Analysis of bank loan issuance for 12 months through April 2008

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

Rate (L+)

	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Below 125 bps	3.950	8.450	1.200	3.425	5.050	2.650	0.300	1.125	0	0	1.075	0
125	2.435	0.840	1.850	0.200	0.675	0	0.144	0.240	0	0	0.300	0.250
150	3.962	6.280	2.700	1.115	3.650	3.425	2.015	0.075	0.740	0.420	0	0.490
175	5.585	4.684	2.043	0.660	1.730	3.595	1.704	1.465	0.450	1.090	0.320	0.305
200	6.464	4.206	0.986	0.545	1.900	0.747	1.438	4.245	3.025	1.038	0	2.567
225	6.692	11.450	1.312	0.925	2.814	2.235	2.731	1.549	0.400	0.723	0.150	1.346
250	7.505	4.280	8.416	0.925	2.195	1.850	0.960	0.760	1.325	0.550	0.300	2.035
275	2.260	12.229	0.700	0.725	14.925	1.100	21.585	0	0.259	1.982	1.505	0.175
300	3.545	4.571	2.015	1.163	5.114	7.450	7.070	0.520	18.450	0.910	0	0.125
325 bps and upwards	5.133	19.218	9.335	0.568	5.797	33.560	35.876	5.411	8.764	4.951	2.683	4.542
Fixed rate	0.530	0.029	0.075	0	0.361	0.220	0	0	0.283	1.385	0	0.015
NA	10.775	30.486	5.995	7.870	26.723	6.257	9.182	4.263	3.672	2.445	2.032	6.790
Other	0	0	0	0	0	0	0	0	0	0	1.000	0
Prime based	0	0	0	0	0	0	0	0	0.025	0	0.110	0
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	9.675	21	4.075	7	1.075	2	0	0	1.075	2	27.225	44	1.33%
125	2.725	6	0.384	3	0.300	2	0.250	2	0.550	3	6.934	22	0.68%
150	7.465	16	5.515	12	1.160	9	0.490	3	1.650	11	24.872	65	2.04%
175	4.433	19	6.764	20	1.860	10	0.305	2	2.165	9	23.631	80	2.67%
200	3.431	15	6.431	21	4.062	13	2.567	8	6.630	15	27.161	88	8.18%
225	5.051	17	6.515	21	1.273	7	1.346	5	2.619	10	32.327	102	3.23%
250	11.536	23	3.570	11	2.175	9	2.035	6	4.210	11	31.101	98	5.20%
275	16.350	21	22.685	16	3.747	12	0.175	2	3.921	8	57.446	82	4.84%
300	8.292	25	15.040	31	19.360	10	0.125	2	19.485	6	50.933	95	24.05%
325 bps and upwards	15.700	102	74.850	130	16.399	92	4.542	17	20.941	61	135.841	454	25.85%
Fixed rate	0.436	4	0.220	2	1.669	7	0.015	1	1.683	2	2.899	19	2.08%
NA	40.588	87	19.703	67	8.149	48	6.790	18	14.940	45	116.492	295	18.44%
Other	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.23%
Prime based	0	0	0	0	0.135	2	0	0	0.135	1	0.135	2	0.17%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Upsized?
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Yes	3.368	8.456	3.175	0.600	0.435	4.065	5.413	0.796	4.960	1.106	0.500	1.318
No	55.258	98.067	32.630	17.521	69.240	57.674	77.169	18.783	31.821	14.089	8.316	16.323
Downsized	0.210	0.200	0.821	0	1.259	1.350	0.425	0.075	0.613	0.300	0.659	1.000
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	4.210	7	10.274	14	6.566	19	1.318	4	7.884	14	34.192	64	9.73%
No	119.390	338	153.626	323	54.227	194	16.323	60	70.550	152	496.890	1351	87.09%
Downsized	2.080	11	1.850	4	1.572	11	1.000	2	2.572	7	6.912	32	3.18%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Flex?
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Down	7.722	6.495	0	0.300	0	0.830	0	0.075	0	0	0	0
No	46.654	75.479	28.728	17.821	70.934	61.509	81.139	19.412	34.889	15.495	9.146	18.391
Up	4.460	24.749	7.898	0	0	0.750	1.869	0.168	2.504	0	0.330	0.250
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Down	0.300	2	0.905	5	0	0	0	0	0	0	15.422	50	0.00%
No	117.483	308	162.059	319	59.530	214	18.391	65	77.921	167	479.596	1266	96.19%
Up	7.898	46	2.787	17	2.834	10	0.250	1	3.084	5	42.977	131	3.81%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Type
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Revolver	20.623	46.163	12.271	11.298	32.245	15.991	16.751	7.457	10.265	6.349	4.931	8.873
TLA	1.385	2.860	2.300	0.975	5.894	2.710	4.662	0.375	1.916	1.163	0.616	0.900
Term	13.291	25.848	6.838	4.403	8.498	7.570	21.186	7.304	8.930	5.046	3.651	4.947
Institutional	17.503	21.778	12.399	1.113	20.755	29.551	36.642	3.950	13.585	2.179	0.278	1.015
Second/third/junior lien	3.614	6.869	2.315	0.095	0.542	1.347	2.160	0.329	1.530	0.489	0	2.835
Delayed draw	1.515	2.875	0.324	0.237	2.050	4.520	1.340	0.240	1.102	0.250	0	0.015
LoC	0.905	0.330	0.180	0	0.950	1.400	0.265	0	0.065	0.020	0	0.057
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	55.814	151	40.199	156	21.545	108	8.873	33	30.418	129	193.216	627	37.55%
TLA	9.169	15	7.747	13	3.694	15	0.900	2	4.594	4	25.756	52	5.67%
Term	19.739	85	36.060	78	17.627	55	4.947	21	22.573	32	117.511	347	27.87%
Institutional	34.267	52	70.143	53	16.042	23	1.015	3	17.057	6	160.748	202	21.06%
Second/third/junior lien	2.951	34	3.836	23	2.019	13	2.835	4	4.854	4	22.124	139	5.99%
Delayed draw	2.611	15	6.100	12	1.352	7	0.015	1	1.367	2	14.468	57	1.69%
LoC	1.130	4	1.665	6	0.085	3	0.057	2	0.142	1	4.172	23	0.18%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Moody's Rating
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Baa3	2.500	0	0	0	0	0	0	0	0	0	0	0
Ba1	1.405	0.471	0.030	0.375	6.909	3.200	0	0	2.525	0	0.300	0.550
Ba2	2.805	2.499	9.075	1.650	0	2.627	12.450	0.350	10.740	0.975	0	0.100
Ba3	9.986	14.741	2.285	0	19.850	32.795	5.055	0.230	3.939	2.380	1.200	0.440
B1	8.149	17.731	6.114	2.025	3.318	4.115	20.898	0.950	1.360	1.633	0.900	0
B2	4.543	5.150	2.174	0	1.932	1.480	0	0.150	9.200	0.261	0	0
B3	3.440	3.690	0.410	0	0.280	0.275	0	0	0	0	0	0
Caa1	1.775	2.960	0.940	0	0	0.547	0.140	0	0.060	0.178	0	0
Caa2	1.315	0.120	0.729	0	0	0	1.700	0.050	0	0	0	0
NR	22.918	59.361	14.869	14.071	38.645	18.050	42.765	17.924	9.569	10.069	7.076	17.551
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	0	0	0	0	0	0	2.500	3	0.00%
Ba1	7.314	14	3.200	4	2.825	6	0.550	1	3.375	4	15.765	29	4.17%
Ba2	10.725	17	15.427	11	11.715	12	0.100	1	11.815	5	43.271	61	14.59%
Ba3	22.135	32	38.080	35	7.519	13	0.440	3	7.959	7	92.901	138	9.83%
B1	11.457	35	25.963	37	3.893	10	0	0	3.893	6	67.193	158	4.81%
B2	4.106	17	1.630	5	9.461	4	0	0	9.461	3	24.889	55	11.68%
B3	0.690	4	0.275	3	0	0	0	0	0	0	8.095	21	0.00%
Caa1	0.940	7	0.687	5	0.238	2	0	0	0.238	2	6.600	41	0.29%
Caa2	0.729	5	1.750	2	0	0	0	0	0	0	3.914	15	0.00%
NR	67.585	225	78.739	239	26.714	177	17.551	61	44.265	147	272.867	926	54.64%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Use of Proceeds
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Acquisition	9.611	19.906	5.170	7.398	8.914	9.167	27.703	2.829	3.758	4.726	1.810	5.138
Capex	0.377	0.650	0.556	0.370	3.376	1.535	0.741	0.399	0.595	1.575	0.175	0.945
Dividend/recap	5.479	6.281	0.750	0.150	0.950	0.890	0	0.466	0	0	0	0
Exit financing	0.080	0	0	0.320	0	0.452	0.425	3.980	10.650	0	0	4.200
GCP	11.365	28.547	2.303	4.601	23.995	2.850	4.094	2.470	3.352	1.226	1.670	1.853
LBO	14.499	23.231	16.153	0.895	27.001	41.553	42.249	1.407	16.013	1.564	1.734	2.022
Refinance	16.099	15.355	10.252	2.805	5.341	3.097	3.985	3.328	1.200	3.669	2.337	1.808
Multiple/Other/NA	1.325	12.753	1.443	1.582	1.357	3.545	3.810	4.775	1.825	2.736	1.750	2.675
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	21.481	32	39.699	33	10.293	26	5.138	10	15.431	36	106.128	146	19.05%
Capex	4.302	9	2.675	7	2.345	10	0.945	2	3.290	12	11.294	30	4.06%
Dividend/recap	1.850	4	1.356	3	0	0	0	0	0	0	14.966	32	0.00%
Exit financing	0.320	1	4.857	6	10.650	3	4.200	2	14.850	5	20.107	13	18.33%
GCP	30.899	39	9.414	28	6.248	20	1.853	7	8.102	27	88.326	133	10.00%
LBO	44.049	38	85.210	42	19.310	23	2.022	3	21.332	26	188.322	154	26.33%
Refinance	18.398	38	10.410	29	7.206	36	1.808	6	9.014	42	69.277	157	11.13%
Multiple/Other/NA	4.382	24	12.130	23	6.311	15	2.675	9	8.986	24	39.576	92	11.09%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	100.00%
Industry Sector (by SIC code)
	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008
Agriculture (0xxx)	0.160	0	0	0	0	0	0	0	0	0.350	0	0
Mining (1xxx)	0.300	5.050	0.219	0.800	0	0.627	0	0	0	0	0	0.140
Oil and gas (13xx)	1.375	6.269	0.880	2.800	0.787	0.600	5.015	2.345	3.315	3.066	0.950	0.907
Construction (15xx)	1.090	0.155	1.965	0	0.775	0.325	0.545	0	0.135	0	0.335	0
Manufacturing (2xxx, 3xxx)	24.401	21.690	17.800	1.834	11.467	16.042	42.373	8.223	8.728	1.883	4.874	9.718
Transportation (4xxx)	0.961	2.455	0.525	1.780	1.485	0.646	2.226	0	0.463	0.716	0.190	0.100
Communications (48xx)	7.760	4.910	1.500	0	2.983	1.050	16.875	1.185	0.679	2.270	0.685	1.165
Electric, gas, sanitary services (49xx)	3.469	6.410	1.250	1.175	1.900	27.760	2.268	0.466	7.550	0.940	0	0.740
Wholesale (5xxx)	4.497	5.580	3.515	3.660	3.700	6.162	0.980	2.795	1.187	2.635	0.117	1.767
Finance, insurance, real estate (6xxx)	2.973	20.817	2.147	1.825	40.881	5.010	7.894	2.075	2.325	1.095	1.720	1.458
Services (7xxx)	10.410	13.434	5.292	3.927	4.081	3.052	1.855	0.992	12.189	1.177	0.570	1.720
Health services (8xxx)	1.135	19.953	1.008	0.320	2.875	1.815	2.976	1.573	0.822	1.365	0.035	0.926
Non-operating (9995)	0.305	0	0	0	0	0	0	0	0	0	0	0
Total	58.836	106.723	36.626	18.121	70.934	63.089	83.008	19.654	37.393	15.495	9.476	18.641
	Q3/2007	Count	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.350	1	0	0	0.350	1	0.510	2	0.43%
Mining (1xxx)	1.019	2	0.627	2	0	0	0.140	1	0.140	1	7.136	9	0.17%
Oil and gas (13xx)	4.467	15	7.960	21	7.331	16	0.907	4	8.238	20	28.309	70	10.17%
Construction (15xx)	2.740	5	0.870	4	0.469	4	0	0	0.469	4	5.324	15	0.58%
Manufacturing (2xxx, 3xxx)	31.101	63	66.637	55	15.485	41	9.718	14	25.203	55	169.032	240	31.11%
Transportation (4xxx)	3.790	8	2.872	4	1.369	7	0.100	1	1.468	8	11.546	27	1.81%
Communications (48xx)	4.483	6	19.110	9	3.634	10	1.165	2	4.799	12	41.062	48	5.92%
Electric, gas, sanitary services (49xx)	4.325	7	30.494	12	8.490	5	0.740	1	9.230	6	53.928	44	11.39%
Wholesale (5xxx)	10.875	24	9.937	21	3.939	12	1.767	5	5.706	17	36.595	79	7.04%
Finance, insurance, real estate (6xxx)	44.853	14	14.979	14	5.140	9	1.458	3	6.598	12	90.220	54	8.15%
Services (7xxx)	13.300	31	5.900	18	13.936	19	1.720	4	15.656	23	58.699	113	19.33%
Health services (8xxx)	4.204	9	6.364	11	2.222	9	0.926	4	3.148	13	34.804	53	3.89%
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0	0.305	2	0.00%
Total	125.681	185	165.751	171	62.364	133	18.641	39	81.005	172	537.995	757	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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