Analysis of bank loan issuance for 12 months through August 2008

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

Rate (L+)

	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Below 125 bps	5.050	2.650	0.300	1.125	0	0	1.075	0	0.440	0.045	0	0
125	0.675	0	0.144	0.240	0	0	0.300	0.400	0	0	0	0
150	3.650	3.425	2.015	0.075	0.340	0.420	0	0.990	1.425	1.460	1.005	0.270
175	1.730	3.595	1.704	1.465	0.450	1.090	0.320	0.305	2.656	0.475	0.640	0.620
200	1.900	0.747	1.438	4.245	3.025	1.038	0.060	2.567	0.445	0.200	0.860	1.895
225	2.814	2.235	2.731	1.549	0.400	0.723	0.150	1.346	1.600	0.250	0.910	0.260
250	2.195	1.850	0.960	0.760	1.325	0.550	0.300	2.335	4.930	2.953	2.366	0.720
275	14.925	1.100	21.585	0	0.259	1.982	1.505	0.400	3.930	1.705	1.090	1.000
300	5.114	7.450	7.070	0.520	18.450	0.910	0	0.125	4.000	1.110	1.455	0.225
325 bps and upwards	5.797	33.560	35.877	5.411	8.764	4.951	2.712	8.647	14.108	23.895	13.915	3.304
Fixed rate	0.361	0.220	0	0	0.283	1.385	0	0.015	2.803	1.597	0.172	0.146
NA	26.723	6.257	9.182	4.263	3.672	2.445	2.032	2.765	2.897	5.330	4.161	5.185
Other	0	0	0	0	0	0	1.000	0	0.826	0	0.635	0.050
Prime based	0	0	0	0	0.025	0	0.110	0	0	0	0	0
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	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	10.685	22	0.77%
125	0.384	3	0.300	2	0.400	3	0	0	0.700	4	1.759	10	0.35%
150	5.515	12	0.760	8	3.875	14	1.275	4	5.910	23	15.075	46	2.93%
175	6.764	20	1.860	10	3.436	11	1.260	7	6.556	20	15.050	55	3.25%
200	6.431	21	4.122	14	3.212	11	2.755	15	10.090	29	18.421	65	5.00%
225	6.515	21	1.273	7	3.196	10	1.170	7	5.639	20	14.968	51	2.79%
250	3.570	11	2.175	9	10.218	26	3.086	12	15.479	31	21.244	66	7.67%
275	22.685	16	3.747	12	6.035	13	2.090	10	11.871	22	49.481	62	5.88%
300	15.040	31	19.360	10	5.235	10	1.680	6	26.275	14	46.429	62	13.01%
325 bps and upwards	74.849	130	16.428	93	46.649	89	17.219	65	80.296	124	160.943	401	39.78%
Fixed rate	0.220	2	1.669	7	4.415	11	0.318	5	6.402	11	6.983	28	3.17%
NA	19.703	67	8.149	48	10.993	54	9.346	33	28.488	102	74.914	219	14.11%
Other	0	0	1.000	1	0.826	4	0.685	4	2.511	7	2.511	9	1.24%
Prime based	0	0	0.135	2	0	0	0	0	0.135	1	0.135	2	0.07%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Upsized?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Yes	0.435	4.065	5.413	0.796	4.960	1.106	0.500	1.318	1.580	2.565	3.488	0.060
No	69.240	57.674	77.169	18.783	31.421	14.089	8.405	17.143	36.731	36.307	18.536	13.616
Downsized	1.259	1.350	0.425	0.075	0.613	0.300	0.659	1.435	1.750	0.147	5.185	0
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	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	5.463	16	3.548	9	15.576	23	26.286	60	7.71%
No	153.626	323	53.916	195	90.182	233	32.152	155	176.249	368	399.115	1007	87.29%
Downsized	1.850	4	1.572	11	3.333	10	5.185	4	10.089	13	13.198	31	5.00%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Flex?
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Down	0	0.830	0	0.075	0	0	0	0	0	1.045	1.070	0
No	70.934	61.509	81.139	19.412	34.489	15.495	9.235	19.646	39.759	37.760	25.539	13.676
Up	0	0.750	1.869	0.168	2.504	0	0.330	0.250	0.302	0.215	0.600	0
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	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	3.020	9	1.05%
No	162.059	319	59.219	215	97.165	252	39.215	164	195.599	395	428.592	1055	96.87%
Up	2.787	17	2.834	10	0.767	4	0.600	3	4.201	7	6.987	34	2.08%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Type
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Revolver	32.245	15.991	16.751	7.457	9.865	6.349	4.991	9.943	16.982	9.998	10.805	9.088
TLA	5.894	2.710	4.662	0.375	1.916	1.163	0.616	1.082	2.580	3.467	3.100	0.625
Term	8.498	7.570	21.186	7.304	8.930	5.046	3.680	4.672	9.056	9.894	5.542	2.447
Institutional	20.755	29.551	36.642	3.950	13.585	2.179	0.278	1.515	10.115	13.302	5.895	1.335
Second/third/junior lien	0.542	1.347	2.160	0.329	1.530	0.489	0	2.585	0.637	0.299	1.268	0.164
Delayed draw	2.050	4.520	1.340	0.240	1.102	0.250	0	0.043	0.367	1.680	0.115	0
LoC	0.950	1.400	0.265	0	0.065	0.020	0	0.057	0.324	0.380	0.485	0.017
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	40.199	156	21.205	108	36.922	120	19.893	89	78.020	291	150.464	515	38.64%
TLA	7.747	13	3.694	15	7.130	13	3.725	11	14.549	5	28.190	60	7.21%
Term	36.060	78	17.656	56	23.622	82	7.989	44	49.266	79	93.824	284	24.40%
Institutional	70.143	53	16.042	23	24.932	20	7.230	9	48.204	11	139.102	122	23.87%
Second/third/junior lien	3.836	23	2.019	13	3.521	8	1.431	8	6.972	9	11.349	58	3.45%
Delayed draw	6.100	12	1.352	7	2.090	8	0.115	2	3.557	5	11.707	36	1.76%
LoC	1.665	6	0.085	3	0.760	8	0.502	5	1.347	7	3.962	23	0.67%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Moody's Rating
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Baa2	0	0	0	0	0	0	0	0	0	0	0.300	0
Baa3	0	0	0	0	0	0	0	0	3.100	2.150	0.200	0
Ba1	6.909	3.200	0	0	2.525	0	0.300	1.300	0	1.770	1.335	0
Ba2	0	2.627	12.450	0.350	10.740	0.975	0	0.700	12.650	0	2.925	0
Ba3	19.850	32.795	5.590	0.230	3.939	2.380	1.200	1.180	0.350	1.585	1.225	0
B1	3.318	4.115	20.898	0.950	1.360	1.633	0.900	0.305	0.302	16.731	0.861	0.160
B2	1.932	1.480	0	0.150	9.200	0.261	0	0	1.300	0.347	0	0
B3	0.280	0.275	0	0	0	0	0	0	0.910	0	0	0
Caa1	0	0.547	0.140	0	0.060	0.178	0	0.130	0	0	0	0
Caa2	0	0	1.700	0.050	0	0	0	0	0	0	0	0
NR	38.645	18.050	42.230	17.924	9.169	10.069	7.165	16.281	21.449	16.437	20.363	13.516
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0	0	0.300	2	0.300	1	0.300	2	0.15%
Baa3	0	0	0	0	5.250	11	0.200	2	5.450	6	5.450	13	2.70%
Ba1	3.200	4	2.825	6	3.070	9	1.335	6	7.230	10	17.339	36	3.58%
Ba2	15.427	11	11.715	12	13.350	9	2.925	4	27.990	8	43.417	36	13.86%
Ba3	38.615	37	7.519	13	3.115	14	1.225	8	11.858	17	70.323	89	5.87%
B1	25.963	37	3.893	10	17.338	10	1.021	5	22.252	11	51.533	71	11.02%
B2	1.630	5	9.461	4	1.647	4	0	0	11.108	4	14.670	17	5.50%
B3	0.275	3	0	0	0.910	2	0	0	0.910	2	1.465	6	0.45%
Caa1	0.687	5	0.238	2	0.130	1	0	0	0.368	2	1.055	8	0.18%
Caa2	1.750	2	0	0	0	0	0	0	0	0	1.750	2	0.00%
NR	78.204	237	26.403	178	54.167	199	33.879	141	114.449	344	231.297	818	56.68%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Use of Proceeds
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Acquisition	8.914	9.167	27.703	2.829	3.758	4.726	1.814	4.038	2.102	2.270	11.185	3.533
Capex	3.376	1.535	0.741	0.399	0.595	1.575	0.175	0.850	2.190	0.973	0.510	0.550
Dividend/recap	0.950	0.890	0	0.466	0	0	0	0	0.350	0.215	0	0
Exit financing	0	0.452	0.425	3.980	10.650	0	0.085	0.100	1.059	0.214	0.125	0.175
GCP	23.995	2.850	4.094	2.470	3.352	1.226	1.670	1.893	6.984	3.595	3.047	2.109
LBO	27.001	41.553	42.249	1.407	16.013	1.564	1.734	3.497	14.570	20.611	3.286	1.133
Refinance	5.341	3.097	3.985	3.328	0.800	3.669	2.337	6.318	10.331	4.890	3.685	5.751
Multiple/Other/NA	1.357	3.545	3.810	4.775	1.825	2.736	1.750	3.200	2.475	6.252	5.371	0.425
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	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	14.718	18	33.426	63	82.038	104	16.55%
Capex	2.675	7	2.345	10	4.013	11	1.060	4	7.418	25	13.469	36	3.67%
Dividend/recap	1.356	3	0	0	0.565	2	0	0	0.565	2	2.871	6	0.28%
Exit financing	4.857	6	10.735	4	1.372	5	0.300	2	12.407	11	17.264	17	6.14%
GCP	9.414	28	6.248	20	12.473	32	5.156	25	23.877	77	57.286	119	11.83%
LBO	85.210	42	19.310	23	38.678	17	4.419	12	62.407	52	174.618	108	30.91%
Refinance	10.410	29	6.806	35	21.539	43	9.436	25	37.781	103	53.532	140	18.71%
Multiple/Other/NA	12.130	23	6.311	15	11.927	33	5.796	22	24.034	70	37.521	99	11.90%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	100.00%
Industry Sector (by SIC code)
	9/2007	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008
Agriculture (0xxx)	0	0	0	0	0	0.350	0	0	0	0	0	0
Mining (1xxx)	0	0.627	0	0	0	0	0	0.265	0.450	0	0.125	0.700
Oil and gas (13xx)	0.787	0.600	5.015	2.345	2.915	3.066	0.950	0.907	0.330	3.333	4.357	3.980
Construction (15xx)	0.775	0.325	0.545	0	0.135	0	0.335	0	0	0.100	0	0.150
Manufacturing (2xxx, 3xxx)	11.467	16.042	42.373	8.223	8.728	1.883	4.959	10.018	19.907	6.005	10.696	3.178
Transportation (4xxx)	1.485	0.646	2.226	0	0.463	0.716	0.190	0.100	1.488	0.080	0.435	0.835
Communications (48xx)	2.983	1.050	16.875	1.185	0.679	2.270	0.685	1.165	4.343	17.487	0	0
Electric, gas, sanitary services (49xx)	1.900	27.760	2.268	0.466	7.550	0.940	0	0.740	1.315	1.158	2.400	0.202
Wholesale (5xxx)	3.700	6.162	0.980	2.795	1.187	2.635	0.117	2.042	2.205	1.440	0.765	2.605
Finance, insurance, real estate (6xxx)	40.881	5.010	7.894	2.075	2.325	1.095	1.720	2.208	4.265	4.160	1.526	0.361
Services (7xxx)	4.081	3.052	1.855	0.992	12.189	1.177	0.574	1.525	5.759	4.452	6.140	0.435
Health services (8xxx)	2.875	1.815	2.976	1.573	0.822	1.365	0.035	0.926	0	0.805	0.765	1.230
Total	70.934	63.089	83.008	19.654	36.993	15.495	9.565	19.896	40.061	39.020	27.209	13.676
	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	0.17%
Mining (1xxx)	0.627	2	0	0	0.715	3	0.825	2	1.540	5	2.167	7	0.76%
Oil and gas (13xx)	7.960	21	6.931	15	4.569	12	8.338	20	19.838	47	28.585	72	9.82%
Construction (15xx)	0.870	4	0.469	4	0.100	1	0.150	1	0.720	6	2.365	12	0.36%
Manufacturing (2xxx, 3xxx)	66.637	55	15.569	42	35.930	49	13.874	31	65.373	122	143.477	192	32.38%
Transportation (4xxx)	2.872	4	1.369	7	1.667	7	1.270	6	4.306	20	8.663	27	2.13%
Communications (48xx)	19.110	9	3.634	10	22.995	11	0	0	26.629	21	48.722	34	13.19%
Electric, gas, sanitary services (49xx)	30.494	12	8.490	5	3.213	7	2.602	5	14.305	17	46.700	32	7.08%
Wholesale (5xxx)	9.937	21	3.939	12	5.687	18	3.370	7	12.996	37	26.633	68	6.44%
Finance, insurance, real estate (6xxx)	14.979	14	5.140	9	10.633	21	1.886	11	17.660	41	73.520	60	8.75%
Services (7xxx)	5.900	18	13.940	19	11.736	24	6.575	18	32.251	61	42.231	86	15.97%
Health services (8xxx)	6.364	11	2.222	9	1.731	9	1.995	7	5.948	25	15.188	38	2.95%
Total	165.751	171	62.053	133	98.977	162	40.885	108	201.915	403	438.599	629	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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