Analysis of bank loan issuance for 12 months through January 2008

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

Rate (L+)

	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Below 125 bps	1.590	2.000	5.800	3.950	8.450	1.200	3.425	5.050	2.650	0.300	1.125	0
125	0.400	3.360	0.950	2.435	0.840	1.850	0.200	0.675	0	0.144	0.240	0
150	11.559	10.250	11.040	3.962	6.280	2.700	1.115	3.650	3.425	2.015	0.075	0.490
175	12.680	8.428	8.515	5.585	4.684	2.043	0.660	1.730	3.595	1.704	1.465	0.400
200	11.140	12.040	3.610	6.464	4.206	0.986	0.545	1.900	0.747	1.438	4.245	2.725
225	20.672	13.313	11.300	6.692	11.450	1.312	0.925	2.814	2.235	3.481	1.524	0.150
250	3.235	3.660	5.900	7.505	4.280	8.416	0.925	2.195	1.850	0.960	0.760	2.725
275	1.680	6.055	3.269	2.260	12.229	0.700	0.725	14.925	1.100	21.160	0	0.059
300	2.018	4.500	9.941	3.545	4.571	2.015	1.163	5.114	7.450	7.070	0.520	16.450
325 bps and upwards	7.253	10.220	4.652	5.133	19.218	9.335	0.568	5.797	33.560	28.976	5.411	11.478
Fixed rate	0.141	0.925	0	0.530	0.029	0.075	0	0.361	0.220	0	0	0.161
NA	3.222	5.743	8.240	10.775	29.287	5.995	7.870	26.723	6.257	5.807	4.288	4.777
Other	0	0.350	0	0	0	0	0	0	0	0	0	0
Prime based	0.075	0	0	0	0	0	0	0	0	0	0	0
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	18.200	19	9.675	21	4.075	7	0	0	0	0	35.540	56	0.00%
125	4.225	11	2.725	6	0.384	3	0	0	0	0	11.094	27	0.00%
150	21.282	41	7.465	16	5.515	12	0.490	3	0.490	2	56.560	117	1.24%
175	18.784	43	4.433	19	6.764	20	0.400	1	0.400	1	51.489	110	1.01%
200	14.280	44	3.431	15	6.431	21	2.725	4	2.725	3	50.046	138	6.91%
225	29.443	85	5.051	17	7.240	23	0.150	1	0.150	1	75.868	186	0.38%
250	17.684	66	11.536	23	3.570	11	2.725	6	2.725	5	42.411	134	6.91%
275	17.758	45	16.350	21	22.260	14	0.059	1	0.059	1	64.162	117	0.15%
300	18.057	46	8.292	25	15.040	31	16.450	7	16.450	3	64.357	128	41.73%
325 bps and upwards	29.001	142	15.700	102	67.950	130	11.478	37	11.478	22	141.602	503	29.11%
Fixed rate	0.559	5	0.436	4	0.220	2	0.161	2	0.161	1	2.442	20	0.41%
NA	48.301	100	40.588	87	16.352	63	4.777	24	4.777	16	118.984	322	12.12%
Other	0	0	0	0	0	0	0	0	0	0	0.350	1	0.00%
Prime based	0	0	0	0	0	0	0	0	0	0	0.075	1	0.00%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Upsized?
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Yes	15.945	8.547	6.312	3.368	8.456	3.175	0.600	0.435	4.065	3.163	0.796	1.795
No	59.529	70.862	65.505	55.258	96.867	32.630	17.521	69.240	57.674	69.894	18.783	36.583
Downsized	0.190	1.435	1.400	0.210	0.200	0.821	0	1.259	1.350	0	0.075	1.038
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	18.136	34	4.210	7	8.024	13	1.795	2	1.795	2	56.658	95	4.55%
No	217.629	606	119.390	338	146.351	322	36.583	81	36.583	44	650.346	1733	92.81%
Downsized	1.810	7	2.080	11	1.425	2	1.038	3	1.038	1	7.978	32	2.63%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Flex?
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Down	23.951	12.885	9.389	7.722	6.495	0	0.300	0	0.830	0	0.075	0
No	49.088	56.742	51.406	46.654	74.279	28.728	17.821	70.934	61.509	71.614	19.412	39.416
Up	2.625	11.217	12.423	4.460	24.749	7.898	0	0	0.750	1.444	0.168	0
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Down	23.605	69	0.300	2	0.905	5	0	0	0	0	61.647	164	0.00%
No	172.338	500	117.483	308	152.534	317	39.416	86	39.416	46	587.601	1530	100.00%
Up	41.632	78	7.898	46	2.361	15	0	0	0	0	65.734	166	0.00%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Type
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Revolver	15.923	23.760	19.423	20.623	44.962	12.271	11.298	32.245	15.991	16.601	7.457	10.425
TLA	2.730	2.125	1.050	1.385	2.860	2.300	0.975	5.894	2.710	4.662	0.375	2.191
Term	22.418	26.739	21.983	13.291	25.848	6.838	4.403	8.498	7.570	6.362	7.304	10.652
Institutional	28.555	16.178	24.325	17.503	21.778	12.399	1.113	20.755	29.551	41.592	3.950	13.685
Second/third/junior lien	3.313	6.922	2.753	3.614	6.869	2.315	0.095	0.542	1.347	2.160	0.329	2.311
Delayed draw	2.353	2.765	3.178	1.515	2.875	0.324	0.237	2.050	4.520	1.415	0.240	0.152
LoC	0.373	2.355	0.505	0.905	0.330	0.180	0	0.950	1.400	0.265	0	0
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	85.008	251	55.814	151	40.049	155	10.425	37	10.425	33	230.979	753	26.45%
TLA	5.295	9	9.169	15	7.747	13	2.191	3	2.191	2	29.258	48	5.56%
Term	61.122	153	19.739	85	21.235	75	10.652	19	10.652	4	161.905	445	27.02%
Institutional	63.605	104	34.267	52	75.093	54	13.685	13	13.685	5	231.385	286	34.72%
Second/third/junior lien	13.236	82	2.951	34	3.836	23	2.311	11	2.311	4	32.569	202	5.86%
Delayed draw	7.568	35	2.611	15	6.175	11	0.152	3	0.152	2	21.624	84	0.39%
LoC	1.740	13	1.130	4	1.665	6	0	0	0	0	7.263	42	0.00%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Moody's Rating
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Baa3	0.500	0	0	2.500	0	0	0	0	0	0	0	0
Ba1	2.785	4.320	0.150	1.405	0.471	0.030	0.375	6.909	3.200	0	0	2.175
Ba2	13.709	4.675	19.177	2.805	2.499	9.075	1.650	0	2.627	0	0.350	10.250
Ba3	13.495	26.513	9.610	9.986	14.741	2.285	0	19.850	32.795	1.255	0.230	2.800
B1	17.545	12.220	11.805	8.149	17.731	6.114	2.025	3.318	4.115	5.898	0.950	1.360
B2	2.965	5.563	3.970	4.543	5.150	2.174	0	1.932	1.480	0	0.150	7.200
B3	0.215	2.370	1.840	3.440	3.690	0.410	0	0.280	0.275	0	0	0
Caa1	1.600	1.070	1.596	1.775	2.960	0.940	0	0	0.547	0.140	0	0.060
Caa2	0.795	0.235	0	1.315	0.120	0.729	0	0	0	0	0.050	0
NR	22.056	23.879	25.069	22.918	58.161	14.869	14.071	38.645	18.050	65.765	17.924	15.571
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Baa3	2.500	3	0	0	0	0	0	0	0	0	3.000	4	0.00%
Ba1	2.026	5	7.314	14	3.200	4	2.175	3	2.175	2	21.820	39	5.52%
Ba2	24.481	40	10.725	17	2.977	8	10.250	7	10.250	2	66.817	102	26.00%
Ba3	34.337	77	22.135	32	34.280	34	2.800	3	2.800	2	133.560	207	7.10%
B1	37.685	114	11.457	35	10.963	32	1.360	3	1.360	1	91.230	248	3.45%
B2	13.662	44	4.106	17	1.630	5	7.200	3	7.200	2	35.127	95	18.27%
B3	8.970	25	0.690	4	0.275	3	0	0	0	0	12.520	43	0.00%
Caa1	6.331	36	0.940	7	0.687	5	0.060	1	0.060	1	10.688	65	0.15%
Caa2	1.435	8	0.729	5	0.050	1	0	0	0	0	3.244	17	0.00%
NR	106.148	295	67.585	225	101.739	245	15.571	66	15.571	36	336.977	1040	39.50%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Use of Proceeds
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Acquisition	25.410	8.585	7.433	9.611	19.906	5.170	7.398	8.914	9.167	27.703	2.829	3.108
Capex	2.142	2.200	2.025	0.377	0.650	0.556	0.370	3.376	1.535	0.916	0.399	0.595
Dividend/recap	2.869	9.630	5.184	5.479	6.281	0.750	0.150	0.950	0.890	0	0.466	0
Exit financing	0	2.590	0	0.080	0	0	0.320	0	0.452	0.425	3.980	14.725
GCP	8.948	5.965	7.985	11.365	27.347	2.303	4.601	23.995	2.850	4.094	2.470	2.087
LBO	12.618	20.256	26.498	14.499	23.231	16.153	0.895	27.001	41.553	31.875	1.407	16.276
Refinance	22.038	23.882	16.332	16.099	15.355	10.252	2.805	5.341	3.097	3.985	3.328	1.350
Multiple/Other/NA	1.640	7.737	7.760	1.325	12.753	1.443	1.582	1.357	3.545	4.060	4.775	1.275
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	36.950	61	21.481	32	39.699	33	3.108	9	3.108	9	135.232	173	7.89%
Capex	3.052	5	4.302	9	2.850	7	0.595	3	0.595	3	15.141	38	1.51%
Dividend/recap	16.944	35	1.850	4	1.356	3	0	0	0	0	32.648	63	0.00%
Exit financing	0.080	1	0.320	1	4.857	6	14.725	4	14.725	4	22.572	14	37.36%
GCP	46.697	46	30.899	39	9.414	28	2.087	8	2.087	8	104.010	150	5.29%
LBO	64.228	61	44.049	38	74.835	39	16.276	15	16.276	15	232.261	184	41.29%
Refinance	47.787	83	18.398	38	10.410	29	1.350	4	1.350	4	123.865	218	3.43%
Multiple/Other/NA	21.838	26	4.382	24	12.380	24	1.275	3	1.275	3	49.252	95	3.23%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	100.00%
Industry Sector (by SIC code)
	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008
Agriculture (0xxx)	0	0	0	0.160	0	0	0	0	0	0	0	0
Mining (1xxx)	11.960	0.200	0	0.300	5.050	0.219	0.800	0	0.627	0	0	0
Oil and gas (13xx)	2.665	7.275	1.945	1.375	6.269	0.880	2.800	0.787	0.600	5.015	2.345	1.825
Construction (15xx)	0.200	0	0	1.090	0.155	1.965	0	0.775	0.325	0.545	0	0.135
Manufacturing (2xxx, 3xxx)	16.045	30.579	28.189	24.401	21.690	17.800	1.834	11.467	16.042	35.623	8.223	15.155
Transportation (4xxx)	0.650	5.160	4.135	0.961	2.455	0.525	1.780	1.485	0.646	2.226	0	0.413
Communications (48xx)	22.185	2.275	1.585	7.760	4.910	1.500	0	2.983	1.050	17.050	1.185	0.679
Electric, gas, sanitary services (49xx)	11.104	8.475	7.290	3.469	6.410	1.250	1.175	1.900	27.760	2.268	0.466	5.550
Wholesale (5xxx)	1.555	6.580	7.319	4.497	5.580	3.515	3.660	3.700	6.162	0.980	2.795	1.322
Finance, insurance, real estate (6xxx)	2.458	6.855	2.925	2.973	20.817	2.147	1.825	40.881	5.010	7.894	2.075	1.775
Services (7xxx)	6.577	11.562	17.485	10.410	12.234	5.292	3.927	4.081	3.052	1.030	0.992	11.839
Health services (8xxx)	0.266	1.883	2.344	1.135	19.953	1.008	0.320	2.875	1.815	0.426	1.573	0.722
Non-operating (9995)	0	0	0	0.305	0	0	0	0	0	0	0	0
Total	75.664	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	73.058	19.654	39.416
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.160	1	0	0	0	0	0	0	0	0	0.160	1	0.00%
Mining (1xxx)	5.350	4	1.019	2	0.627	2	0	0	0	0	19.156	12	0.00%
Oil and gas (13xx)	9.589	19	4.467	15	7.960	21	1.825	6	1.825	6	33.781	75	4.63%
Construction (15xx)	1.245	2	2.740	5	0.870	4	0.135	1	0.135	1	5.190	14	0.34%
Manufacturing (2xxx, 3xxx)	74.280	100	31.101	63	59.887	55	15.155	16	15.155	16	227.048	309	38.45%
Transportation (4xxx)	7.551	12	3.790	8	2.872	4	0.413	2	0.413	2	20.436	33	1.05%
Communications (48xx)	14.255	25	4.483	6	19.285	9	0.679	5	0.679	5	63.162	65	1.72%
Electric, gas, sanitary services (49xx)	17.169	24	4.325	7	30.494	12	5.550	2	5.550	2	77.117	63	14.08%
Wholesale (5xxx)	17.396	27	10.875	24	9.937	21	1.322	5	1.322	5	47.666	95	3.35%
Finance, insurance, real estate (6xxx)	26.715	20	44.853	14	14.979	14	1.775	1	1.775	1	97.635	63	4.50%
Services (7xxx)	40.129	57	13.300	31	5.075	17	11.839	5	11.839	5	88.482	145	30.04%
Health services (8xxx)	23.431	25	4.204	9	3.814	10	0.722	3	0.722	3	34.320	57	1.83%
Non-operating (9995)	0.305	2	0	0	0	0	0	0	0	0	0.305	2	0.00%
Total	237.575	318	125.681	185	155.801	169	39.416	46	39.416	46	714.982	935	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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