Analysis of bank loan issuance for 12 months through February 2008

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

Rate (L+)

	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Below 125 bps	2.000	5.800	3.950	8.450	1.200	3.425	5.050	2.650	0.300	1.125	0	0
125	3.360	0.950	2.435	0.840	1.850	0.200	0.675	0	0.144	0.240	0	0
150	10.250	11.040	3.962	6.280	2.700	1.115	3.650	3.425	2.015	0.075	0.640	0.645
175	8.428	8.515	5.585	4.684	2.043	0.660	1.730	3.595	1.704	1.465	0.450	0.440
200	12.040	3.610	6.464	4.206	0.986	0.545	1.900	0.747	1.438	4.245	3.025	0.688
225	13.313	11.300	6.692	11.450	1.312	0.925	2.814	2.235	2.881	1.549	0	0.228
250	3.660	5.900	7.505	4.280	8.416	0.925	2.195	1.850	0.960	0.760	2.925	0.450
275	6.055	3.269	2.260	12.229	0.700	0.725	14.925	1.100	21.585	0	0.059	0.052
300	4.500	9.941	3.545	4.571	2.015	1.163	5.114	7.450	7.070	0.520	18.650	0.900
325 bps and upwards	10.220	4.652	5.133	19.218	9.335	0.568	5.797	33.560	28.976	5.411	12.214	4.822
Fixed rate	0.925	0	0.530	0.029	0.075	0	0.361	0.220	0	0	0.158	1.385
NA	5.743	8.240	10.775	29.287	5.995	7.870	26.723	6.257	5.807	4.263	4.647	4.935
Other	0.350	0	0	0	0	0	0	0	0	0	0	0
Prime based	0	0	0	0	0	0	0	0	0	0	0.025	0
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	33.950	51	0.00%
125	4.225	11	2.725	6	0.384	3	0	0	0	0	10.694	26	0.00%
150	21.282	41	7.465	16	5.515	12	1.285	8	1.285	7	45.797	99	2.24%
175	18.784	43	4.433	19	6.764	20	0.890	5	0.890	3	39.299	102	1.55%
200	14.280	44	3.431	15	6.431	21	3.712	9	3.712	6	39.894	126	6.47%
225	29.443	85	5.051	17	6.665	22	0.228	2	0.228	2	54.699	151	0.40%
250	17.684	66	11.536	23	3.570	11	3.375	7	3.375	6	39.826	121	5.89%
275	17.758	45	16.350	21	22.685	16	0.112	3	0.112	2	62.960	110	0.20%
300	18.057	46	8.292	25	15.040	31	19.550	11	19.550	5	65.439	123	34.10%
325 bps and upwards	29.001	142	15.700	102	67.950	130	17.036	65	17.036	36	139.906	490	29.72%
Fixed rate	0.559	5	0.436	4	0.220	2	1.544	6	1.544	2	3.684	20	2.69%
NA	48.301	100	40.588	87	16.328	62	9.582	42	9.582	27	120.543	318	16.71%
Other	0	0	0	0	0	0	0	0	0	0	0.350	1	0.00%
Prime based	0	0	0	0	0	0	0.025	1	0.025	1	0.025	1	0.04%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Upsized?
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Yes	8.547	6.312	3.368	8.456	3.175	0.600	0.435	4.065	3.163	0.796	4.710	0.711
No	70.862	65.505	55.258	96.867	32.630	17.521	69.240	57.674	69.294	18.783	36.646	13.835
Downsized	1.435	1.400	0.210	0.200	0.821	0	1.259	1.350	0.425	0.075	1.438	0
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	5.421	13	5.421	6	44.339	85	9.45%
No	217.629	606	119.390	338	145.751	320	50.480	141	50.480	81	604.114	1620	88.04%
Downsized	1.810	7	2.080	11	1.850	4	1.438	5	1.438	2	8.613	34	2.51%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Flex?
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Down	12.885	9.389	7.722	6.495	0	0.300	0	0.830	0	0.075	0	0
No	56.742	51.406	46.654	74.279	28.728	17.821	70.934	61.509	71.014	19.412	40.289	14.545
Up	11.217	12.423	4.460	24.749	7.898	0	0	0.750	1.869	0.168	2.504	0
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	37.696	109	0.00%
No	172.338	500	117.483	308	151.934	315	54.835	152	54.835	86	553.332	1461	95.63%
Up	41.632	78	7.898	46	2.787	17	2.504	7	2.504	3	66.038	169	4.37%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Type
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Revolver	23.760	19.423	20.623	44.962	12.271	11.298	32.245	15.991	16.551	7.457	11.615	5.484
TLA	2.125	1.050	1.385	2.860	2.300	0.975	5.894	2.710	4.662	0.375	1.916	1.157
Term	26.739	21.983	13.291	25.848	6.838	4.403	8.498	7.570	6.362	7.304	12.530	4.621
Institutional	16.178	24.325	17.503	21.778	12.399	1.113	20.755	29.551	41.592	3.950	13.335	2.574
Second/third/junior lien	6.922	2.753	3.614	6.869	2.315	0.095	0.542	1.347	2.160	0.329	2.231	0.489
Delayed draw	2.765	3.178	1.515	2.875	0.324	0.237	2.050	4.520	1.290	0.240	1.102	0.200
LoC	2.355	0.505	0.905	0.330	0.180	0	0.950	1.400	0.265	0	0.065	0.020
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	39.999	155	17.099	70	17.099	69	221.680	711	29.82%
TLA	5.295	9	9.169	15	7.747	13	3.074	10	3.074	2	27.410	51	5.36%
Term	61.122	153	19.739	85	21.235	75	17.151	36	17.151	11	145.986	417	29.91%
Institutional	63.605	104	34.267	52	75.093	54	15.909	21	15.909	4	205.054	261	27.75%
Second/third/junior lien	13.236	82	2.951	34	3.836	23	2.719	13	2.719	5	29.664	184	4.74%
Delayed draw	7.568	35	2.611	15	6.050	11	1.302	6	1.302	2	20.296	76	2.27%
LoC	1.740	13	1.130	4	1.665	6	0.085	3	0.085	1	6.975	39	0.15%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Moody's Rating
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Baa3	0	0	2.500	0	0	0	0	0	0	0	0	0
Ba1	4.320	0.150	1.405	0.471	0.030	0.375	6.909	3.200	0	0	2.525	0
Ba2	4.675	19.177	2.805	2.499	9.075	1.650	0	2.627	0	0.350	10.740	0.975
Ba3	26.513	9.610	9.986	14.741	2.285	0	19.850	32.795	1.255	0.230	2.939	2.000
B1	12.220	11.805	8.149	17.731	6.114	2.025	3.318	4.115	5.898	0.950	1.360	1.633
B2	5.563	3.970	4.543	5.150	2.174	0	1.932	1.480	0	0.150	9.200	0.261
B3	2.370	1.840	3.440	3.690	0.410	0	0.280	0.275	0	0	0	0
Caa1	1.070	1.596	1.775	2.960	0.940	0	0	0.547	0.140	0	0.060	0.178
Caa2	0.235	0	1.315	0.120	0.729	0	0	0	0	0.050	0	0
NR	23.879	25.069	22.918	58.161	14.869	14.071	38.645	18.050	65.590	17.924	15.969	9.498
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	2.525	5	2.525	2	19.385	36	4.40%
Ba2	24.481	40	10.725	17	2.977	8	11.715	12	11.715	4	54.573	92	20.43%
Ba3	34.337	77	22.135	32	34.280	34	4.939	8	4.939	3	122.204	189	8.61%
B1	37.685	114	11.457	35	10.963	32	2.993	8	2.993	4	75.318	222	5.22%
B2	13.662	44	4.106	17	1.630	5	9.461	4	9.461	3	34.422	83	16.50%
B3	8.970	25	0.690	4	0.275	3	0	0	0	0	12.305	40	0.00%
Caa1	6.331	36	0.940	7	0.687	5	0.238	2	0.238	2	9.266	58	0.42%
Caa2	1.435	8	0.729	5	0.050	1	0	0	0	0	2.449	15	0.00%
NR	106.148	295	67.585	225	101.564	245	25.468	120	25.468	73	324.643	1001	44.42%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Use of Proceeds
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Acquisition	8.585	7.433	9.611	19.906	5.170	7.398	8.914	9.167	27.703	2.829	3.408	3.835
Capex	2.200	2.025	0.377	0.650	0.556	0.370	3.376	1.535	0.741	0.399	0.595	1.725
Dividend/recap	9.630	5.184	5.479	6.281	0.750	0.150	0.950	0.890	0	0.466	0	0
Exit financing	2.590	0	0.080	0	0	0.320	0	0.452	0.425	3.980	16.775	0
GCP	5.965	7.985	11.365	27.347	2.303	4.601	23.995	2.850	4.094	2.470	3.102	1.226
LBO	20.256	26.498	14.499	23.231	16.153	0.895	27.001	41.553	31.875	1.407	15.888	2.004
Refinance	23.882	16.332	16.099	15.355	10.252	2.805	5.341	3.097	3.985	3.328	1.200	3.019
Multiple/Other/NA	7.737	7.760	1.325	12.753	1.443	1.582	1.357	3.545	4.060	4.775	1.825	2.736
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	7.244	18	7.244	18	113.958	163	12.64%
Capex	3.052	5	4.302	9	2.675	7	2.320	8	2.320	8	14.549	32	4.05%
Dividend/recap	16.944	35	1.850	4	1.356	3	0	0	0	0	29.779	53	0.00%
Exit financing	0.080	1	0.320	1	4.857	6	16.775	4	16.775	4	24.622	14	29.26%
GCP	46.697	46	30.899	39	9.414	28	4.328	13	4.328	13	97.302	140	7.55%
LBO	64.228	61	44.049	38	74.835	39	17.892	18	17.892	18	221.260	175	31.20%
Refinance	47.787	83	18.398	38	10.410	29	4.219	19	4.219	19	104.697	206	7.36%
Multiple/Other/NA	21.838	26	4.382	24	12.380	24	4.561	9	4.561	9	50.898	94	7.95%
Total	237.575	318	125.681	185	155.626	169	57.339	89	57.339	89	657.065	877	100.00%
Industry Sector (by SIC code)
	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008
Agriculture (0xxx)	0	0	0.160	0	0	0	0	0	0	0	0	0.400
Mining (1xxx)	0.200	0	0.300	5.050	0.219	0.800	0	0.627	0	0	0	0
Oil and gas (13xx)	7.275	1.945	1.375	6.269	0.880	2.800	0.787	0.600	5.015	2.345	3.215	2.666
Construction (15xx)	0	0	1.090	0.155	1.965	0	0.775	0.325	0.545	0	0.135	0
Manufacturing (2xxx, 3xxx)	30.579	28.189	24.401	21.690	17.800	1.834	11.467	16.042	35.623	8.223	14.853	1.607
Transportation (4xxx)	5.160	4.135	0.961	2.455	0.525	1.780	1.485	0.646	2.226	0	0.463	0.716
Communications (48xx)	2.275	1.585	7.760	4.910	1.500	0	2.983	1.050	16.875	1.185	0.679	2.240
Electric, gas, sanitary services (49xx)	8.475	7.290	3.469	6.410	1.250	1.175	1.900	27.760	2.268	0.466	7.550	0.940
Wholesale (5xxx)	6.580	7.319	4.497	5.580	3.515	3.660	3.700	6.162	0.980	2.795	1.062	2.250
Finance, insurance, real estate (6xxx)	6.855	2.925	2.973	20.817	2.147	1.825	40.881	5.010	7.894	2.075	2.075	1.095
Services (7xxx)	11.562	17.485	10.410	12.234	5.292	3.927	4.081	3.052	1.030	0.992	11.939	1.236
Health services (8xxx)	1.883	2.344	1.135	19.953	1.008	0.320	2.875	1.815	0.426	1.573	0.822	1.395
Non-operating (9995)	0	0	0.305	0	0	0	0	0	0	0	0	0
Total	80.845	73.217	58.836	105.523	36.626	18.121	70.934	63.089	72.883	19.654	42.793	14.545
	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	0.400	1	0.400	1	0.560	2	0.70%
Mining (1xxx)	5.350	4	1.019	2	0.627	2	0	0	0	0	7.196	9	0.00%
Oil and gas (13xx)	9.589	19	4.467	15	7.960	21	5.881	12	5.881	12	35.172	76	10.26%
Construction (15xx)	1.245	2	2.740	5	0.870	4	0.135	1	0.135	1	4.990	12	0.24%
Manufacturing (2xxx, 3xxx)	74.280	100	31.101	63	59.887	55	16.460	23	16.460	23	212.308	280	28.71%
Transportation (4xxx)	7.551	12	3.790	8	2.872	4	1.179	6	1.179	6	20.551	36	2.06%
Communications (48xx)	14.255	25	4.483	6	19.110	9	2.919	7	2.919	7	43.042	54	5.09%
Electric, gas, sanitary services (49xx)	17.169	24	4.325	7	30.494	12	8.490	5	8.490	5	68.954	55	14.81%
Wholesale (5xxx)	17.396	27	10.875	24	9.937	21	3.312	10	3.312	10	48.100	95	5.78%
Finance, insurance, real estate (6xxx)	26.715	20	44.853	14	14.979	14	3.170	4	3.170	4	96.572	62	5.53%
Services (7xxx)	40.129	57	13.300	31	5.075	17	13.175	12	13.175	12	83.241	133	22.98%
Health services (8xxx)	23.431	25	4.204	9	3.814	10	2.217	8	2.217	8	35.550	60	3.87%
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	155.626	169	57.339	89	57.339	89	657.065	877	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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