Analysis of bank loan issuance for 12 months through July 2008

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

Rate (L+)

	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Below 125 bps	3.425	5.050	2.650	0.300	1.125	0	0	1.075	0	0.440	0.045	0
125	0.200	0.675	0	0.144	0.240	0	0	0.300	0.400	0	0	0
150	1.115	3.650	3.425	2.015	0.075	0.340	0.420	0	0.990	1.425	1.460	1.005
175	0.660	1.730	3.595	1.704	1.465	0.450	1.090	0.320	0.305	2.656	0.475	0.350
200	0.545	1.900	0.747	1.438	4.245	3.025	1.038	0	2.567	0.445	0.200	0.760
225	0.925	2.814	2.235	2.731	1.549	0.400	0.723	0.150	1.346	1.600	0.150	0.670
250	0.925	2.195	1.850	0.960	0.760	1.325	0.550	0.300	2.335	4.930	2.915	2.166
275	0.725	14.925	1.100	21.585	0	0.259	1.982	1.505	0.400	3.930	1.705	1.090
300	1.163	5.114	7.450	7.070	0.520	18.450	0.910	0	0.125	4.000	1.110	1.255
325 bps and upwards	0.568	5.797	33.560	35.877	5.411	8.764	4.951	2.687	8.647	14.106	23.627	13.767
Fixed rate	0	0.361	0.220	0	0	0.283	1.385	0	0.015	2.803	1.597	0.172
NA	7.870	26.723	6.257	9.182	4.263	3.672	2.445	2.032	2.765	2.897	4.890	3.578
Other	0	0	0	0	0	0	0	1.000	0	0.826	0	0.635
Prime based	0	0	0	0	0	0.025	0	0.110	0	0	0	0
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	4.075	7	1.075	2	0.485	3	0	0	1.560	5	14.110	31	0.84%
125	0.384	3	0.300	2	0.400	3	0	0	0.700	4	1.959	11	0.38%
150	5.515	12	0.760	8	3.875	14	1.005	3	5.640	22	15.920	50	3.04%
175	6.764	20	1.860	10	3.436	11	0.350	1	5.646	15	14.800	54	3.04%
200	6.431	21	4.062	13	3.212	11	0.760	6	8.035	22	16.910	58	4.33%
225	6.515	21	1.273	7	3.096	9	0.670	3	5.039	17	15.293	48	2.72%
250	3.570	11	2.175	9	10.180	25	2.166	8	14.521	27	21.211	64	7.83%
275	22.685	16	3.747	12	6.035	13	1.090	8	10.871	21	49.206	61	5.86%
300	15.040	31	19.360	10	5.235	10	1.255	3	25.850	12	47.167	66	13.93%
325 bps and upwards	74.849	130	16.403	92	46.379	87	13.767	38	76.549	112	157.765	377	41.26%
Fixed rate	0.220	2	1.669	7	4.415	11	0.172	2	6.256	9	6.837	25	3.37%
NA	19.703	67	8.149	48	10.553	51	3.578	19	22.280	89	76.575	226	12.01%
Other	0	0	1.000	1	0.826	4	0.635	3	2.461	6	2.461	8	1.33%
Prime based	0	0	0.135	2	0	0	0	0	0.135	1	0.135	2	0.07%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Upsized?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Yes	0.600	0.435	4.065	5.413	0.796	4.960	1.106	0.500	1.318	1.580	2.527	1.855
No	17.521	69.240	57.674	77.169	18.783	31.421	14.089	8.320	17.143	36.729	35.499	19.608
Downsized	0	1.259	1.350	0.425	0.075	0.613	0.300	0.659	1.435	1.750	0.147	3.985
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	10.274	14	6.566	19	5.425	15	1.855	4	13.845	23	25.155	55	7.46%
No	153.626	323	53.831	193	89.372	227	19.608	87	162.811	318	403.198	996	87.75%
Downsized	1.850	4	1.572	11	3.333	10	3.985	3	8.889	13	11.998	30	4.79%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Flex?
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Down	0.300	0	0.830	0	0.075	0	0	0	0	0	1.045	1.070
No	17.821	70.934	61.509	81.139	19.412	34.489	15.495	9.150	19.646	39.757	36.914	24.028
Up	0	0	0.750	1.869	0.168	2.504	0	0.330	0.250	0.302	0.215	0.350
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Down	0.905	5	0	0	1.045	3	1.070	1	2.115	2	3.320	11	1.14%
No	162.059	319	59.134	213	96.317	245	24.028	92	179.480	345	430.294	1038	96.73%
Up	2.787	17	2.834	10	0.767	4	0.350	1	3.951	7	6.737	32	2.13%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Type
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Revolver	11.298	32.245	15.991	16.751	7.457	9.865	6.349	4.931	9.943	17.107	9.857	9.765
TLA	0.975	5.894	2.710	4.662	0.375	1.916	1.163	0.616	1.082	2.580	3.467	2.885
Term	4.403	8.498	7.570	21.186	7.304	8.930	5.046	3.655	4.672	8.929	9.313	5.511
Institutional	1.113	20.755	29.551	36.642	3.950	13.585	2.179	0.278	1.515	10.115	13.177	5.830
Second/third/junior lien	0.095	0.542	1.347	2.160	0.329	1.530	0.489	0	2.585	0.637	0.299	1.268
Delayed draw	0.237	2.050	4.520	1.340	0.240	1.102	0.250	0	0.043	0.367	1.680	0.115
LoC	0	0.950	1.400	0.265	0	0.065	0.020	0	0.057	0.324	0.380	0.075
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	40.199	156	21.145	107	36.907	119	9.765	49	67.817	251	151.559	510	36.55%
TLA	7.747	13	3.694	15	7.130	13	2.885	8	13.709	4	28.325	59	7.39%
Term	36.060	78	17.631	55	22.914	77	5.511	23	46.055	73	95.016	277	24.82%
Institutional	70.143	53	16.042	23	24.807	19	5.830	6	46.679	10	138.690	121	25.16%
Second/third/junior lien	3.836	23	2.019	13	3.521	8	1.268	5	6.808	8	11.280	57	3.67%
Delayed draw	6.100	12	1.352	7	2.090	8	0.115	2	3.557	5	11.944	38	1.92%
LoC	1.665	6	0.085	3	0.760	8	0.075	1	0.920	4	3.535	19	0.50%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Moody's Rating
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Baa3	0	0	0	0	0	0	0	0	0	3.100	2.150	0.200
Ba1	0.375	6.909	3.200	0	0	2.525	0	0.300	1.300	0	1.770	1.335
Ba2	1.650	0	2.627	12.450	0.350	10.740	0.975	0	0.700	12.650	0	2.925
Ba3	0	19.850	32.795	5.055	0.230	3.939	2.380	1.200	1.180	0.350	1.585	0.435
B1	2.025	3.318	4.115	20.898	0.950	1.360	1.633	0.900	0	0.302	16.731	0
B2	0	1.932	1.480	0	0.150	9.200	0.261	0	0	1.300	0.347	0
B3	0	0.280	0.275	0	0	0	0	0	0	0.910	0	0
Caa1	0	0	0.547	0.140	0	0.060	0.178	0	0	0	0	0
Caa2	0	0	0	1.700	0.050	0	0	0	0	0	0	0
NR	14.071	38.645	18.050	42.765	17.924	9.169	10.069	7.080	16.716	21.447	15.591	20.553
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	5.250	11	0.200	2	5.450	6	5.450	13	2.94%
Ba1	3.200	4	2.825	6	3.070	9	1.335	6	7.230	10	17.714	38	3.90%
Ba2	15.427	11	11.715	12	13.350	9	2.925	4	27.990	8	45.067	38	15.09%
Ba3	38.080	35	7.519	13	3.115	14	0.435	2	11.069	14	68.999	81	5.97%
B1	25.963	37	3.893	10	17.033	9	0	0	20.926	7	52.232	71	11.28%
B2	1.630	5	9.461	4	1.647	4	0	0	11.108	4	14.670	17	5.99%
B3	0.275	3	0	0	0.910	2	0	0	0.910	2	1.465	6	0.49%
Caa1	0.687	5	0.238	2	0	0	0	0	0.238	2	0.925	7	0.13%
Caa2	1.750	2	0	0	0	0	0	0	0	0	1.750	2	0.00%
NR	78.739	239	26.318	176	53.754	194	20.553	80	100.625	301	232.080	808	54.23%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Use of Proceeds
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Acquisition	7.398	8.914	9.167	27.703	2.829	3.758	4.726	1.814	4.038	2.102	2.270	11.078
Capex	0.370	3.376	1.535	0.741	0.399	0.595	1.575	0.175	0.850	2.190	0.385	0.450
Dividend/recap	0.150	0.950	0.890	0	0.466	0	0	0	0	0.350	0.215	0
Exit financing	0.320	0	0.452	0.425	3.980	10.650	0	0	0.100	1.059	0.214	0.125
GCP	4.601	23.995	2.850	4.094	2.470	3.352	1.226	1.670	1.893	7.332	3.475	3.047
LBO	0.895	27.001	41.553	42.249	1.407	16.013	1.564	1.734	3.497	14.570	20.473	3.273
Refinance	2.805	5.341	3.097	3.985	3.328	0.800	3.669	2.337	6.318	9.981	4.890	3.595
Multiple/Other/NA	1.582	1.357	3.545	3.810	4.775	1.825	2.736	1.750	3.200	2.475	6.252	3.881
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	39.699	33	10.297	26	8.410	19	11.078	10	29.785	55	85.795	105	16.05%
Capex	2.675	7	2.345	10	3.425	9	0.450	2	6.220	21	12.641	33	3.35%
Dividend/recap	1.356	3	0	0	0.565	2	0	0	0.565	2	3.021	7	0.30%
Exit financing	4.857	6	10.650	3	1.372	5	0.125	1	12.147	9	17.324	16	6.55%
GCP	9.414	28	6.248	20	12.701	33	3.047	16	21.996	69	60.006	125	11.85%
LBO	85.210	42	19.310	23	38.540	16	3.273	9	61.123	48	174.229	105	32.94%
Refinance	10.410	29	6.806	35	21.189	42	3.595	9	31.590	86	50.147	131	17.03%
Multiple/Other/NA	12.130	23	6.311	15	11.927	33	3.881	14	22.119	62	37.188	99	11.92%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	100.00%
Industry Sector (by SIC code)
	8/2007	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008
Agriculture (0xxx)	0	0	0	0	0	0	0.350	0	0	0	0	0
Mining (1xxx)	0.800	0	0.627	0	0	0	0	0	0.265	0.450	0	0.125
Oil and gas (13xx)	2.800	0.787	0.600	5.015	2.345	2.915	3.066	0.950	0.907	0.330	2.893	4.197
Construction (15xx)	0	0.775	0.325	0.545	0	0.135	0	0.335	0	0	0.100	0
Manufacturing (2xxx, 3xxx)	1.834	11.467	16.042	42.373	8.223	8.728	1.883	4.874	10.018	19.907	6.005	10.363
Transportation (4xxx)	1.780	1.485	0.646	2.226	0	0.463	0.716	0.190	0.100	1.488	0.080	0.435
Communications (48xx)	0	2.983	1.050	16.875	1.185	0.679	2.270	0.685	1.165	4.343	17.487	0
Electric, gas, sanitary services (49xx)	1.175	1.900	27.760	2.268	0.466	7.550	0.940	0	0.740	1.315	0.890	1.250
Wholesale (5xxx)	3.660	3.700	6.162	0.980	2.795	1.187	2.635	0.117	2.042	2.205	1.440	0.765
Finance, insurance, real estate (6xxx)	1.825	40.881	5.010	7.894	2.075	2.325	1.095	1.720	2.208	4.265	4.160	1.526
Services (7xxx)	3.927	4.081	3.052	1.855	0.992	12.189	1.177	0.574	1.525	5.757	4.314	6.022
Health services (8xxx)	0.320	2.875	1.815	2.976	1.573	0.822	1.365	0.035	0.926	0	0.805	0.765
Total	18.121	70.934	63.089	83.008	19.654	36.993	15.495	9.480	19.896	40.059	38.174	25.448
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.350	1	0	0	0	0	0.350	1	0.350	1	0.19%
Mining (1xxx)	0.627	2	0	0	0.715	3	0.125	1	0.840	4	2.267	7	0.45%
Oil and gas (13xx)	7.960	21	6.931	15	4.130	11	4.197	13	15.258	39	26.805	69	8.22%
Construction (15xx)	0.870	4	0.469	4	0.100	1	0	0	0.570	5	2.215	11	0.31%
Manufacturing (2xxx, 3xxx)	66.637	55	15.485	41	35.930	49	10.363	14	61.777	104	141.715	186	33.29%
Transportation (4xxx)	2.872	4	1.369	7	1.667	7	0.435	3	3.471	17	9.608	28	1.87%
Communications (48xx)	19.110	9	3.634	10	22.995	11	0	0	26.629	21	48.722	34	14.35%
Electric, gas, sanitary services (49xx)	30.494	12	8.490	5	2.945	6	1.250	2	12.685	13	46.255	29	6.84%
Wholesale (5xxx)	9.937	21	3.939	12	5.687	18	0.765	2	10.391	32	27.688	71	5.60%
Finance, insurance, real estate (6xxx)	14.979	14	5.140	9	10.633	21	1.526	8	17.299	38	74.984	61	9.32%
Services (7xxx)	5.900	18	13.940	19	11.596	23	6.022	14	31.558	56	45.466	88	17.01%
Health services (8xxx)	6.364	11	2.222	9	1.731	9	0.765	4	4.718	22	14.278	36	2.54%
Total	165.751	171	61.968	132	98.129	159	25.448	61	185.546	352	440.351	621	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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