Analysis of bank loan issuance for 12 months through February 2009

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

Rate (L+)

	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Below 125 bps	1.075	0	0.440	0.045	0	0	0.325	0	0	0.002	0.015	0
125	0.300	0.400	0	0	0	0	0.145	0	0.110	0	0	0
150	0	0.990	1.425	1.460	1.005	0.270	0	0.270	0.280	0	0	0
175	0.320	0.305	2.656	0.475	0.640	0.620	0.361	0.165	0.160	0	0	0
200	0	2.567	0.445	0.200	0.860	1.895	0.985	0.585	0.212	0	0	0.120
225	0.150	1.536	1.600	0.350	0.910	0.260	0	0.255	0.600	0.075	0	0
250	0.300	2.335	4.965	2.953	2.366	0.720	4.944	0.475	0.300	0	0	0.450
275	1.505	0.400	3.930	1.705	1.090	0.140	0.521	0.015	0.090	0.290	0	0.125
300	0	0.125	4.000	1.110	1.455	0.225	4.130	0.850	0.927	1.175	0.680	1.050
325 bps and upwards	2.687	8.647	14.121	23.895	14.490	2.461	6.815	5.164	4.759	1.946	9.473	2.219
Fixed rate	0	0.015	2.803	1.597	0.172	0.346	0.230	0.330	0.205	0.350	0.006	0.095
NA	2.032	2.765	2.897	5.230	3.926	4.318	2.107	5.212	7.490	1.649	0.380	0.100
Other	1.000	0	0.826	0	0.745	0.050	0	0.125	0.145	0.450	0.150	0.111
Prime based	0.110	0	0	0	0	0	0	0	0	0	0.175	0.165
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	0.10%
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	5.700	21	0.00%
175	3.436	11	1.621	9	0.325	5	0	0	0	0	5.702	27	0.00%
200	3.212	11	3.740	20	0.797	4	0.120	1	0.120	1	7.870	36	0.78%
225	3.486	12	1.170	7	0.930	7	0	0	0	0	5.736	27	0.00%
250	10.253	26	8.030	28	0.775	6	0.450	3	0.450	2	19.808	65	2.94%
275	6.035	13	1.751	11	0.395	4	0.125	2	0.125	2	9.811	33	0.82%
300	5.235	10	5.810	15	2.953	14	1.730	5	1.730	4	15.727	44	11.30%
325 bps and upwards	46.662	89	23.766	83	11.869	51	11.692	18	11.692	16	96.677	264	76.36%
Fixed rate	4.415	11	0.748	8	0.884	9	0.101	2	0.101	2	6.149	30	0.66%
NA	10.893	53	10.351	46	14.351	40	0.480	3	0.480	3	38.107	157	3.13%
Other	0.826	4	0.795	5	0.720	3	0.261	2	0.261	2	3.602	15	1.70%
Prime based	0	0	0	0	0	0	0.340	4	0.340	4	0.450	5	2.22%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Upsized?
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Yes	0.500	1.318	1.695	2.565	3.553	0.060	4.398	0.259	0.145	0.180	0.225	0
No	8.320	17.333	36.664	36.307	18.921	11.246	15.250	12.934	9.334	5.758	10.654	4.435
Downsized	0.659	1.435	1.750	0.147	5.185	0	0.915	0.252	5.800	0	0	0
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	0.584	4	0.225	1	0.225	1	14.898	38	1.47%
No	90.305	233	45.417	219	28.026	138	15.089	40	15.089	33	187.157	676	98.53%
Downsized	3.333	10	6.100	6	6.052	6	0	0	0	0	16.144	27	0.00%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Flex?
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Down	0	0	0	1.045	1.070	0	0	0	0	0	0	0
No	9.150	19.836	39.807	37.760	25.989	11.071	18.703	13.445	15.279	5.938	10.879	4.435
Up	0.330	0.250	0.302	0.215	0.600	0.235	1.860	0	0	0	0	0
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	55.763	228	34.662	148	15.314	41	15.314	34	212.291	719	100.00%
Up	0.767	4	2.695	11	0	0	0	0	0	0	3.792	18	0.00%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Type
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Revolver	4.931	10.133	17.017	9.998	10.680	7.668	8.898	5.740	12.670	4.837	3.998	2.628
TLA	0.616	1.082	2.580	3.467	3.100	0.125	3.020	0.605	0.450	0	0	0
Term	3.655	4.672	9.056	9.894	5.547	2.747	4.029	6.639	1.619	1.101	6.656	1.677
Institutional	0.278	1.515	10.115	13.302	6.405	0.585	4.301	0.257	0.500	0	0	0
Second/third/junior lien	0	2.585	0.637	0.299	1.268	0.164	0.265	0.072	0.015	0	0.225	0
Delayed draw	0	0.043	0.380	1.680	0.115	0	0	0.132	0.025	0	0	0
LoC	0	0.057	0.324	0.380	0.545	0.017	0.050	0	0	0	0	0.130
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	37.147	121	27.246	126	23.247	91	6.626	28	6.626	24	99.197	395	43.27%
TLA	7.130	13	6.245	14	1.055	6	0	0	0	0	15.045	38	0.00%
Term	23.622	82	12.322	65	9.360	41	8.333	11	8.333	9	57.292	214	54.41%
Institutional	24.932	20	11.291	15	0.757	4	0	0	0	0	37.258	42	0.00%
Second/third/junior lien	3.521	8	1.696	11	0.087	2	0.225	1	0.225	1	5.529	22	1.47%
Delayed draw	2.103	8	0.115	2	0.157	4	0	0	0	0	2.375	14	0.00%
LoC	0.760	8	0.612	7	0	0	0.130	1	0.130	1	1.502	16	0.85%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Moody's Rating
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Baa2	0	0	0	0	0.300	0	0	0	0	0	0	0
Baa3	0	0	3.135	2.150	0.200	0	5.600	0	0	0	0	0
Ba1	0.300	1.300	0	1.770	1.335	0	1.650	0	1.200	0	0.200	0
Ba2	0	0.700	12.650	0	4.145	0	1.225	0	0.200	0	0	0
Ba3	1.200	1.180	0.350	1.585	1.225	0	0.265	0	0	0	0	0
B1	0.900	0.305	0.302	16.731	0.861	0.160	0	0	0	0	0	0
B2	0	0	1.300	0.347	0	0	0	0	0	0	0	0
B3	0	0	0.910	0	0	0	0	0	0	0	0	0
Caa1	0	0.130	0	0	0	0	0	0	0	0	0	0
NR	7.080	16.471	21.462	16.437	19.593	11.146	11.823	13.445	13.879	5.938	10.679	4.435
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	1.31%
Ba2	13.350	9	5.370	8	0.200	1	0	0	0	0	18.920	18	0.00%
Ba3	3.115	14	1.490	10	0	0	0	0	0	0	5.804	25	0.00%
B1	17.338	10	1.021	5	0	0	0	0	0	0	19.259	17	0.00%
B2	1.647	4	0	0	0	0	0	0	0	0	1.647	4	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	0.130	1	0.00%
NR	54.370	200	42.562	198	33.262	144	15.114	40	15.114	33	152.388	630	98.69%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Use of Proceeds
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Acquisition	1.814	4.038	2.102	2.270	11.185	1.783	10.640	3.321	1.673	0.280	0	0
Capex	0.175	0.850	2.190	0.973	0.510	0.550	0.280	3.960	0.280	0.650	0	0.120
Dividend/recap	0	0	0.350	0.215	0	0	0	0	0	0	0	0
Exit financing	0	0.100	1.059	0.214	0.125	0.240	0.459	0.880	0.245	0	0	0
GCP	1.787	1.893	6.997	3.595	3.397	2.184	0.921	1.610	2.719	2.577	9.791	2.415
LBO	1.617	3.687	14.570	20.611	3.856	1.045	0.519	1.051	0.435	0	0	0
Refinance	2.337	6.318	10.366	4.890	3.565	4.806	3.966	0.762	2.022	0.631	0.861	1.500
Multiple/Other/NA	1.750	3.200	2.475	6.252	5.021	0.698	3.778	1.861	7.905	1.800	0.227	0.400
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	5.273	15	0	0	0	0	39.106	66	0.00%
Capex	4.013	11	1.340	6	4.890	8	0.120	1	0.120	1	10.538	28	0.78%
Dividend/recap	0.565	2	0	0	0	0	0	0	0	0	0.565	2	0.00%
Exit financing	1.372	5	0.824	4	1.125	5	0	0	0	0	3.321	14	0.00%
GCP	12.486	32	6.502	32	6.906	33	12.206	20	12.206	20	39.887	124	79.70%
LBO	38.868	18	5.420	15	1.486	9	0	0	0	0	47.390	47	0.00%
Refinance	21.574	43	12.337	35	3.415	16	2.361	9	2.361	9	42.024	116	15.42%
Multiple/Other/NA	11.927	33	9.497	34	11.566	26	0.627	4	0.627	4	35.367	103	4.09%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	100.00%
Industry Sector (by SIC code)
	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009
Agriculture (0xxx)	0	0	0	0	0	0	0	0.135	0	0	0	0
Mining (1xxx)	0	0.265	0.450	0	0.125	0.700	0	1.701	1.000	0	0	0
Oil and gas (13xx)	0.950	0.907	0.330	3.333	4.232	2.780	1.000	1.609	1.770	0.950	0	0
Construction (15xx)	0.335	0	0	0.100	0	0.150	0.250	0	1.100	0	0	0
Manufacturing (2xxx, 3xxx)	4.874	10.018	19.907	6.005	11.271	3.425	8.927	1.942	1.632	1.527	9.760	2.988
Transportation (4xxx)	0.190	0.100	1.488	0.080	0.435	0.835	0.326	1.090	0.240	0	0	0.120
Communications (48xx)	0.685	1.165	4.343	17.487	0	0	0.731	0.311	4.735	0	0.015	0.025
Electric, gas, sanitary services (49xx)	0	0.740	1.315	1.158	2.400	0.202	0.435	0.679	2.348	2.065	0.156	0.235
Wholesale (5xxx)	0.117	2.232	2.205	1.440	0.765	1.148	3.989	0.949	1.795	0.831	0.850	0.665
Finance, insurance, real estate (6xxx)	1.720	2.208	4.265	4.160	1.526	0.361	0.910	0.785	0.400	0.360	0.021	0
Services (7xxx)	0.574	1.525	5.807	4.452	6.140	0.475	1.045	3.885	0.100	0.204	0.077	0
Health services (8xxx)	0.035	0.926	0	0.805	0.765	1.230	2.950	0.150	0.160	0	0	0.402
Non-operating (9995)	0	0	0	0	0	0	0	0.209	0	0	0	0
Total	9.480	20.086	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.879	4.435
	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	0.135	1	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	17.861	50	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	23.623	51	5.101	34	12.748	17	12.748	17	82.275	168	83.24%
Transportation (4xxx)	1.667	7	1.596	8	1.330	5	0.120	1	0.120	1	4.904	22	0.78%
Communications (48xx)	22.995	11	0.731	2	5.046	4	0.040	2	0.040	2	29.497	22	0.26%
Electric, gas, sanitary services (49xx)	3.213	7	3.037	7	5.092	13	0.391	2	0.391	2	11.733	29	2.55%
Wholesale (5xxx)	5.877	19	5.902	13	3.575	16	1.515	8	1.515	8	16.986	57	9.89%
Finance, insurance, real estate (6xxx)	10.633	21	2.796	15	1.545	10	0.021	2	0.021	2	16.716	52	0.14%
Services (7xxx)	11.784	24	7.660	23	4.189	8	0.077	1	0.077	1	24.285	61	0.50%
Health services (8xxx)	1.731	9	4.945	8	0.310	2	0.402	1	0.402	1	7.423	21	2.63%
Non-operating (9995)	0	0	0	0	0.209	1	0	0	0	0	0.209	1	0.00%
Total	99.215	163	59.528	154	34.662	111	15.314	34	15.314	34	218.198	500	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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