Analysis of bank loan issuance for 12 months through December 2008

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

Rate (L+)

	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Below 125 bps	0	0	1.075	0	0.440	0.045	0	0	0.325	0	0	0.002
125	0	0	0.300	0.400	0	0	0	0	0.145	0	0.110	0
150	0.340	0.420	0	0.990	1.425	1.460	1.005	0.270	0	0.270	0.280	0
175	0.450	1.090	0.320	0.305	2.656	0.475	0.640	0.620	0.361	0.165	0.160	0
200	3.025	1.038	0	2.567	0.445	0.200	0.860	1.895	0.985	0.585	0.212	0
225	0.400	0.723	0.150	1.536	1.600	0.350	0.910	0.260	0	0.255	0.600	0
250	1.325	0.550	0.300	2.335	4.965	2.953	2.366	0.720	4.944	0.475	0.300	0
275	0.259	1.982	1.505	0.400	3.930	1.705	1.090	0.140	0.521	0.015	0.090	0.260
300	18.450	0.910	0	0.125	4.000	1.110	1.455	0.225	4.130	0.850	0.927	1.175
325 bps and upwards	8.964	4.951	2.687	8.647	14.121	23.895	14.490	2.461	6.820	5.164	4.759	1.371
Fixed rate	0.283	1.385	0	0.015	2.803	1.597	0.172	0.346	0.230	0.330	0.205	0.350
NA	3.672	2.445	2.032	2.765	2.897	5.230	3.926	4.318	2.107	5.212	7.490	1.909
Other	0	0	1.000	0	0.826	0	0.745	0.050	0	0.125	0.145	0.450
Prime based	0.025	0	0.110	0	0	0	0	0	0	0	0	0
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	1.075	2	0.485	3	0.325	2	0.002	1	1.887	7	1.887	8	0.74%
125	0.300	2	0.400	3	0.145	2	0.110	1	0.955	7	0.955	8	0.37%
150	0.760	8	3.875	14	1.275	4	0.550	3	6.460	26	6.460	29	2.53%
175	1.860	10	3.436	11	1.621	9	0.325	5	7.242	26	7.242	35	2.84%
200	4.062	13	3.212	11	3.740	20	0.797	4	11.812	35	11.812	48	4.63%
225	1.273	7	3.486	12	1.170	7	0.855	4	6.784	26	6.784	30	2.66%
250	2.175	9	10.253	26	8.030	28	0.775	6	21.233	46	21.233	69	8.32%
275	3.747	12	6.035	13	1.751	11	0.365	4	11.897	27	11.897	40	4.66%
300	19.360	10	5.235	10	5.810	15	2.953	14	33.358	31	33.358	49	13.07%
325 bps and upwards	16.603	92	46.662	89	23.771	83	11.294	51	98.331	164	98.331	315	38.53%
Fixed rate	1.669	7	4.415	11	0.748	8	0.884	9	7.716	16	7.716	35	3.02%
NA	8.149	48	10.893	53	10.351	46	14.611	45	44.005	148	44.005	192	17.25%
Other	1.000	1	0.826	4	0.795	5	0.720	3	3.341	11	3.341	13	1.31%
Prime based	0.135	2	0	0	0	0	0	0	0.135	1	0.135	2	0.05%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Upsized?
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Yes	4.960	1.106	0.500	1.318	1.695	2.565	3.553	0.060	4.398	0.259	0.145	0
No	31.621	14.089	8.320	17.333	36.664	36.307	18.921	11.246	15.255	12.934	9.334	5.518
Downsized	0.613	0.300	0.659	1.435	1.750	0.147	5.185	0	0.915	0.252	5.800	0
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	6.566	19	5.578	17	8.011	15	0.404	3	20.558	31	20.558	54	8.06%
No	54.031	193	90.305	233	45.422	219	27.786	141	217.543	512	217.543	786	85.26%
Downsized	1.572	11	3.333	10	6.100	6	6.052	6	17.056	18	17.056	33	6.68%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Flex?
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Down	0	0	0	0	0	1.045	1.070	0	0	0	0	0
No	34.689	15.495	9.150	19.836	39.807	37.760	25.989	11.071	18.708	13.445	15.279	5.518
Up	2.504	0	0.330	0.250	0.302	0.215	0.600	0.235	1.860	0	0	0
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	1.045	3	1.070	1	0	0	2.115	2	2.115	4	0.83%
No	59.334	213	97.403	253	55.768	228	34.242	150	246.747	548	246.747	844	96.70%
Up	2.834	10	0.767	4	2.695	11	0	0	6.296	12	6.296	25	2.47%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Type
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Revolver	10.465	6.349	4.931	10.133	17.017	9.998	10.680	7.668	8.918	5.740	12.670	4.391
TLA	1.916	1.163	0.616	1.082	2.580	3.467	3.100	0.125	3.020	0.605	0.450	0
Term	8.930	5.046	3.655	4.672	9.056	9.894	5.547	2.747	4.014	6.639	1.619	1.101
Institutional	13.585	2.179	0.278	1.515	10.115	13.302	6.405	0.585	4.301	0.257	0.500	0
Second/third/junior lien	1.131	0.489	0	2.585	0.637	0.299	1.268	0.164	0.265	0.072	0.015	0
Delayed draw	1.102	0.250	0	0.043	0.380	1.680	0.115	0	0	0.132	0.025	0.025
LoC	0.065	0.020	0	0.057	0.324	0.380	0.545	0.017	0.050	0	0	0
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Revolver	21.745	108	37.147	121	27.266	126	22.802	92	108.960	415	108.960	447	42.70%
TLA	3.694	15	7.130	13	6.245	14	1.055	6	18.123	6	18.123	48	7.10%
Term	17.631	55	23.622	82	12.307	65	9.360	41	62.920	107	62.920	243	24.66%
Institutional	16.042	23	24.932	20	11.291	15	0.757	4	53.022	14	53.022	62	20.78%
Second/third/junior lien	1.619	12	3.521	8	1.696	11	0.087	2	6.924	9	6.924	33	2.71%
Delayed draw	1.352	7	2.103	8	0.115	2	0.182	5	3.752	7	3.752	22	1.47%
LoC	0.085	3	0.760	8	0.612	7	0	0	1.458	7	1.458	18	0.57%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Moody's Rating
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Baa2	0	0	0	0	0	0	0.300	0	0	0	0	0
Baa3	0	0	0	0	3.135	2.150	0.200	0	5.600	0	0	0
Ba1	2.525	0	0.300	1.300	0	1.770	1.335	0	1.650	0	1.200	0
Ba2	10.740	0.975	0	0.700	12.650	0	4.145	0	1.225	0	0.200	0
Ba3	3.939	2.380	1.200	1.180	0.350	1.585	1.225	0	0.265	0	0	0
B1	1.360	1.633	0.900	0.305	0.302	16.731	0.861	0.160	0	0	0	0
B2	9.200	0.261	0	0	1.300	0.347	0	0	0	0	0	0
B3	0	0	0	0	0.910	0	0	0	0	0	0	0
Caa1	0.060	0.178	0	0.130	0	0	0	0	0	0	0	0
NR	9.369	10.069	7.080	16.471	21.462	16.437	19.593	11.146	11.828	13.445	13.879	5.518
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0.300	2	0	0	0.300	1	0.300	2	0.12%
Baa3	0	0	5.285	11	5.800	8	0	0	11.085	8	11.085	19	4.34%
Ba1	2.825	6	3.070	9	2.985	9	1.200	3	10.080	12	10.080	27	3.95%
Ba2	11.715	12	13.350	9	5.370	8	0.200	1	30.635	11	30.635	30	12.01%
Ba3	7.519	13	3.115	14	1.490	10	0	0	12.123	18	12.123	37	4.75%
B1	3.893	10	17.338	10	1.021	5	0	0	22.252	11	22.252	25	8.72%
B2	9.461	4	1.647	4	0	0	0	0	11.108	4	11.108	8	4.35%
B3	0	0	0.910	2	0	0	0	0	0.910	2	0.910	2	0.36%
Caa1	0.238	2	0.130	1	0	0	0	0	0.368	2	0.368	3	0.14%
NR	26.518	176	54.370	200	42.567	198	32.842	146	156.297	494	156.297	720	61.25%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Use of Proceeds
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Acquisition	3.358	4.726	1.814	4.038	2.102	2.270	11.185	1.783	10.640	3.321	1.673	0.320
Capex	0.595	1.575	0.175	0.850	2.190	0.973	0.510	0.550	0.280	3.960	0.280	0.650
Dividend/recap	0	0	0	0	0.350	0.215	0	0	0	0	0	0
Exit financing	10.650	0	0	0.100	1.059	0.214	0.125	0.240	0.464	0.880	0.245	0.065
GCP	3.952	1.226	1.787	1.893	6.997	3.595	3.047	2.184	0.921	1.610	2.719	1.907
LBO	16.013	1.564	1.617	3.687	14.570	20.611	3.856	1.045	0.519	1.051	0.435	0
Refinance	0.800	3.669	2.337	6.318	10.366	4.890	3.565	4.806	3.966	0.762	2.022	0.776
Multiple/Other/NA	1.825	2.736	1.750	3.200	2.475	6.252	5.371	0.698	3.778	1.861	7.905	1.800
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	9.898	25	8.410	19	23.608	28	5.313	17	47.229	89	47.229	89	18.51%
Capex	2.345	10	4.013	11	1.340	6	4.890	8	12.588	35	12.588	35	4.93%
Dividend/recap	0	0	0.565	2	0	0	0	0	0.565	2	0.565	2	0.22%
Exit financing	10.650	3	1.372	5	0.829	4	1.190	6	14.041	18	14.041	18	5.50%
GCP	6.965	22	12.486	32	6.152	31	6.236	30	31.840	115	31.840	115	12.48%
LBO	19.193	22	38.868	18	5.420	15	1.486	9	64.967	64	64.967	64	25.46%
Refinance	6.806	35	21.574	43	12.337	35	3.560	17	44.277	130	44.277	130	17.35%
Multiple/Other/NA	6.311	15	11.927	33	9.847	35	11.566	26	39.651	109	39.651	109	15.54%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	100.00%
Industry Sector (by SIC code)
	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008
Agriculture (0xxx)	0	0.350	0	0	0	0	0	0	0	0.135	0	0
Mining (1xxx)	0	0	0	0.265	0.450	0	0.125	0.700	0	1.701	1.000	0
Oil and gas (13xx)	2.515	3.066	0.950	0.907	0.330	3.333	4.232	2.780	1.000	1.609	1.770	1.095
Construction (15xx)	0.135	0	0.335	0	0	0.100	0	0.150	0.250	0	1.100	0
Manufacturing (2xxx, 3xxx)	9.328	1.883	4.874	10.018	19.907	6.005	11.271	3.425	8.932	1.942	1.632	0.992
Transportation (4xxx)	0.463	0.716	0.190	0.100	1.488	0.080	0.435	0.835	0.326	1.090	0.240	0
Communications (48xx)	0.679	2.270	0.685	1.165	4.343	17.487	0	0	0.731	0.311	4.735	0
Electric, gas, sanitary services (49xx)	7.550	0.940	0	0.740	1.315	1.158	2.400	0.202	0.435	0.679	2.348	2.065
Wholesale (5xxx)	1.187	2.635	0.117	2.232	2.205	1.440	0.765	1.148	3.989	0.949	1.795	0.801
Finance, insurance, real estate (6xxx)	2.325	1.095	1.720	2.208	4.265	4.160	1.526	0.361	0.910	0.785	0.400	0.360
Services (7xxx)	12.189	1.177	0.574	1.525	5.807	4.452	6.140	0.475	1.045	3.885	0.100	0.204
Health services (8xxx)	0.822	1.365	0.035	0.926	0	0.805	0.765	1.230	2.950	0.150	0.160	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0.209	0	0
Total	37.193	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.518
	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.350	1	0	0	0	0	0.135	1	0.485	2	0.485	2	0.19%
Mining (1xxx)	0	0	0.715	3	0.825	2	2.701	4	4.241	9	4.241	9	1.66%
Oil and gas (13xx)	6.531	14	4.569	12	8.012	23	4.474	13	23.587	62	23.587	62	9.24%
Construction (15xx)	0.469	4	0.100	1	0.400	2	1.100	1	2.070	8	2.070	8	0.81%
Manufacturing (2xxx, 3xxx)	16.084	42	35.930	49	23.628	51	4.566	34	80.208	176	80.208	176	31.43%
Transportation (4xxx)	1.369	7	1.667	7	1.596	8	1.330	5	5.962	27	5.962	27	2.34%
Communications (48xx)	3.634	10	22.995	11	0.731	2	5.046	4	32.406	27	32.406	27	12.70%
Electric, gas, sanitary services (49xx)	8.490	5	3.213	7	3.037	7	5.092	13	19.832	32	19.832	32	7.77%
Wholesale (5xxx)	3.939	12	5.877	19	5.902	13	3.545	16	19.263	60	19.263	60	7.55%
Finance, insurance, real estate (6xxx)	5.140	9	10.633	21	2.796	15	1.545	10	20.114	55	20.114	55	7.88%
Services (7xxx)	13.940	19	11.784	24	7.660	23	4.189	8	37.573	74	37.573	74	14.73%
Health services (8xxx)	2.222	9	1.731	9	4.945	8	0.310	2	9.208	28	9.208	28	3.61%
Non-operating (9995)	0	0	0	0	0	0	0.209	1	0.209	1	0.209	1	0.08%
Total	62.168	132	99.215	163	59.533	154	34.242	112	255.158	561	255.158	561	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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