Analysis of bank loan issuance for 12 months through November 2009

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

Rate (L+)

	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Below 125 bps	0.002	0.015	0	0.200	0	0	0	0	0	0	0	0
125	0	0	0	0	0.010	0	0	0	0	0	0	0
150	0	0	0	0	0	0	0	0.184	0	0	0	0
175	0	0	0	0	0	0	0	0	0	0	0	0
200	0	0	0.120	0	0	0	0	0.075	0	0	0	0
225	0.075	0	0	0.100	0	0	0.500	0	0	0	0	0
250	0	0	0.450	0	0.900	1.500	0.120	0.420	0	0	0.775	0
275	0.290	0	0.125	0	0	0.270	0.100	0.300	0	0.280	0.110	0.040
300	1.175	0.680	1.050	0.220	0.200	6.096	33.980	1.105	0.150	0.100	0.100	0.525
325 bps and upwards	2.196	9.473	2.185	2.997	6.727	4.987	6.689	9.013	3.984	10.130	14.050	10.496
Fixed rate	0.350	0	0.525	0.126	0.085	0.152	0.735	0.850	0.175	0.650	0	0.021
NA	1.399	0.530	0.385	2.213	5.310	0.960	2.803	0.728	2.430	2.547	5.920	13.493
Other	0.450	0	0.111	0.080	0	0	0.110	0	0.100	0	0.080	0.155
Prime based	0	0.160	0.165	0	0	0	0	0	0	0	0	0
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	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	0.13%
125	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.01%
150	0	0	0	0	0.184	3	0	0	0.184	1	0.184	3	0.11%
175	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
200	0.120	1	0	0	0.075	1	0	0	0.195	2	0.195	2	0.11%
225	0.100	1	0.500	1	0	0	0	0	0.600	2	0.675	5	0.35%
250	0.450	3	2.520	7	0.420	2	0.775	3	4.165	11	4.165	15	2.41%
275	0.125	2	0.370	3	0.580	2	0.150	2	1.225	9	1.515	11	0.71%
300	1.950	6	40.276	9	1.355	8	0.625	3	44.206	23	45.381	27	25.53%
325 bps and upwards	14.655	43	18.402	82	23.128	83	24.546	82	80.733	202	82.928	301	46.64%
Fixed rate	0.650	4	0.972	7	1.675	7	0.021	1	3.318	16	3.668	20	1.92%
NA	3.128	13	9.072	33	5.705	26	19.413	37	37.319	82	38.718	115	21.56%
Other	0.191	2	0.110	2	0.100	1	0.235	3	0.636	6	1.086	9	0.37%
Prime based	0.325	3	0	0	0	0	0	0	0.325	3	0.325	3	0.19%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Upsized?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Yes	0.180	0.225	0	0.125	1.844	6.846	0.440	1.565	0.900	4.455	2.715	0.460
No	5.758	10.633	5.116	5.580	8.836	7.120	43.591	11.110	5.921	8.652	18.320	23.820
Downsized	0	0	0	0.230	2.553	0	1.004	0	0.019	0.600	0	0.450
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.350	2	9.130	12	6.920	14	3.175	6	19.575	24	19.755	35	11.31%
No	21.329	77	59.547	128	25.683	116	42.141	124	148.699	322	154.457	470	85.89%
Downsized	0.230	1	3.557	5	0.619	3	0.450	1	4.856	8	4.856	10	2.80%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Flex?
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Down	0	0	0	0	0	0	0	0	0	3.650	1.435	1.000
No	5.938	10.858	5.116	5.936	13.148	13.966	45.036	12.675	6.840	10.057	18.600	23.730
Up	0	0	0	0	0.085	0	0	0	0	0	1.000	0
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	0	0	3.650	4	2.435	4	6.085	2	6.085	8	3.51%
No	21.909	80	72.149	143	29.572	129	42.331	126	165.960	348	171.898	504	95.86%
Up	0	0	0.085	2	0	0	1.000	1	1.085	2	1.085	3	0.63%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Type
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Revolver	4.837	3.977	3.223	4.712	10.280	8.442	41.840	6.019	4.181	5.107	8.290	16.122
TLA	0	0	0.028	0.105	0.485	0	0.085	0	0.375	1.000	0	0.700
Term	1.101	6.656	1.840	1.068	1.683	4.213	2.321	5.409	0.859	2.875	9.540	4.343
Institutional	0	0	0	0	0.470	1.310	0.550	0.426	1.075	3.280	2.655	3.365
Second/third/junior lien	0	0.225	0	0.051	0.315	0	0.010	0.500	0.175	0.745	0.550	0.175
Delayed draw	0	0	0.025	0	0	0	0.030	0.020	0.175	0.450	0	0.025
LoC	0	0	0	0	0	0	0.200	0.300	0	0.250	0	0
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	11.912	52	60.563	91	15.308	71	24.412	74	112.194	245	117.031	305	64.80%
TLA	0.133	2	0.570	5	1.375	2	0.700	2	2.777	3	2.777	11	1.60%
Term	9.564	21	8.216	36	9.143	37	13.883	35	40.807	74	41.908	138	23.57%
Institutional	0	0	2.330	7	4.781	10	6.020	16	13.131	20	13.131	33	7.58%
Second/third/junior lien	0.276	3	0.325	4	1.420	6	0.725	3	2.745	8	2.745	16	1.59%
Delayed draw	0.025	2	0.030	1	0.645	4	0.025	1	0.725	5	0.725	8	0.42%
LoC	0	0	0.200	1	0.550	3	0	0	0.750	3	0.750	4	0.43%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Moody's Rating
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Ba1	0	0.200	0	0	0	0	0	0	0	0	0.105	0
Ba2	0	0	0	0	0	0.650	0	0.507	0	0.535	3.100	3.050
Ba3	0	0	0	0	0.525	0	0	0	0.300	0	1.625	1.395
B1	0	0	0	0	0	0	0.290	0	0	4.430	0.355	0
B2	0	0	0	0	0	0	0	0.110	0	0	0	0
B3	0	0	0	0	0	0.525	0	0.260	0	0	1.000	0
Caa1	0	0	0	0	0	0	0	0	0	1.095	0	0.200
NR	5.938	10.658	5.116	5.936	12.708	12.790	44.746	11.797	6.540	7.647	14.850	20.085
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	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	0.305	2	0.18%
Ba2	0	0	0.650	1	1.042	6	6.150	13	7.843	10	7.843	20	4.53%
Ba3	0	0	0.525	3	0.300	1	3.020	14	3.845	10	3.845	18	2.22%
B1	0	0	0.290	1	4.430	10	0.355	2	5.075	6	5.075	13	2.93%
B2	0	0	0	0	0.110	1	0	0	0.110	1	0.110	1	0.06%
B3	0	0	0.525	1	0.260	3	1.000	1	1.785	4	1.785	5	1.03%
Caa1	0	0	0	0	1.095	2	0.200	1	1.295	2	1.295	3	0.75%
NR	21.709	79	70.244	139	25.984	110	34.935	99	152.873	318	158.810	453	88.30%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Use of Proceeds
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Acquisition	0.280	0	0	0.434	0	0	0	0.214	1.000	4.145	2.215	5.856
Capex	0.650	0	0.120	0	0	0.853	0.586	0.195	0.100	0.100	0	0
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0	0.240
Exit financing	0	0	0	0	0.352	0.800	1.198	0	2.347	0.780	0.950	0.345
GCP	2.577	9.770	2.048	1.667	4.270	6.888	35.740	5.219	0.480	1.725	3.695	2.542
LBO	0	0	0	0	0.230	0	0.235	0.195	0.122	0.730	1.530	1.638
Refinance	0.631	0.861	2.473	3.446	5.560	5.361	4.025	5.500	2.485	4.090	9.345	5.230
Multiple/Other/NA	1.800	0.227	0.475	0.389	2.820	0.065	3.252	1.351	0.305	2.138	3.300	8.879
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	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	8.071	12	13.864	20	14.144	23	8.01%
Capex	0.120	1	1.438	2	0.395	3	0	0	1.954	6	2.603	8	1.13%
Dividend/recap	0	0	0	0	0	0	0.240	1	0.240	1	0.240	1	0.14%
Exit financing	0	0	2.351	8	3.127	7	1.295	3	6.773	18	6.773	18	3.91%
GCP	13.485	26	46.898	45	7.424	16	6.237	25	74.044	112	76.621	126	42.77%
LBO	0	0	0.465	4	1.048	3	3.168	7	4.681	14	4.681	14	2.70%
Refinance	6.779	22	14.945	39	12.075	42	14.575	26	48.374	129	49.005	131	27.94%
Multiple/Other/NA	1.091	8	6.136	18	3.793	15	12.179	11	23.200	52	25.000	55	13.40%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	100.00%
Industry Sector (by SIC code)
	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009
Agriculture (0xxx)	0	0	0	0	0.525	0	0.600	0.195	0	0	0	0
Mining (1xxx)	0	0	0	0	0.190	0	0	0	0	0	0.160	0
Oil and gas (13xx)	0.950	0	0.075	0.220	3.540	0.785	0	0	0.100	0.145	2.460	1.915
Construction (15xx)	0	0	0	0.115	0	0	0.200	0.256	0	0	0	0
Manufacturing (2xxx, 3xxx)	1.527	9.760	3.121	4.441	2.568	8.248	38.452	3.074	3.362	6.281	4.615	12.815
Transportation (4xxx)	0	0	0.120	0	0	0.840	0.150	0.840	0.125	1.032	1.080	1.945
Communications (48xx)	0	0	0.455	0	0.520	0.360	0.796	1.045	0.422	0.325	0.980	0.701
Electric, gas, sanitary services (49xx)	2.065	0.156	0.235	0.105	0.150	0	0.492	0.833	0	1.185	0.455	0
Wholesale (5xxx)	0.831	0.850	0.880	0.350	3.417	0.935	1.505	1.460	1.575	1.210	1.475	2.330
Finance, insurance, real estate (6xxx)	0.360	0.015	0	0	1.225	1.637	1.095	3.700	0.675	0.775	5.800	1.140
Services (7xxx)	0.204	0.077	0	0.704	1.008	1.161	1.066	1.175	0.250	2.475	3.760	1.541
Health services (8xxx)	0	0	0.230	0	0.090	0	0.680	0.098	0.330	0.280	0.250	2.344
Total	5.938	10.858	5.116	5.936	13.233	13.966	45.036	12.675	6.840	13.707	21.035	24.730
	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	0.76%
Mining (1xxx)	0	0	0.190	1	0	0	0.160	2	0.350	3	0.350	3	0.20%
Oil and gas (13xx)	0.295	2	4.325	8	0.245	3	4.375	6	9.240	19	10.190	22	5.34%
Construction (15xx)	0.115	1	0.200	1	0.256	1	0	0	0.571	3	0.571	3	0.33%
Manufacturing (2xxx, 3xxx)	17.322	33	49.267	49	12.717	30	17.430	22	96.735	134	98.262	142	55.87%
Transportation (4xxx)	0.120	1	0.990	2	1.996	6	3.025	5	6.131	14	6.131	14	3.54%
Communications (48xx)	0.455	2	1.676	6	1.792	6	1.681	5	5.604	19	5.604	19	3.24%
Electric, gas, sanitary services (49xx)	0.496	3	0.642	4	2.018	6	0.455	2	3.611	15	5.676	20	2.09%
Wholesale (5xxx)	2.080	12	5.857	12	4.245	12	3.805	9	15.988	45	16.819	49	9.23%
Finance, insurance, real estate (6xxx)	0.015	1	3.957	11	5.150	7	6.940	7	16.062	26	16.422	28	9.28%
Services (7xxx)	0.781	4	3.235	14	3.900	14	5.301	19	13.217	51	13.421	53	7.63%
Health services (8xxx)	0.230	1	0.770	5	0.708	5	2.594	8	4.301	19	4.301	19	2.48%
Total	21.909	60	72.234	116	33.222	91	45.766	85	173.130	352	179.068	376	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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