Analysis of bank loan issuance for 12 months through October 2009

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

Rate (L+)

	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Below 125 bps	0	0.002	0.015	0	0.200	0	0	0	0	0	0	0
125	0.110	0	0	0	0	0.010	0	0	0	0	0	0
150	0.280	0	0	0	0	0	0	0	0.184	0	0	0
175	0.160	0	0	0	0	0	0	0	0	0	0	0
200	0.212	0	0	0.120	0	0	0	0	0.075	0	0	0
225	0.600	0.075	0	0	0.100	0	0	0.500	0	0	0	0
250	0.300	0	0	0.450	0	0.900	1.500	0.120	0.420	0	0	0.775
275	0.225	0.290	0	0.125	0	0	0.270	0.100	0.300	0	0.280	0
300	0.927	1.175	0.680	1.050	0.220	0.200	6.096	33.980	1.105	0.150	0.100	0
325 bps and upwards	4.759	2.196	9.473	2.185	2.997	6.727	4.987	6.500	8.903	3.984	9.455	12.670
Fixed rate	0.205	0.350	0	0.525	0.126	0.085	0.152	0.735	0.850	0.175	0.650	0
NA	7.500	1.399	0.530	0.385	2.213	5.260	0.960	2.789	0.877	2.430	3.123	6.495
Other	0	0.450	0	0.111	0.080	0	0	0.110	0	0.100	0	0.080
Prime based	0	0	0.160	0.165	0	0	0	0	0	0	0	0
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.215	2	0	0	0	0	0	0	0.215	2	0.217	3	0.15%
125	0	0	0.010	1	0	0	0	0	0.010	1	0.120	2	0.01%
150	0	0	0	0	0.184	3	0	0	0.184	1	0.464	4	0.13%
175	0	0	0	0	0	0	0	0	0	0	0.160	2	0.00%
200	0.120	1	0	0	0.075	1	0	0	0.195	2	0.407	3	0.13%
225	0.100	1	0.500	1	0	0	0	0	0.600	2	1.275	6	0.41%
250	0.450	3	2.520	7	0.420	2	0.775	3	4.165	11	4.465	16	2.83%
275	0.125	2	0.370	3	0.580	2	0	0	1.075	7	1.590	11	0.73%
300	1.950	6	40.276	9	1.355	8	0	0	43.581	21	45.684	33	29.63%
325 bps and upwards	14.655	43	18.213	81	22.343	80	12.670	31	67.882	174	74.836	264	46.15%
Fixed rate	0.650	4	0.972	7	1.675	7	0	0	3.297	15	3.852	21	2.24%
NA	3.128	13	9.009	32	6.430	29	6.495	14	25.062	66	33.962	103	17.04%
Other	0.191	2	0.110	2	0.100	1	0.080	1	0.481	5	0.931	7	0.33%
Prime based	0.325	3	0	0	0	0	0	0	0.325	3	0.325	3	0.22%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Upsized?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0.145	0.180	0.225	0	0.125	1.494	6.846	0.440	1.565	0.900	3.755	2.485
No	9.334	5.758	10.633	5.116	5.580	9.136	7.120	43.389	11.150	5.921	9.252	17.535
Downsized	5.800	0	0	0	0.230	2.553	0	1.004	0	0.019	0.600	0
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.350	2	8.780	11	6.220	13	2.485	4	17.835	22	18.160	32	12.13%
No	21.329	77	59.645	127	26.323	117	17.535	45	124.832	276	139.924	434	84.88%
Downsized	0.230	1	3.557	5	0.619	3	0	0	4.406	7	10.206	12	3.00%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Flex?
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Down	0	0	0	0	0	0	0	0	0	0	2.950	1.435
No	15.279	5.938	10.858	5.116	5.936	13.098	13.966	44.834	12.715	6.840	10.658	17.585
Up	0	0	0	0	0	0.085	0	0	0	0	0	1.000
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	0	0	2.950	3	1.435	2	4.385	2	4.385	5	2.98%
No	21.909	80	71.897	141	30.212	130	17.585	46	141.603	302	162.819	470	96.28%
Up	0	0	0.085	2	0	0	1.000	1	1.085	2	1.085	3	0.74%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Type
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Revolver	12.670	4.837	3.977	3.223	4.712	10.230	8.442	41.828	6.019	4.181	5.107	8.060
TLA	0.450	0	0	0.028	0.105	0.485	0	0.085	0	0.375	1.000	0
Term	1.619	1.101	6.656	1.840	1.068	1.683	4.213	2.131	5.449	0.859	2.775	9.305
Institutional	0.500	0	0	0	0	0.470	1.310	0.550	0.426	1.075	3.280	2.655
Second/third/junior lien	0.015	0	0.225	0	0.051	0.315	0	0.010	0.500	0.175	0.745	0
Delayed draw	0.025	0	0	0.025	0	0	0	0.030	0.020	0.175	0.450	0
LoC	0	0	0	0	0	0	0	0.200	0.300	0	0.250	0
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	11.912	52	60.500	90	15.308	71	8.060	29	95.779	205	113.286	293	65.12%
TLA	0.133	2	0.570	5	1.375	2	0	0	2.078	3	2.527	11	1.41%
Term	9.564	21	8.027	35	9.083	37	9.305	11	35.980	68	38.700	120	24.46%
Institutional	0	0	2.330	7	4.781	10	2.655	9	9.766	18	10.266	28	6.64%
Second/third/junior lien	0.276	3	0.325	4	1.420	6	0	0	2.020	7	2.035	14	1.37%
Delayed draw	0.025	2	0.030	1	0.645	4	0	0	0.700	4	0.725	8	0.48%
LoC	0	0	0.200	1	0.550	3	0	0	0.750	3	0.750	4	0.51%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Moody's Rating
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Ba1	1.200	0	0.200	0	0	0	0	0	0	0	0	0.105
Ba2	0.200	0	0	0	0	0	0.650	0	0.507	0	0.535	0.400
Ba3	0	0	0	0	0	0.525	0	0	0	0.300	0	0.430
B1	0	0	0	0	0	0	0	0.290	0	0	4.330	0.355
B3	0	0	0	0	0	0	0.525	0	0.260	0	0	1.000
Caa1	0	0	0	0	0	0	0	0	0	0	1.095	0
NR	13.879	5.938	10.658	5.116	5.936	12.658	12.790	44.544	11.947	6.540	7.647	17.730
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.200	1	0	0	0	0	0.105	1	0.305	2	1.505	5	0.21%
Ba2	0	0	0.650	1	1.042	6	0.400	1	2.092	6	2.292	9	1.42%
Ba3	0	0	0.525	3	0.300	1	0.430	2	1.255	4	1.255	6	0.85%
B1	0	0	0.290	1	4.330	10	0.355	2	4.975	6	4.975	13	3.38%
B3	0	0	0.525	1	0.260	3	1.000	1	1.785	4	1.785	5	1.21%
Caa1	0	0	0	0	1.095	2	0	0	1.095	1	1.095	2	0.74%
NR	21.709	79	69.992	137	26.134	111	17.730	42	135.565	282	155.382	438	92.18%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Use of Proceeds
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Acquisition	1.673	0.280	0	0	0.434	0	0	0	0.214	1.000	4.145	2.215
Capex	0.280	0.650	0	0.120	0	0	0.853	0.586	0.195	0.100	0.100	0
Exit financing	0.245	0	0	0	0	0.352	0.800	1.198	0	2.347	0.780	0
GCP	2.719	2.577	9.770	2.048	1.667	4.270	6.888	35.740	5.219	0.480	1.725	3.695
LBO	0.435	0	0	0	0	0.230	0	0.235	0.195	0.122	0.630	1.480
Refinance	2.022	0.631	0.861	2.473	3.446	5.560	5.361	4.025	5.540	2.485	4.090	9.505
Multiple/Other/NA	7.905	1.800	0.227	0.475	0.389	2.770	0.065	3.050	1.351	0.305	2.138	3.125
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.434	3	0	0	5.359	5	2.215	5	8.008	13	9.960	19	5.44%
Capex	0.120	1	1.438	2	0.395	3	0	0	1.954	6	2.884	9	1.33%
Exit financing	0	0	2.351	8	3.127	7	0	0	5.478	15	5.723	17	3.72%
GCP	13.485	26	46.898	45	7.424	16	3.695	14	71.502	101	76.798	126	48.62%
LBO	0	0	0.465	4	0.948	3	1.480	2	2.893	9	3.328	11	1.97%
Refinance	6.779	22	14.945	39	12.115	42	9.505	15	43.344	118	45.998	127	29.47%
Multiple/Other/NA	1.091	8	5.885	17	3.793	15	3.125	3	13.894	43	23.599	55	9.45%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	100.00%
Industry Sector (by SIC code)
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Agriculture (0xxx)	0	0	0	0	0	0.525	0	0.600	0.195	0	0	0
Mining (1xxx)	1.000	0	0	0	0	0.190	0	0	0	0	0	0.060
Oil and gas (13xx)	1.770	0.950	0	0.075	0.220	3.540	0.785	0	0	0.100	0.145	2.460
Construction (15xx)	1.100	0	0	0	0.115	0	0	0.200	0.256	0	0	0
Manufacturing (2xxx, 3xxx)	1.632	1.527	9.760	3.121	4.441	2.518	8.248	38.452	3.074	3.362	6.281	4.065
Transportation (4xxx)	0.240	0	0	0.120	0	0	0.840	0.150	0.840	0.125	1.032	0.940
Communications (48xx)	4.735	0	0	0.455	0	0.520	0.360	0.796	1.045	0.422	0.325	0.980
Electric, gas, sanitary services (49xx)	2.348	2.065	0.156	0.235	0.105	0.150	0	0.290	0.873	0	1.185	0.455
Wholesale (5xxx)	1.795	0.831	0.850	0.880	0.350	3.417	0.935	1.505	1.460	1.575	1.210	1.300
Finance, insurance, real estate (6xxx)	0.400	0.360	0.015	0	0	1.225	1.637	1.095	3.700	0.675	0.775	5.800
Services (7xxx)	0.100	0.204	0.077	0	0.704	1.008	1.161	1.066	1.175	0.250	2.375	3.710
Health services (8xxx)	0.160	0	0	0.230	0	0.090	0	0.680	0.098	0.330	0.280	0.250
Total	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.715	6.840	13.607	20.020
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	1.125	3	0.195	1	0	0	1.320	4	1.320	4	0.90%
Mining (1xxx)	0	0	0.190	1	0	0	0.060	1	0.250	2	1.250	3	0.17%
Oil and gas (13xx)	0.295	2	4.325	8	0.245	3	2.460	3	7.325	16	10.045	23	4.98%
Construction (15xx)	0.115	1	0.200	1	0.256	1	0	0	0.571	3	1.671	4	0.39%
Manufacturing (2xxx, 3xxx)	17.322	33	49.217	49	12.717	30	4.065	10	83.320	122	86.479	142	56.65%
Transportation (4xxx)	0.120	1	0.990	2	1.996	6	0.940	2	4.046	11	4.287	13	2.75%
Communications (48xx)	0.455	2	1.676	6	1.792	6	0.980	3	4.904	17	9.639	19	3.33%
Electric, gas, sanitary services (49xx)	0.496	3	0.440	3	2.058	6	0.455	2	3.449	14	7.861	23	2.35%
Wholesale (5xxx)	2.080	12	5.857	12	4.245	12	1.300	2	13.483	38	16.109	48	9.17%
Finance, insurance, real estate (6xxx)	0.015	1	3.957	11	5.150	7	5.800	4	14.922	23	15.682	26	10.15%
Services (7xxx)	0.781	4	3.235	14	3.800	14	3.710	11	11.526	43	11.830	46	7.84%
Health services (8xxx)	0.230	1	0.770	5	0.708	5	0.250	1	1.958	12	2.118	13	1.33%
Total	21.909	60	71.982	115	33.162	91	20.020	39	147.073	305	168.289	364	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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