Analysis of bank loan issuance for 12 months through March 2008

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

Rate (L+)

	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Below 125 bps	5.800	3.950	8.450	1.200	3.425	5.050	2.650	0.300	1.125	0	0	1.075
125	0.950	2.435	0.840	1.850	0.200	0.675	0	0.144	0.240	0	0	0.175
150	11.040	3.962	6.280	2.700	1.115	3.650	3.425	2.015	0.075	0.740	0.420	0
6/1900	8.515	5.585	4.684	2.043	0.660	1.730	3.595	1.704	1.465	0.450	1.090	0.320
200	3.610	6.464	4.206	0.986	0.545	1.900	0.747	1.438	4.245	3.025	1.038	0
225	11.300	6.692	11.450	1.312	0.925	2.814	2.235	2.881	1.549	0.400	0.723	0.150
250	5.900	7.505	4.280	8.416	0.925	2.195	1.850	0.960	0.760	1.325	1.000	0.050
275	3.269	2.260	12.229	0.700	0.725	14.925	1.100	21.585	0	0.259	1.593	1.470
300	9.941	3.545	4.571	2.015	1.163	5.114	7.450	7.070	0.520	19.850	0.910	0
325 bps and upwards	4.652	5.133	19.218	9.335	0.568	5.797	33.560	35.976	5.411	13.414	4.951	2.839
Fixed rate	0	0.530	0.029	0.075	0	0.361	0.220	0	0	0.158	1.385	0
NA	8.240	10.775	30.486	5.995	7.870	26.723	6.257	9.182	4.263	3.672	2.690	0.812
Other	0	0	0	0	0	0	0	0	0	0	0	1.000
Prime based	0	0	0	0	0	0	0	0	0	0.025	0	0.110
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	1.075	2	1.075	2	33.025	49	1.60%
125	4.225	11	2.725	6	0.384	3	0.175	1	0.175	1	7.509	21	0.26%
150	21.282	41	7.465	16	5.515	12	1.160	9	1.160	8	35.422	78	1.73%
175	18.784	43	4.433	19	6.764	20	1.860	10	1.860	7	31.841	92	2.77%
200	14.280	44	3.431	15	6.431	21	4.062	13	4.062	8	28.204	93	6.05%
225	29.443	85	5.051	17	6.665	22	1.273	7	1.273	6	42.431	131	1.90%
250	17.684	66	11.536	23	3.570	11	2.375	9	2.375	6	35.166	109	3.54%
275	17.758	45	16.350	21	22.685	16	3.321	10	3.321	5	60.114	92	4.95%
300	18.057	46	8.292	25	15.040	31	20.760	11	20.760	6	62.149	113	30.93%
325 bps and upwards	29.001	142	15.700	102	74.950	131	21.204	93	21.204	51	140.856	468	31.59%
Fixed rate	0.559	5	0.436	4	0.220	2	1.544	6	1.544	2	2.759	17	2.30%
NA	49.502	101	40.588	87	19.703	67	7.175	42	7.175	31	116.966	297	10.69%
Other	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	1.49%
Prime based	0	0	0	0	0	0	0.135	2	0.135	1	0.135	2	0.20%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Upsized?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Yes	6.312	3.368	8.456	3.175	0.600	0.435	4.065	5.413	0.796	4.960	1.106	0.500
No	65.505	55.258	98.067	32.630	17.521	69.240	57.674	77.419	18.783	35.096	14.395	7.101
Downsized	1.400	0.210	0.200	0.821	0	1.259	1.350	0.425	0.075	3.263	0.300	0.400
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	10.274	14	6.566	19	6.566	10	39.186	74	9.78%
No	218.829	607	119.390	338	153.876	325	56.592	189	56.592	112	548.687	1459	84.31%
Downsized	1.810	7	2.080	11	1.850	4	3.962	8	3.962	5	9.703	30	5.90%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Flex?
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Down	9.389	7.722	6.495	0	0.300	0	0.830	0	0.075	0	0	0
No	51.406	46.654	75.479	28.728	17.821	70.934	61.509	81.389	19.412	40.814	15.800	8.001
Up	12.423	4.460	24.749	7.898	0	0	0.750	1.869	0.168	2.504	0	0
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	24.811	76	0.00%
No	173.538	501	117.483	308	162.309	321	64.616	209	64.616	124	517.946	1339	96.27%
Up	41.632	78	7.898	46	2.787	17	2.504	7	2.504	3	54.820	148	3.73%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Type
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Revolver	19.423	20.623	46.163	12.271	11.298	32.245	15.991	16.901	7.457	11.665	6.484	3.415
TLA	1.050	1.385	2.860	2.300	0.975	5.894	2.710	4.662	0.375	1.916	1.163	0.455
Term	21.983	13.291	25.848	6.838	4.403	8.498	7.570	16.337	7.304	10.930	4.851	3.771
Institutional	24.325	17.503	21.778	12.399	1.113	20.755	29.551	41.592	3.950	13.585	2.544	0.360
Second/third/junior lien	2.753	3.614	6.869	2.315	0.095	0.542	1.347	2.160	0.329	4.056	0.489	0
Delayed draw	3.178	1.515	2.875	0.324	0.237	2.050	4.520	1.340	0.240	1.102	0.250	0
LoC	0.505	0.905	0.330	0.180	0	0.950	1.400	0.265	0	0.065	0.020	0
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	86.209	252	55.814	151	40.349	157	21.564	101	21.564	94	203.935	661	32.13%
TLA	5.295	9	9.169	15	7.747	13	3.534	13	3.534	2	25.745	50	5.27%
Term	61.122	153	19.739	85	31.210	78	19.552	55	19.552	23	131.623	371	29.13%
Institutional	63.605	104	34.267	52	75.093	54	16.489	24	16.489	5	189.455	234	24.57%
Second/third/junior lien	13.236	82	2.951	34	3.836	23	4.544	13	4.544	4	24.567	152	6.77%
Delayed draw	7.568	35	2.611	15	6.100	12	1.352	7	1.352	2	17.631	69	2.01%
LoC	1.740	13	1.130	4	1.665	6	0.085	3	0.085	1	4.620	26	0.13%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Moody's Rating
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Baa3	0	2.500	0	0	0	0	0	0	0	0	0	0
Ba1	0.150	1.405	0.471	0.030	0.375	6.909	3.200	0	0	2.525	0	0.300
Ba2	19.177	2.805	2.499	9.075	1.650	0	2.627	12.450	0.350	12.740	0.975	0
Ba3	9.610	9.986	14.741	2.285	0	19.850	32.795	5.055	0.230	3.939	2.380	1.200
B1	11.805	8.149	17.731	6.114	2.025	3.318	4.115	20.898	0.950	1.360	1.633	0.900
B2	3.970	4.543	5.150	2.174	0	1.932	1.480	0	0.150	11.850	0.261	0
B3	1.840	3.440	3.690	0.410	0	0.280	0.275	0	0	0	0	0
Caa1	1.596	1.775	2.960	0.940	0	0	0.547	0.140	0	0.060	0.178	0
Caa2	0	1.315	0.120	0.729	0	0	0	1.700	0.050	0	0	0
NR	25.069	22.918	59.361	14.869	14.071	38.645	18.050	43.015	17.924	10.844	10.373	5.601
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	2.500	3	0.00%
Ba1	2.026	5	7.314	14	3.200	4	2.825	6	2.825	3	15.365	29	4.21%
Ba2	24.481	40	10.725	17	15.427	11	13.715	13	13.715	4	64.348	81	20.43%
Ba3	34.337	77	22.135	32	38.080	35	7.519	13	7.519	6	102.071	157	11.20%
B1	37.685	114	11.457	35	25.963	37	3.893	10	3.893	6	78.998	196	5.80%
B2	13.662	44	4.106	17	1.630	5	12.111	5	12.111	3	31.509	71	18.04%
B3	8.970	25	0.690	4	0.275	3	0	0	0	0	9.935	32	0.00%
Caa1	6.331	36	0.940	7	0.687	5	0.238	2	0.238	2	8.196	50	0.35%
Caa2	1.435	8	0.729	5	1.750	2	0	0	0	0	3.914	15	0.00%
NR	107.348	296	67.585	225	78.989	241	26.819	167	26.819	105	280.741	929	39.96%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Use of Proceeds
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Acquisition	7.433	9.611	19.906	5.170	7.398	8.914	9.167	27.703	2.829	3.758	4.726	1.705
Capex	2.025	0.377	0.650	0.556	0.370	3.376	1.535	0.741	0.399	0.595	1.575	0.050
Dividend/recap	5.184	5.479	6.281	0.750	0.150	0.950	0.890	0	0.466	0	0	0
Exit financing	0	0.080	0	0	0.320	0	0.452	0.425	3.980	16.700	0	0
GCP	7.985	11.365	28.547	2.303	4.601	23.995	2.850	4.094	2.470	3.352	1.226	1.670
LBO	26.498	14.499	23.231	16.153	0.895	27.001	41.553	42.249	1.407	15.888	2.004	1.739
Refinance	16.332	16.099	15.355	10.252	2.805	5.341	3.097	3.985	3.328	1.200	3.534	2.062
Multiple/Other/NA	7.760	1.325	12.753	1.443	1.582	1.357	3.545	4.060	4.775	1.825	2.736	0.775
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	10.189	25	10.189	25	108.318	151	15.18%
Capex	3.052	5	4.302	9	2.675	7	2.220	9	2.220	9	12.249	30	3.31%
Dividend/recap	16.944	35	1.850	4	1.356	3	0	0	0	0	20.149	42	0.00%
Exit financing	0.080	1	0.320	1	4.857	6	16.700	4	16.700	4	21.957	12	24.88%
GCP	47.897	47	30.899	39	9.414	28	6.248	20	6.248	20	94.457	134	9.31%
LBO	64.228	61	44.049	38	85.210	42	19.631	24	19.631	24	213.118	165	29.25%
Refinance	47.787	83	18.398	38	10.410	29	6.796	33	6.796	33	83.392	183	10.13%
Multiple/Other/NA	21.838	26	4.382	24	12.380	24	5.336	12	5.336	12	43.936	86	7.95%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	100.00%
Industry Sector (by SIC code)
	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008
Agriculture (0xxx)	0	0.160	0	0	0	0	0	0	0	0	0.350	0
Mining (1xxx)	0	0.300	5.050	0.219	0.800	0	0.627	0	0	0	0	0
Oil and gas (13xx)	1.945	1.375	6.269	0.880	2.800	0.787	0.600	5.015	2.345	3.315	3.066	0.250
Construction (15xx)	0	1.090	0.155	1.965	0	0.775	0.325	0.545	0	0.135	0	0.240
Manufacturing (2xxx, 3xxx)	28.189	24.401	21.690	17.800	1.834	11.467	16.042	42.623	8.223	14.778	1.883	4.449
Transportation (4xxx)	4.135	0.961	2.455	0.525	1.780	1.485	0.646	2.226	0	0.463	0.716	0.200
Communications (48xx)	1.585	7.760	4.910	1.500	0	2.983	1.050	16.875	1.185	0.679	2.270	0.685
Electric, gas, sanitary services (49xx)	7.290	3.469	6.410	1.250	1.175	1.900	27.760	2.268	0.466	7.550	0.940	0
Wholesale (5xxx)	7.319	4.497	5.580	3.515	3.660	3.700	6.162	0.980	2.795	1.062	2.500	0.117
Finance, insurance, real estate (6xxx)	2.925	2.973	20.817	2.147	1.825	40.881	5.010	7.894	2.075	2.325	1.095	1.720
Services (7xxx)	17.485	10.410	13.434	5.292	3.927	4.081	3.052	1.855	0.992	12.189	1.177	0.340
Health services (8xxx)	2.344	1.135	19.953	1.008	0.320	2.875	1.815	2.976	1.573	0.822	1.805	0
Non-operating (9995)	0	0.305	0	0	0	0	0	0	0	0	0	0
Total	73.217	58.836	106.723	36.626	18.121	70.934	63.089	83.258	19.654	43.318	15.800	8.001
	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	0.350	1	0.350	1	0.510	2	0.52%
Mining (1xxx)	5.350	4	1.019	2	0.627	2	0	0	0	0	6.996	8	0.00%
Oil and gas (13xx)	9.589	19	4.467	15	7.960	21	6.631	15	6.631	15	28.647	70	9.88%
Construction (15xx)	1.245	2	2.740	5	0.870	4	0.375	3	0.375	3	5.230	14	0.56%
Manufacturing (2xxx, 3xxx)	74.280	100	31.101	63	66.887	56	21.110	39	21.110	39	193.378	258	31.45%
Transportation (4xxx)	7.551	12	3.790	8	2.872	4	1.379	7	1.379	7	15.591	31	2.05%
Communications (48xx)	14.255	25	4.483	6	19.110	9	3.634	10	3.634	10	41.482	50	5.41%
Electric, gas, sanitary services (49xx)	17.169	24	4.325	7	30.494	12	8.490	5	8.490	5	60.478	48	12.65%
Wholesale (5xxx)	17.396	27	10.875	24	9.937	21	3.679	12	3.679	12	41.887	84	5.48%
Finance, insurance, real estate (6xxx)	26.715	20	44.853	14	14.979	14	5.140	9	5.140	9	91.687	57	7.66%
Services (7xxx)	41.329	58	13.300	31	5.900	18	13.706	17	13.706	17	74.234	124	20.42%
Health services (8xxx)	23.431	25	4.204	9	6.364	11	2.627	9	2.627	9	36.627	54	3.91%
Non-operating (9995)	0.305	2	0	0	0	0	0	0	0	0	0.305	2	0.00%
Total	238.775	319	125.681	185	166.001	172	67.120	127	67.120	127	597.577	803	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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