Analysis of bank loan issuance for 12 months through January 2009

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

Rate (L+)

	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Below 125 bps	0	1.075	0	0.440	0.045	0	0	0.325	0	0	0.002	0.015
125	0	0.300	0.400	0	0	0	0	0.145	0	0.110	0	0
150	0.420	0	0.990	1.425	1.460	1.005	0.270	0	0.270	0.280	0	0
175	1.090	0.320	0.305	2.656	0.475	0.640	0.620	0.361	0.165	0.160	0	0
200	1.038	0	2.567	0.445	0.200	0.860	1.895	0.985	0.585	0.212	0	0
225	0.723	0.150	1.536	1.600	0.350	0.910	0.260	0	0.255	0.600	0	0
250	0.550	0.300	2.335	4.965	2.953	2.366	0.720	4.944	0.475	0.300	0	0
275	1.982	1.505	0.400	3.930	1.705	1.090	0.140	0.521	0.015	0.090	0.260	0
300	0.910	0	0.125	4.000	1.110	1.455	0.225	4.130	0.850	0.927	1.175	0.680
325 bps and upwards	4.951	2.687	8.647	14.121	23.895	14.490	2.461	6.820	5.164	4.759	1.946	9.448
Fixed rate	1.385	0	0.015	2.803	1.597	0.172	0.346	0.230	0.330	0.205	0.350	0.006
NA	2.445	2.032	2.765	2.897	5.230	3.926	4.318	2.107	5.212	7.490	1.790	0.380
Other	0	1.000	0	0.826	0	0.745	0.050	0	0.125	0.145	0.450	0
Prime based	0	0.110	0	0	0	0	0	0	0	0	0	0.175
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.485	3	0.325	2	0.002	1	0.015	1	0.015	1	1.902	9	0.14%
125	0.400	3	0.145	2	0.110	1	0	0	0	0	0.955	8	0.00%
150	3.875	14	1.275	4	0.550	3	0	0	0	0	6.120	24	0.00%
175	3.436	11	1.621	9	0.325	5	0	0	0	0	6.792	34	0.00%
200	3.212	11	3.740	20	0.797	4	0	0	0	0	8.787	42	0.00%
225	3.486	12	1.170	7	0.855	4	0	0	0	0	6.384	29	0.00%
250	10.253	26	8.030	28	0.775	6	0	0	0	0	19.908	64	0.00%
275	6.035	13	1.751	11	0.365	4	0	0	0	0	11.638	38	0.00%
300	5.235	10	5.810	15	2.953	14	0.680	2	0.680	2	15.588	44	6.35%
325 bps and upwards	46.662	89	23.771	83	11.869	51	9.448	9	9.448	8	99.390	284	88.27%
Fixed rate	4.415	11	0.748	8	0.884	9	0.006	1	0.006	1	7.440	33	0.06%
NA	10.893	53	10.351	46	14.491	44	0.380	2	0.380	2	40.592	173	3.55%
Other	0.826	4	0.795	5	0.720	3	0	0	0	0	3.341	13	0.00%
Prime based	0	0	0	0	0	0	0.175	2	0.175	2	0.285	3	1.63%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Upsized?
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Yes	1.106	0.500	1.318	1.695	2.565	3.553	0.060	4.398	0.259	0.145	0	0
No	14.089	8.320	17.333	36.664	36.307	18.921	11.246	15.255	12.934	9.334	5.973	10.704
Downsized	0.300	0.659	1.435	1.750	0.147	5.185	0	0.915	0.252	5.800	0	0
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	5.578	17	8.011	15	0.404	3	0	0	0	0	15.598	44	0.00%
No	90.305	233	45.422	219	28.241	140	10.704	17	10.704	15	197.082	725	100.00%
Downsized	3.333	10	6.100	6	6.052	6	0	0	0	0	16.444	29	0.00%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Flex?
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Down	0	0	0	0	1.045	1.070	0	0	0	0	0	0
No	15.495	9.150	19.836	39.807	37.760	25.989	11.071	18.708	13.445	15.279	5.973	10.704
Up	0	0.330	0.250	0.302	0.215	0.600	0.235	1.860	0	0	0	0
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Down	1.045	3	1.070	1	0	0	0	0	0	0	2.115	4	0.00%
No	97.403	253	55.768	228	34.697	149	10.704	17	10.704	15	223.217	776	100.00%
Up	0.767	4	2.695	11	0	0	0	0	0	0	3.792	18	0.00%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Type
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Revolver	6.349	4.931	10.133	17.017	9.998	10.680	7.668	8.918	5.740	12.670	4.872	3.848
TLA	1.163	0.616	1.082	2.580	3.467	3.100	0.125	3.020	0.605	0.450	0	0
Term	5.046	3.655	4.672	9.056	9.894	5.547	2.747	4.014	6.639	1.619	1.101	6.656
Institutional	2.179	0.278	1.515	10.115	13.302	6.405	0.585	4.301	0.257	0.500	0	0
Second/third/junior lien	0.489	0	2.585	0.637	0.299	1.268	0.164	0.265	0.072	0.015	0	0.200
Delayed draw	0.250	0	0.043	0.380	1.680	0.115	0	0	0.132	0.025	0	0
LoC	0.020	0	0.057	0.324	0.380	0.545	0.017	0.050	0	0	0	0
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	37.147	121	27.266	126	23.282	92	3.848	13	3.848	12	102.823	420	35.95%
TLA	7.130	13	6.245	14	1.055	6	0	0	0	0	16.207	44	0.00%
Term	23.622	82	12.307	65	9.360	41	6.656	3	6.656	2	60.646	228	62.18%
Institutional	24.932	20	11.291	15	0.757	4	0	0	0	0	39.437	49	0.00%
Second/third/junior lien	3.521	8	1.696	11	0.087	2	0.200	1	0.200	1	5.993	25	1.87%
Delayed draw	2.103	8	0.115	2	0.157	4	0	0	0	0	2.625	16	0.00%
LoC	0.760	8	0.612	7	0	0	0	0	0	0	1.393	16	0.00%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Moody's Rating
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Baa2	0	0	0	0	0	0.300	0	0	0	0	0	0
Baa3	0	0	0	3.135	2.150	0.200	0	5.600	0	0	0	0
Ba1	0	0.300	1.300	0	1.770	1.335	0	1.650	0	1.200	0	0.200
Ba2	0.975	0	0.700	12.650	0	4.145	0	1.225	0	0.200	0	0
Ba3	2.380	1.200	1.180	0.350	1.585	1.225	0	0.265	0	0	0	0
B1	1.633	0.900	0.305	0.302	16.731	0.861	0.160	0	0	0	0	0
B2	0.261	0	0	1.300	0.347	0	0	0	0	0	0	0
B3	0	0	0	0.910	0	0	0	0	0	0	0	0
Caa1	0.178	0	0.130	0	0	0	0	0	0	0	0	0
NR	10.069	7.080	16.471	21.462	16.437	19.593	11.146	11.828	13.445	13.879	5.973	10.504
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0.300	2	0	0	0	0	0	0	0.300	2	0.00%
Baa3	5.285	11	5.800	8	0	0	0	0	0	0	11.085	19	0.00%
Ba1	3.070	9	2.985	9	1.200	3	0.200	1	0.200	1	7.755	23	1.87%
Ba2	13.350	9	5.370	8	0.200	1	0	0	0	0	19.895	21	0.00%
Ba3	3.115	14	1.490	10	0	0	0	0	0	0	8.184	31	0.00%
B1	17.338	10	1.021	5	0	0	0	0	0	0	20.892	22	0.00%
B2	1.647	4	0	0	0	0	0	0	0	0	1.908	5	0.00%
B3	0.910	2	0	0	0	0	0	0	0	0	0.910	2	0.00%
Caa1	0.130	1	0	0	0	0	0	0	0	0	0.308	2	0.00%
NR	54.370	200	42.567	198	33.297	145	10.504	16	10.504	14	157.887	671	98.13%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Use of Proceeds
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Acquisition	4.726	1.814	4.038	2.102	2.270	11.185	1.783	10.640	3.321	1.673	0.320	0
Capex	1.575	0.175	0.850	2.190	0.973	0.510	0.550	0.280	3.960	0.280	0.650	0
Dividend/recap	0	0	0	0.350	0.215	0	0	0	0	0	0	0
Exit financing	0	0	0.100	1.059	0.214	0.125	0.240	0.464	0.880	0.245	0.065	0
GCP	1.226	1.787	1.893	6.997	3.595	3.397	2.184	0.921	1.610	2.719	2.507	9.791
LBO	1.564	1.617	3.687	14.570	20.611	3.856	1.045	0.519	1.051	0.435	0	0
Refinance	3.669	2.337	6.318	10.366	4.890	3.565	4.806	3.966	0.762	2.022	0.631	0.836
Multiple/Other/NA	2.736	1.750	3.200	2.475	6.252	5.021	0.698	3.778	1.861	7.905	1.800	0.077
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	8.410	19	23.608	28	5.313	17	0	0	0	0	43.871	80	0.00%
Capex	4.013	11	1.340	6	4.890	8	0	0	0	0	11.993	32	0.00%
Dividend/recap	0.565	2	0	0	0	0	0	0	0	0	0.565	2	0.00%
Exit financing	1.372	5	0.829	4	1.190	6	0	0	0	0	3.391	15	0.00%
GCP	12.486	32	6.502	32	6.836	31	9.791	10	9.791	10	38.629	115	91.47%
LBO	38.868	18	5.420	15	1.486	9	0	0	0	0	48.954	50	0.00%
Refinance	21.574	43	12.337	35	3.415	16	0.836	4	0.836	4	44.168	129	7.81%
Multiple/Other/NA	11.927	33	9.497	34	11.566	26	0.077	1	0.077	1	37.553	105	0.72%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	100.00%
Industry Sector (by SIC code)
	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009
Agriculture (0xxx)	0.350	0	0	0	0	0	0	0	0.135	0	0	0
Mining (1xxx)	0	0	0.265	0.450	0	0.125	0.700	0	1.701	1.000	0	0
Oil and gas (13xx)	3.066	0.950	0.907	0.330	3.333	4.232	2.780	1.000	1.609	1.770	0.950	0
Construction (15xx)	0	0.335	0	0	0.100	0	0.150	0.250	0	1.100	0	0
Manufacturing (2xxx, 3xxx)	1.883	4.874	10.018	19.907	6.005	11.271	3.425	8.932	1.942	1.632	1.592	9.610
Transportation (4xxx)	0.716	0.190	0.100	1.488	0.080	0.435	0.835	0.326	1.090	0.240	0	0
Communications (48xx)	2.270	0.685	1.165	4.343	17.487	0	0	0.731	0.311	4.735	0	0.015
Electric, gas, sanitary services (49xx)	0.940	0	0.740	1.315	1.158	2.400	0.202	0.435	0.679	2.348	2.065	0.156
Wholesale (5xxx)	2.635	0.117	2.232	2.205	1.440	0.765	1.148	3.989	0.949	1.795	0.801	0.625
Finance, insurance, real estate (6xxx)	1.095	1.720	2.208	4.265	4.160	1.526	0.361	0.910	0.785	0.400	0.360	0.021
Services (7xxx)	1.177	0.574	1.525	5.807	4.452	6.140	0.475	1.045	3.885	0.100	0.204	0.077
Health services (8xxx)	1.365	0.035	0.926	0	0.805	0.765	1.230	2.950	0.150	0.160	0	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0.209	0	0	0
	0	0	0	0	0	0	0	0	0	0	0	0.200
Total	15.495	9.480	20.086	40.109	39.020	27.659	11.306	20.568	13.445	15.279	5.973	10.704
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.135	1	0	0	0	0	0.485	2	0.00%
Mining (1xxx)	0.715	3	0.825	2	2.701	4	0	0	0	0	4.241	9	0.00%
Oil and gas (13xx)	4.569	12	8.012	23	4.329	12	0	0	0	0	20.927	55	0.00%
Construction (15xx)	0.100	1	0.400	2	1.100	1	0	0	0	0	1.935	7	0.00%
Manufacturing (2xxx, 3xxx)	35.930	49	23.628	51	5.166	35	9.610	6	9.610	6	81.090	169	89.78%
Transportation (4xxx)	1.667	7	1.596	8	1.330	5	0	0	0	0	5.499	24	0.00%
Communications (48xx)	22.995	11	0.731	2	5.046	4	0.015	1	0.015	1	31.742	23	0.14%
Electric, gas, sanitary services (49xx)	3.213	7	3.037	7	5.092	13	0.156	1	0.156	1	12.438	31	1.46%
Wholesale (5xxx)	5.877	19	5.902	13	3.545	16	0.625	3	0.625	3	18.701	58	5.84%
Finance, insurance, real estate (6xxx)	10.633	21	2.796	15	1.545	10	0.021	2	0.021	2	17.811	55	0.20%
Services (7xxx)	11.784	24	7.660	23	4.189	8	0.077	1	0.077	1	25.461	68	0.72%
Health services (8xxx)	1.731	9	4.945	8	0.310	2	0	0	0	0	8.386	25	0.00%
Non-operating (9995)	0	0	0	0	0.209	1	0	0	0	0	0.209	1	0.00%
	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	1.87%
Total	99.215	163	59.533	154	34.697	112	10.704	15	10.704	15	229.124	528	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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