Analysis of bank loan issuance for 12 months through May 2008

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

Rate (L+)

	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Below 125 bps	8.450	1.200	3.425	5.050	2.650	0.300	1.125	0	0	1.075	0	0.300
125	0.840	1.850	0.200	0.675	0	0.144	0.240	0	0	0.300	0.400	0
150	6.280	2.700	1.115	3.650	3.425	2.015	0.075	0.340	0.420	0	0.490	1.425
175	4.684	2.043	0.660	1.730	3.595	1.704	1.465	0.450	1.090	0.320	0.305	2.486
200	4.206	0.986	0.545	1.900	0.747	1.438	4.245	3.025	1.038	0	2.567	0.045
225	11.450	1.312	0.925	2.814	2.235	2.731	1.549	0.400	0.723	0.150	1.346	2.650
250	4.280	8.416	0.925	2.195	1.850	0.960	0.760	1.325	0.550	0.300	2.085	2.630
275	12.229	0.700	0.725	14.925	1.100	21.585	0	0.259	1.982	1.505	0.400	3.930
300	4.571	2.130	1.163	5.114	7.450	7.070	0.520	18.450	0.910	0	0.125	3.000
325 bps and upwards	19.218	9.400	0.568	5.797	33.560	35.877	5.411	8.764	4.951	2.687	8.777	12.177
Fixed rate	0.029	0.075	0	0.361	0.220	0	0	0.283	1.385	0	0.015	2.803
NA	30.486	5.815	7.870	26.723	6.257	9.182	4.263	3.672	2.445	2.032	2.841	7.897
Other	0	0	0	0	0	0	0	0	0	1.000	0	0.826
Prime based	0	0	0	0	0	0	0	0.025	0	0.110	0	0
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	0.300	1	1.375	3	23.575	41	1.13%
125	2.725	6	0.384	3	0.300	2	0.400	3	0.700	4	4.649	19	0.58%
150	7.465	16	5.515	12	0.760	8	1.915	6	2.675	12	21.935	53	2.20%
175	4.433	19	6.764	20	1.860	10	2.791	6	4.651	12	20.532	73	3.83%
200	3.431	15	6.431	21	4.062	13	2.612	9	6.675	15	20.742	72	5.49%
225	5.051	17	6.515	21	1.273	7	3.996	9	5.269	13	28.284	80	4.34%
250	11.536	23	3.570	11	2.175	9	4.715	14	6.890	15	26.276	80	5.67%
275	16.350	21	22.685	16	3.747	12	4.330	6	8.076	12	59.340	78	6.65%
300	8.407	27	15.040	31	19.360	10	3.125	4	22.485	6	50.503	91	18.51%
325 bps and upwards	15.765	103	74.849	130	16.403	92	20.954	44	37.356	77	147.189	441	30.76%
Fixed rate	0.436	4	0.220	2	1.669	7	2.818	5	4.487	3	5.172	19	3.69%
NA	40.408	84	19.703	67	8.149	48	10.738	41	18.887	64	109.484	282	15.55%
Other	0	0	0	0	1.000	1	0.826	4	1.826	3	1.826	5	1.50%
Prime based	0	0	0	0	0.135	2	0	0	0.135	1	0.135	2	0.11%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Upsized?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Yes	8.456	3.175	0.600	0.435	4.065	5.413	0.796	4.960	1.106	0.500	1.798	0.330
No	98.067	32.630	17.521	69.240	57.674	77.169	18.783	31.421	14.089	8.320	16.403	39.740
Downsized	0.200	0.821	0	1.259	1.350	0.425	0.075	0.613	0.300	0.659	1.150	0.100
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	2.128	7	8.693	16	31.634	57	7.16%
No	119.390	338	153.626	323	53.831	193	56.143	142	109.974	204	481.057	1249	90.52%
Downsized	2.080	11	1.850	4	1.572	11	1.250	3	2.822	7	6.952	30	2.32%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Flex?
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Down	6.495	0	0.300	0	0.830	0	0.075	0	0	0	0	0
No	75.479	28.728	17.821	70.934	61.509	81.139	19.412	34.489	15.495	9.150	19.101	40.169
Up	24.749	7.898	0	0	0.750	1.869	0.168	2.504	0	0.330	0.250	0
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	7.700	22	0.00%
No	117.483	308	162.059	319	59.134	213	59.271	151	118.405	222	473.426	1191	97.46%
Up	7.898	46	2.787	17	2.834	10	0.250	1	3.084	5	38.517	123	2.54%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Type
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Revolver	46.163	12.271	11.298	32.245	15.991	16.751	7.457	9.865	6.349	4.931	9.203	17.110
TLA	2.860	2.300	0.975	5.894	2.710	4.662	0.375	1.916	1.163	0.616	1.082	2.590
Term	25.848	6.838	4.403	8.498	7.570	21.186	7.304	8.930	5.046	3.655	4.717	9.077
Institutional	21.778	12.399	1.113	20.755	29.551	36.642	3.950	13.585	2.179	0.278	1.515	10.065
Second/third/junior lien	6.869	2.315	0.095	0.542	1.347	2.160	0.329	1.530	0.489	0	2.735	0.637
Delayed draw	2.875	0.324	0.237	2.050	4.520	1.340	0.240	1.102	0.250	0	0.043	0.367
LoC	0.330	0.180	0	0.950	1.400	0.265	0	0.065	0.020	0	0.057	0.324
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	21.145	107	26.312	73	47.457	159	189.633	588	39.06%
TLA	9.169	15	7.747	13	3.694	15	3.672	5	7.366	4	27.142	51	6.06%
Term	19.739	85	36.060	78	17.631	55	13.794	47	31.425	49	113.072	328	25.87%
Institutional	34.267	52	70.143	53	16.042	23	11.580	10	27.622	8	153.811	178	22.74%
Second/third/junior lien	2.951	34	3.836	23	2.019	13	3.372	7	5.391	4	19.047	115	4.44%
Delayed draw	2.611	15	6.100	12	1.352	7	0.410	4	1.762	3	13.348	54	1.45%
LoC	1.130	4	1.665	6	0.085	3	0.381	6	0.466	2	3.591	22	0.38%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Moody's Rating
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Baa3	0	0	0	0	0	0	0	0	0	0	0	1.050
Ba1	0.471	0.030	0.375	6.909	3.200	0	0	2.525	0	0.300	1.300	0.850
Ba2	2.499	9.075	1.650	0	2.627	12.450	0.350	10.740	0.975	0	0.700	12.650
Ba3	14.741	2.285	0	19.850	32.795	5.055	0.230	3.939	2.380	1.200	0.930	0.300
B1	17.731	6.114	2.025	3.318	4.115	20.898	0.950	1.360	1.633	0.900	0	0
B2	5.150	2.174	0	1.932	1.480	0	0.150	9.200	0.261	0	0	1.300
B3	3.690	0.410	0	0.280	0.275	0	0	0	0	0	0	0.910
Caa1	2.960	0.940	0	0	0.547	0.140	0	0.060	0.178	0	0.150	0
Caa2	0.120	0.729	0	0	0	1.700	0.050	0	0	0	0	0
NR	59.361	14.869	14.071	38.645	18.050	42.765	17.924	9.169	10.069	7.080	16.271	23.109
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	1.050	2	1.050	2	1.050	2	0.86%
Ba1	7.314	14	3.200	4	2.825	6	2.150	4	4.975	5	15.960	29	4.10%
Ba2	10.725	17	15.427	11	11.715	12	13.350	9	25.065	7	53.716	57	20.63%
Ba3	22.135	32	38.080	35	7.519	13	1.230	5	8.749	9	83.705	115	7.20%
B1	11.457	35	25.963	37	3.893	10	0	0	3.893	6	59.044	125	3.20%
B2	4.106	17	1.630	5	9.461	4	1.300	2	10.761	3	21.647	40	8.86%
B3	0.690	4	0.275	3	0	0	0.910	2	0.910	2	5.565	17	0.75%
Caa1	0.940	7	0.687	5	0.238	2	0.150	1	0.388	2	4.975	30	0.32%
Caa2	0.729	5	1.750	2	0	0	0	0	0	0	2.599	9	0.00%
NR	67.585	225	78.739	239	26.318	176	39.381	127	65.699	194	271.383	912	54.08%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Use of Proceeds
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Acquisition	19.906	5.170	7.398	8.914	9.167	27.703	2.829	3.758	4.726	1.814	4.038	1.795
Capex	0.650	0.556	0.370	3.376	1.535	0.741	0.399	0.595	1.575	0.175	1.055	3.240
Dividend/recap	6.281	0.750	0.150	0.950	0.890	0	0.466	0	0	0	0	0.350
Exit financing	0	0	0.320	0	0.452	0.425	3.980	10.650	0	0	0.100	1.059
GCP	28.547	2.303	4.601	23.995	2.850	4.094	2.470	3.352	1.226	1.670	1.893	7.155
LBO	23.231	16.153	0.895	27.001	41.553	42.249	1.407	16.013	1.564	1.734	3.247	14.595
Refinance	15.355	10.252	2.805	5.341	3.097	3.985	3.328	0.800	3.669	2.337	6.318	9.501
Multiple/Other/NA	12.753	1.443	1.582	1.357	3.545	3.810	4.775	1.825	2.736	1.750	2.700	2.475
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	10.297	26	5.833	14	16.131	40	97.216	133	13.28%
Capex	4.302	9	2.675	7	2.345	10	4.295	6	6.640	16	14.267	33	5.47%
Dividend/recap	1.850	4	1.356	3	0	0	0.350	1	0.350	1	9.837	23	0.29%
Exit financing	0.320	1	4.857	6	10.650	3	1.159	3	11.809	6	16.986	13	9.72%
GCP	30.899	39	9.414	28	6.248	20	9.049	23	15.297	43	84.156	130	12.59%
LBO	44.049	38	85.210	42	19.310	23	17.842	8	37.152	31	189.642	136	30.58%
Refinance	18.398	38	10.410	29	6.806	35	15.819	23	22.625	58	66.789	148	18.62%
Multiple/Other/NA	4.382	24	12.130	23	6.311	15	5.175	17	11.486	32	40.751	97	9.45%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	100.00%
Industry Sector (by SIC code)
	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.350	0	0	0
Mining (1xxx)	5.050	0.219	0.800	0	0.627	0	0	0	0	0	0.265	0.450
Oil and gas (13xx)	6.269	0.880	2.800	0.787	0.600	5.015	2.345	2.915	3.066	0.950	0.907	0.330
Construction (15xx)	0.155	1.965	0	0.775	0.325	0.545	0	0.135	0	0.335	0	0
Manufacturing (2xxx, 3xxx)	21.690	17.800	1.834	11.467	16.042	42.373	8.223	8.728	1.883	4.874	9.768	19.395
Transportation (4xxx)	2.455	0.525	1.780	1.485	0.646	2.226	0	0.463	0.716	0.190	0.100	1.415
Communications (48xx)	4.910	1.500	0	2.983	1.050	16.875	1.185	0.679	2.270	0.685	1.165	4.293
Electric, gas, sanitary services (49xx)	6.410	1.250	1.175	1.900	27.760	2.268	0.466	7.550	0.940	0	0.740	1.315
Wholesale (5xxx)	5.580	3.515	3.660	3.700	6.162	0.980	2.795	1.187	2.635	0.117	2.042	2.075
Finance, insurance, real estate (6xxx)	20.817	2.147	1.825	40.881	5.010	7.894	2.075	2.325	1.095	1.720	1.708	4.290
Services (7xxx)	13.434	5.292	3.927	4.081	3.052	1.855	0.992	12.189	1.177	0.574	1.730	6.607
Health services (8xxx)	19.953	1.008	0.320	2.875	1.815	2.976	1.573	0.822	1.365	0.035	0.926	0
Total	106.723	36.626	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.351	40.169
	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	0.350	1	0.29%
Mining (1xxx)	1.019	2	0.627	2	0	0	0.715	3	0.715	3	7.411	10	0.59%
Oil and gas (13xx)	4.467	15	7.960	21	6.931	15	1.237	6	8.168	21	26.864	67	6.72%
Construction (15xx)	2.740	5	0.870	4	0.469	4	0	0	0.469	4	4.234	14	0.39%
Manufacturing (2xxx, 3xxx)	31.101	63	66.637	55	15.485	41	29.163	32	44.647	73	164.075	228	36.75%
Transportation (4xxx)	3.790	8	2.872	4	1.369	7	1.515	4	2.884	11	12.001	25	2.37%
Communications (48xx)	4.483	6	19.110	9	3.634	10	5.458	7	9.092	17	37.595	45	7.48%
Electric, gas, sanitary services (49xx)	4.325	7	30.494	12	8.490	5	2.055	3	10.545	8	51.775	38	8.68%
Wholesale (5xxx)	10.875	24	9.937	21	3.939	12	4.117	10	8.056	22	34.448	76	6.63%
Finance, insurance, real estate (6xxx)	44.853	14	14.979	14	5.140	9	5.998	11	11.138	20	91.788	55	9.17%
Services (7xxx)	13.300	31	5.900	18	13.940	19	8.337	15	22.277	34	54.910	103	18.34%
Health services (8xxx)	4.204	9	6.364	11	2.222	9	0.926	4	3.148	13	33.669	50	2.59%
Total	125.681	185	165.751	171	61.968	132	59.521	95	121.489	227	519.643	713	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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