	1.653	12	32.057	29	32.578	52	12.75%
325 bps and upwards	16.428	93	46.662	89	23.771	83	10.648	44	97.510	160	102.922	332	38.78%
Fixed rate	1.669	7	4.415	11	0.748	8	0.534	8	7.366	16	7.366	34	2.93%
NA	8.149	48	10.893	53	11.281	47	13.262	36	43.585	138	47.849	204	17.34%
Other	1.000	1	0.826	4	0.795	5	0.270	2	2.891	10	2.891	12	1.15%
Prime based	0.135	2	0	0	0	0	0	0	0.135	1	0.135	2	0.05%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Upsized?
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Yes	0.796	4.960	1.106	0.500	1.318	1.695	2.565	3.553	0.060	4.398	0.259	0.145
No	18.783	31.421	14.089	8.405	17.333	36.664	36.307	18.921	12.381	14.985	14.119	9.059
Downsized	0.075	0.613	0.300	0.659	1.435	1.750	0.147	5.185	0	0.915	0.252	5.900
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	0.404	3	20.558	31	21.354	57	8.18%
No	53.916	195	90.305	233	46.287	219	23.179	116	213.686	488	232.469	833	85.00%
Downsized	1.572	11	3.333	10	6.100	6	6.152	6	17.157	18	17.232	34	6.82%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Flex?
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Down	0.075	0	0	0	0	0	1.045	1.070	0	0	0	0
No	19.412	34.489	15.495	9.235	19.836	39.807	37.760	25.989	12.206	18.438	14.630	15.104
Up	0.168	2.504	0	0.330	0.250	0.302	0.215	0.600	0.235	1.860	0	0
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	0.84%
No	59.219	215	97.403	253	56.633	228	29.734	125	242.990	524	262.401	892	96.65%
Up	2.834	10	0.767	4	2.695	11	0	0	6.296	12	6.463	27	2.50%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Type
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Revolver	7.457	9.865	6.349	4.991	10.133	17.017	9.998	10.680	8.803	8.758	5.865	12.395
TLA	0.375	1.916	1.163	0.616	1.082	2.580	3.467	3.100	0.125	3.020	0.662	0.450
Term	7.304	8.930	5.046	3.680	4.672	9.056	9.894	5.547	2.747	3.904	7.074	1.719
Institutional	3.950	13.585	2.179	0.278	1.515	10.115	13.302	6.405	0.585	4.301	0.825	0.500
Second/third/junior lien	0.329	1.530	0.489	0	2.585	0.637	0.299	1.268	0.164	0.265	0.072	0.015
Delayed draw	0.240	1.102	0.250	0	0.043	0.380	1.680	0.115	0	0	0.132	0.025
LoC	0	0.065	0.020	0	0.057	0.324	0.380	0.545	0.017	0.050	0	0
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	28.241	126	18.260	73	104.853	396	112.310	462	41.71%
TLA	3.694	15	7.130	13	6.245	14	1.112	6	18.180	5	18.555	49	7.23%
Term	17.656	56	23.622	82	12.197	65	8.793	35	62.268	103	69.572	263	24.77%
Institutional	16.042	23	24.932	20	11.291	15	1.325	5	53.590	14	57.540	69	21.32%
Second/third/junior lien	2.019	13	3.521	8	1.696	11	0.087	2	7.324	10	7.652	40	2.91%
Delayed draw	1.352	7	2.103	8	0.115	2	0.157	4	3.727	7	3.967	23	1.48%
LoC	0.085	3	0.760	8	0.612	7	0	0	1.458	7	1.458	18	0.58%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Moody's Rating
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Baa2	0	0	0	0	0	0	0	0.300	0	0	0	0
Baa3	0	0	0	0	0	3.135	2.150	0.200	0	5.600	0	0
Ba1	0	2.525	0	0.300	1.300	0	1.770	1.335	0	1.650	0	1.200
Ba2	0.350	10.740	0.975	0	0.700	12.650	0	4.145	0	1.225	0	0.300
Ba3	0.230	3.939	2.380	1.200	1.180	0.350	1.585	1.225	0	0.265	0.735	0
B1	0.950	1.360	1.633	0.900	0.305	0.302	16.731	0.861	0.160	0	0.450	0
B2	0.150	9.200	0.261	0	0	1.300	0.347	0	0	0	0	0
B3	0	0	0	0	0	0.910	0	0	0	0	0	0
Caa1	0	0.060	0.178	0	0.130	0	0	0	0	0	0	0
Caa2	0.050	0	0	0	0	0	0	0	0	0	0	0
NR	17.924	9.169	10.069	7.165	16.471	21.462	16.437	19.593	12.281	11.558	13.445	13.604
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	0.12%
Baa3	0	0	5.285	11	5.800	8	0	0	11.085	8	11.085	19	4.41%
Ba1	2.825	6	3.070	9	2.985	9	1.200	3	10.080	12	10.080	27	4.01%
Ba2	11.715	12	13.350	9	5.370	8	0.300	1	30.735	11	31.085	32	12.23%
Ba3	7.519	13	3.115	14	1.490	10	0.735	3	12.858	19	13.088	42	5.11%
B1	3.893	10	17.338	10	1.021	5	0.450	3	22.702	12	23.652	31	9.03%
B2	9.461	4	1.647	4	0	0	0	0	11.108	4	11.258	10	4.42%
B3	0	0	0.910	2	0	0	0	0	0.910	2	0.910	2	0.36%
Caa1	0.238	2	0.130	1	0	0	0	0	0.368	2	0.368	3	0.15%
Caa2	0	0	0	0	0	0	0	0	0	0	0.050	1	0.00%
NR	26.403	178	54.370	200	43.432	198	27.049	115	151.254	468	169.178	755	60.16%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Use of Proceeds
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Acquisition	2.829	3.758	4.726	1.814	4.038	2.102	2.270	11.185	1.783	10.140	4.056	1.772
Capex	0.399	0.595	1.575	0.175	0.850	2.190	0.973	0.510	0.550	0.280	3.960	0.280
Dividend/recap	0.466	0	0	0	0	0.350	0.215	0	0	0	0	0
Exit financing	3.980	10.650	0	0.085	0.100	1.059	0.214	0.125	0.175	0.464	0.880	0.245
GCP	2.470	3.352	1.226	1.670	1.893	6.997	3.595	3.047	2.184	0.921	1.610	2.629
LBO	1.407	16.013	1.564	1.734	3.687	14.570	20.611	3.856	1.045	0.519	1.051	0.435
Refinance	3.328	0.800	3.669	2.337	6.318	10.366	4.890	3.565	6.006	4.196	0.761	1.962
Multiple/Other/NA	4.775	1.825	2.736	1.750	3.200	2.475	6.252	5.371	0.698	3.778	2.311	7.780
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	23.108	27	5.829	14	47.645	86	50.473	95	18.95%
Capex	2.345	10	4.013	11	1.340	6	4.240	6	11.938	33	12.337	36	4.75%
Dividend/recap	0	0	0.565	2	0	0	0	0	0.565	2	1.031	3	0.22%
Exit financing	10.735	4	1.372	5	0.764	3	1.125	5	13.996	17	17.976	20	5.57%
GCP	6.248	20	12.486	32	6.152	31	4.239	18	29.126	101	31.596	109	11.59%
LBO	19.310	23	38.868	18	5.420	15	1.486	9	65.084	65	66.492	68	25.89%
Refinance	6.806	35	21.574	43	13.767	37	2.724	12	44.871	127	48.199	138	17.85%
Multiple/Other/NA	6.311	15	11.927	33	9.847	35	10.091	23	38.176	106	42.951	112	15.19%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	100.00%
Industry Sector (by SIC code)
	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008
Agriculture (0xxx)	0	0	0.350	0	0	0	0	0	0	0	0.135	0
Mining (1xxx)	0	0	0	0	0.265	0.450	0	0.125	0.700	0	1.701	1.000
Oil and gas (13xx)	2.345	2.915	3.066	0.950	0.907	0.330	3.333	4.232	3.980	1.230	1.609	1.770
Construction (15xx)	0	0.135	0	0.335	0	0	0.100	0	0.150	0.250	0	1.100
Manufacturing (2xxx, 3xxx)	8.223	8.728	1.883	4.959	10.018	19.907	6.005	11.271	3.360	8.432	2.677	1.607
Transportation (4xxx)	0	0.463	0.716	0.190	0.100	1.488	0.080	0.435	0.835	0.326	1.090	0.150
Communications (48xx)	1.185	0.679	2.270	0.685	1.165	4.343	17.487	0	0	0.731	0.311	4.735
Electric, gas, sanitary services (49xx)	0.466	7.550	0.940	0	0.740	1.315	1.158	2.400	0.202	0.435	0.679	2.288
Wholesale (5xxx)	2.795	1.187	2.635	0.117	2.232	2.205	1.440	0.765	1.148	3.989	0.949	1.795
Finance, insurance, real estate (6xxx)	2.075	2.325	1.095	1.720	2.208	4.265	4.160	1.526	0.361	0.910	0.785	0.400
Services (7xxx)	0.992	12.189	1.177	0.574	1.525	5.807	4.452	6.140	0.475	1.045	4.335	0.100
Health services (8xxx)	1.573	0.822	1.365	0.035	0.926	0	0.805	0.765	1.230	2.950	0.150	0.160
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.209	0
Total	19.654	36.993	15.495	9.565	20.086	40.109	39.020	27.659	12.441	20.298	14.630	15.104
	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	0.135	1	0.485	2	0.485	2	0.19%
Mining (1xxx)	0	0	0.715	3	0.825	2	2.701	4	4.241	9	4.241	9	1.69%
Oil and gas (13xx)	6.931	15	4.569	12	9.443	25	3.379	9	24.322	61	26.667	70	9.67%
Construction (15xx)	0.469	4	0.100	1	0.400	2	1.100	1	2.070	8	2.070	8	0.82%
Manufacturing (2xxx, 3xxx)	15.569	42	35.930	49	23.063	49	4.284	26	78.846	166	87.069	176	31.36%
Transportation (4xxx)	1.369	7	1.667	7	1.596	8	1.240	4	5.872	26	5.872	26	2.34%
Communications (48xx)	3.634	10	22.995	11	0.731	2	5.046	4	32.406	27	33.591	30	12.89%
Electric, gas, sanitary services (49xx)	8.490	5	3.213	7	3.037	7	2.967	8	17.707	27	18.173	28	7.04%
Wholesale (5xxx)	3.939	12	5.877	19	5.902	13	2.744	12	18.462	56	21.257	65	7.34%
Finance, insurance, real estate (6xxx)	5.140	9	10.633	21	2.796	15	1.185	8	19.754	53	21.829	59	7.86%
Services (7xxx)	13.940	19	11.784	24	7.660	23	4.435	7	37.819	73	38.811	76	15.04%
Health services (8xxx)	2.222	9	1.731	9	4.945	8	0.310	2	9.208	28	10.782	31	3.66%
Non-operating (9995)	0	0	0	0	0	0	0.209	1	0.209	1	0.209	1	0.08%
Total	62.053	133	99.215	163	60.398	154	29.734	87	251.401	537	271.055	581	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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