Analysis of bank loan issuance for 12 months through September 2009

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

Rate (L+)

	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Below 125 bps	0	0	0.002	0.015	0	0.200	0	0	0	0	0	0
125	0	0.110	0	0	0	0	0.010	0	0	0	0	0
150	0.270	0.280	0	0	0	0	0	0	0	0.184	0	0
175	0.165	0.160	0	0	0	0	0	0	0	0	0	0
200	0.585	0.212	0	0	0.120	0	0	0	0	0.075	0	0
225	0.255	0.600	0.075	0	0	0.100	0	0	0.500	0	0	0
250	0.475	0.300	0	0	0.450	0	0.900	1.500	0.120	0.420	0	0
275	0.015	0.225	0.290	0	0.125	0	0	0.270	0.100	0.300	0	0
300	0.850	0.927	1.175	0.680	1.050	0.220	0.200	6.096	33.980	1.105	0.150	0.100
325 bps and upwards	5.164	4.759	2.196	9.473	2.185	2.997	6.727	4.987	6.500	8.903	3.984	8.580
Fixed rate	0.330	0.205	0.350	0	0.525	0.126	0.085	0.152	0.735	0.850	0.175	0.650
NA	5.212	7.500	1.399	0.530	0.385	2.213	5.260	0.960	2.789	0.877	1.980	2.717
Other	0.125	0	0.450	0	0.111	0.080	0	0	0.110	0	0.100	0
Prime based	0	0	0	0.160	0.165	0	0	0	0	0	0	0
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.002	1	0.215	2	0	0	0	0	0.215	2	0.217	3	0.17%
125	0.110	1	0	0	0.010	1	0	0	0.010	1	0.120	2	0.01%
150	0.550	3	0	0	0	0	0.184	3	0.184	1	0.734	6	0.15%
175	0.325	5	0	0	0	0	0	0	0	0	0.325	5	0.00%
200	0.797	4	0.120	1	0	0	0.075	1	0.195	2	0.993	6	0.16%
225	0.930	7	0.100	1	0.500	1	0	0	0.600	2	1.530	9	0.48%
250	0.775	6	0.450	3	2.520	7	0.420	2	3.390	8	4.165	18	2.71%
275	0.530	5	0.125	2	0.370	3	0.300	1	0.795	6	1.325	11	0.64%
300	2.953	14	1.950	6	40.276	9	1.355	8	43.581	21	46.533	37	34.85%
325 bps and upwards	12.119	52	14.655	43	18.213	81	21.467	75	54.337	148	66.456	251	43.46%
Fixed rate	0.884	9	0.650	4	0.972	7	1.675	7	3.297	15	4.182	27	2.64%
NA	14.111	39	3.128	13	9.009	32	5.575	23	17.712	52	31.824	107	14.16%
Other	0.575	2	0.191	2	0.110	2	0.100	1	0.401	4	0.976	7	0.32%
Prime based	0	0	0.325	3	0	0	0	0	0.325	3	0.325	3	0.26%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Upsized?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Yes	0.259	0.145	0.180	0.225	0	0.125	1.494	6.846	0.440	1.565	0.900	1.440
No	12.934	9.334	5.758	10.633	5.116	5.580	9.136	7.120	43.389	11.150	5.471	10.357
Downsized	0.252	5.800	0	0	0	0.230	2.553	0	1.004	0	0.019	0.250
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.584	4	0.350	2	8.780	11	3.905	9	13.035	19	13.619	26	10.42%
No	28.026	138	21.329	77	59.645	127	26.978	110	107.952	234	135.978	452	86.33%
Downsized	6.052	6	0.230	1	3.557	5	0.269	2	4.056	6	10.108	14	3.24%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Flex?
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
No	13.445	15.279	5.938	10.858	5.116	5.936	13.098	13.966	44.834	12.715	6.389	12.047
Up	0	0	0	0	0	0	0.085	0	0	0	0	0
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
No	34.662	148	21.909	80	71.897	141	31.152	121	124.958	258	159.620	490	99.93%
Up	0	0	0	0	0.085	2	0	0	0.085	1	0.085	2	0.07%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Type
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Revolver	5.740	12.670	4.837	3.977	3.223	4.712	10.230	8.442	41.828	6.019	3.931	4.372
TLA	0.605	0.450	0	0	0.028	0.105	0.485	0	0.085	0	0.375	1.000
Term	6.639	1.619	1.101	6.656	1.840	1.068	1.683	4.213	2.131	5.449	0.659	2.460
Institutional	0.257	0.500	0	0	0	0	0.470	1.310	0.550	0.426	1.075	3.165
Second/third/junior lien	0.072	0.015	0	0.225	0	0.051	0.315	0	0.010	0.500	0.175	0.750
Delayed draw	0.132	0.025	0	0	0.025	0	0	0	0.030	0.020	0.175	0.100
LoC	0	0	0	0	0	0	0	0	0.200	0.300	0	0.200
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	23.247	91	11.912	52	60.500	90	14.323	63	86.734	175	109.981	296	69.36%
TLA	1.055	6	0.133	2	0.570	5	1.375	2	2.078	3	3.132	15	1.66%
Term	9.360	41	9.564	21	8.027	35	8.568	34	26.160	59	35.519	131	20.92%
Institutional	0.757	4	0	0	2.330	7	4.666	10	6.996	10	7.753	21	5.59%
Second/third/junior lien	0.087	2	0.276	3	0.325	4	1.425	6	2.025	7	2.112	15	1.62%
Delayed draw	0.157	4	0.025	2	0.030	1	0.295	3	0.350	4	0.507	10	0.28%
LoC	0	0	0	0	0.200	1	0.500	3	0.700	3	0.700	4	0.56%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Moody's Rating
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Ba1	0	1.200	0	0.200	0	0	0	0	0	0	0	0
Ba2	0	0.200	0	0	0	0	0	0.650	0	0.507	0	0.250
Ba3	0	0	0	0	0	0	0.525	0	0	0	0.300	2.750
B1	0	0	0	0	0	0	0	0	0.290	0	0	0
B3	0	0	0	0	0	0	0	0.525	0	0.260	0	0
Caa1	0	0	0	0	0	0	0	0	0	0	0	1.000
NR	13.445	13.879	5.938	10.658	5.116	5.936	12.658	12.790	44.544	11.947	6.090	8.047
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	1.200	3	0.200	1	0	0	0	0	0.200	1	1.400	4	0.16%
Ba2	0.200	1	0	0	0.650	1	0.757	4	1.407	4	1.607	6	1.13%
Ba3	0	0	0	0	0.525	3	3.050	4	3.575	3	3.575	7	2.86%
B1	0	0	0	0	0.290	1	0	0	0.290	1	0.290	1	0.23%
B3	0	0	0	0	0.525	1	0.260	3	0.785	3	0.785	4	0.63%
Caa1	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	0.80%
NR	33.262	144	21.709	79	69.992	137	26.084	109	117.785	246	151.047	469	94.20%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Use of Proceeds
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Acquisition	3.321	1.673	0.280	0	0	0.434	0	0	0	0.214	1.000	3.695
Capex	3.960	0.280	0.650	0	0.120	0	0	0.853	0.586	0.195	0.100	0.100
Exit financing	0.880	0.245	0	0	0	0	0.352	0.800	1.198	0	2.347	0.570
GCP	1.610	2.719	2.577	9.770	2.048	1.667	4.270	6.888	35.740	5.219	0.480	1.725
LBO	1.051	0.435	0	0	0	0	0.230	0	0.235	0.195	0.122	0.630
Refinance	0.762	2.022	0.631	0.861	2.473	3.446	5.560	5.361	4.025	5.540	2.035	3.420
Multiple/Other/NA	1.861	7.905	1.800	0.227	0.475	0.389	2.770	0.065	3.050	1.351	0.305	1.907
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.273	15	0.434	3	0	0	4.910	5	5.343	8	10.617	23	4.27%
Capex	4.890	8	0.120	1	1.438	2	0.395	3	1.954	6	6.843	14	1.56%
Exit financing	1.125	5	0	0	2.351	8	2.917	6	5.268	14	6.393	19	4.21%
GCP	6.906	33	13.485	26	46.898	45	7.424	16	67.807	87	74.713	120	54.23%
LBO	1.486	9	0	0	0.465	4	0.948	3	1.413	7	2.898	16	1.13%
Refinance	3.415	16	6.779	22	14.945	39	10.995	37	32.719	98	36.135	113	26.17%
Multiple/Other/NA	11.566	26	1.091	8	5.885	17	3.563	14	10.539	39	22.105	65	8.43%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%
Industry Sector (by SIC code)
	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009
Agriculture (0xxx)	0.135	0	0	0	0	0	0.525	0	0.600	0.195	0	0
Mining (1xxx)	1.701	1.000	0	0	0	0	0.190	0	0	0	0	0
Oil and gas (13xx)	1.609	1.770	0.950	0	0.075	0.220	3.540	0.785	0	0	0.100	0.145
Construction (15xx)	0	1.100	0	0	0	0.115	0	0	0.200	0.256	0	0
Manufacturing (2xxx, 3xxx)	1.942	1.632	1.527	9.760	3.121	4.441	2.518	8.248	38.452	3.074	3.362	5.591
Transportation (4xxx)	1.090	0.240	0	0	0.120	0	0	0.840	0.150	0.840	0.125	1.032
Communications (48xx)	0.311	4.735	0	0	0.455	0	0.520	0.360	0.796	1.045	0.422	0.325
Electric, gas, sanitary services (49xx)	0.679	2.348	2.065	0.156	0.235	0.105	0.150	0	0.290	0.873	0	0.945
Wholesale (5xxx)	0.949	1.795	0.831	0.850	0.880	0.350	3.417	0.935	1.505	1.460	1.575	0.960
Finance, insurance, real estate (6xxx)	0.785	0.400	0.360	0.015	0	0	1.225	1.637	1.095	3.700	0.225	0.775
Services (7xxx)	3.885	0.100	0.204	0.077	0	0.704	1.008	1.161	1.066	1.175	0.250	2.275
Health services (8xxx)	0.150	0.160	0	0	0.230	0	0.090	0	0.680	0.098	0.330	0
Non-operating (9995)	0.209	0	0	0	0	0	0	0	0	0	0	0
Total	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.389	12.047
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.135	1	0	0	1.125	3	0.195	1	1.320	4	1.455	5	1.06%
Mining (1xxx)	2.701	4	0	0	0.190	1	0	0	0.190	1	2.891	5	0.15%
Oil and gas (13xx)	4.329	12	0.295	2	4.325	8	0.245	3	4.865	13	9.194	25	3.89%
Construction (15xx)	1.100	1	0.115	1	0.200	1	0.256	1	0.571	3	1.671	4	0.46%
Manufacturing (2xxx, 3xxx)	5.101	34	17.322	33	49.217	49	12.027	29	78.565	111	83.666	145	62.83%
Transportation (4xxx)	1.330	5	0.120	1	0.990	2	1.996	6	3.107	9	4.436	14	2.48%
Communications (48xx)	5.046	4	0.455	2	1.676	6	1.792	6	3.924	14	8.970	18	3.14%
Electric, gas, sanitary services (49xx)	5.092	13	0.496	3	0.440	3	1.817	5	2.753	11	7.846	24	2.20%
Wholesale (5xxx)	3.575	16	2.080	12	5.857	12	3.995	10	11.933	34	15.508	50	9.54%
Finance, insurance, real estate (6xxx)	1.545	10	0.015	1	3.957	11	4.700	6	8.672	18	10.217	28	6.94%
Services (7xxx)	4.189	8	0.781	4	3.235	14	3.700	13	7.716	31	11.905	39	6.17%
Health services (8xxx)	0.310	2	0.230	1	0.770	5	0.427	4	1.427	10	1.738	12	1.14%
Non-operating (9995)	0.209	1	0	0	0	0	0	0	0	0	0.209	1	0.00%
Total	34.662	111	21.909	60	71.982	115	31.152	84	125.043	259	159.705	370	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• All deals from issuers with $75 million or more total bank debt outstanding (including unused portions of revolvers)

• 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).

• DIP facilities are included.

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