Analysis of bank loan issuance for 12 months through March 2009

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

Rate (L+)

	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Below 125 bps	0	0.44	0.045	0	0	0.325	0	0	0.002	0.015	0	0
125	0.4	0	0	0	0	0.145	0	0.11	0	0	0	0
150	0.99	1.425	1.46	1.005	0.27	0	0.27	0.28	0	0	0	0
175	0.305	2.656	0.475	0.64	0.62	0.361	0.165	0.16	0	0	0	0
200	2.567	0.445	0.2	0.86	1.895	0.985	0.585	0.212	0	0	0.12	0
225	1.536	1.6	0.35	0.91	0.26	0	0.255	0.6	0.075	0	0	0.1
250	2.335	4.965	2.953	2.366	0.72	4.944	0.475	0.3	0	0	0.45	0
275	0.4	3.93	1.705	1.09	0.14	0.521	0.015	0.09	0.29	0	0.125	0
300	0.125	4	1.11	1.455	0.225	4.13	0.85	0.927	1.175	0.68	1.05	0
325 bps and upwards	8.647	14.121	23.895	14.49	2.461	6.815	5.164	4.759	1.946	9.473	2.185	2.342
Fixed rate	0.015	2.803	1.597	0.172	0.346	0.23	0.33	0.205	0.35	0	0.525	0.2
NA	2.765	2.897	5.23	3.926	4.318	2.107	5.212	7.635	1.649	0.53	0.385	2.633
Other	0	0.826	0	0.745	0.05	0	0.125	0	0.45	0	0.111	0.105
Prime based	0	0	0	0	0	0	0	0	0	0.16	0.165	0
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	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	0.827	7	0.07%
125	0.4	3	0.145	2	0.11	1	0	0	0	0	0.655	6	0.00%
150	3.875	14	1.275	4	0.55	3	0	0	0	0	5.7	21	0.00%
175	3.436	11	1.621	9	0.325	5	0	0	0	0	5.382	25	0.00%
200	3.212	11	3.74	20	0.797	4	0.12	1	0.12	1	7.87	36	0.56%
225	3.486	12	1.17	7	0.93	7	0.1	1	0.1	1	5.686	27	0.47%
250	10.253	26	8.03	28	0.775	6	0.45	3	0.45	2	19.508	63	2.11%
275	6.035	13	1.751	11	0.395	4	0.125	2	0.125	2	8.306	30	0.59%
300	5.235	10	5.81	15	2.953	14	1.73	5	1.73	4	15.727	44	8.10%
325 bps and upwards	46.662	89	23.766	83	11.869	51	14	40	14	31	96.3	263	65.56%
Fixed rate	4.415	11	0.748	8	0.884	9	0.725	4	0.725	3	6.773	32	3.39%
NA	10.893	53	10.351	46	14.496	41	3.548	15	3.548	10	39.288	155	16.61%
Other	0.826	4	0.795	5	0.575	2	0.216	3	0.216	3	2.413	14	1.01%
Prime based	0	0	0	0	0	0	0.325	3	0.325	3	0.325	3	1.52%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Upsized?
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Yes	1.318	1.695	2.565	3.553	0.06	4.398	0.259	0.145	0.18	0.225	0	0
No	17.333	36.664	36.307	18.921	11.246	15.25	12.934	9.334	5.758	10.633	5.116	5.381
Downsized	1.435	1.75	0.147	5.185	0	0.915	0.252	5.8	0	0	0	0
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	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	14.398	37	1.05%
No	90.305	233	45.417	219	28.026	138	21.13	77	21.13	58	184.877	667	98.95%
Downsized	3.333	10	6.1	6	6.052	6	0	0	0	0	15.485	22	0.00%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Flex?
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Down	0	0	1.045	1.07	0	0	0	0	0	0	0	0
No	19.836	39.807	37.76	25.989	11.071	18.703	13.445	15.279	5.938	10.858	5.116	5.381
Up	0.25	0.302	0.215	0.6	0.235	1.86	0	0	0	0	0	0
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Down	1.045	3	1.07	1	0	0	0	0	0	0	2.115	4	0.00%
No	97.403	253	55.763	228	34.662	148	21.355	78	21.355	59	209.182	707	100.00%
Up	0.767	4	2.695	11	0	0	0	0	0	0	3.462	15	0.00%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Type
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Revolver	10.133	17.017	9.998	10.68	7.668	8.898	5.74	12.67	4.837	3.977	3.223	3.914
TLA	1.082	2.58	3.467	3.1	0.125	3.02	0.605	0.45	0	0	0.028	0.105
Term	4.672	9.056	9.894	5.547	2.747	4.029	6.639	1.619	1.101	6.656	1.84	1.311
Institutional	1.515	10.115	13.302	6.405	0.585	4.301	0.257	0.5	0	0	0	0
Second/third/junior lien	2.585	0.637	0.299	1.268	0.164	0.265	0.072	0.015	0	0.225	0	0.051
Delayed draw	0.043	0.38	1.68	0.115	0	0	0.132	0.025	0	0	0.025	0
LoC	0.057	0.324	0.38	0.545	0.017	0.05	0	0	0	0	0	0
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	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	11.115	50	11.115	40	98.754	388	52.05%
TLA	7.13	13	6.245	14	1.055	6	0.133	2	0.133	1	14.562	35	0.62%
Term	23.622	82	12.322	65	9.36	41	9.807	21	9.807	15	55.111	209	45.92%
Institutional	24.932	20	11.291	15	0.757	4	0	0	0	0	36.98	39	0.00%
Second/third/junior lien	3.521	8	1.696	11	0.087	2	0.276	3	0.276	2	5.58	24	1.29%
Delayed draw	2.103	8	0.115	2	0.157	4	0.025	2	0.025	2	2.4	16	0.12%
LoC	0.76	8	0.612	7	0	0	0	0	0	0	1.373	15	0.00%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Moody's Rating
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Baa2	0	0	0	0.3	0	0	0	0	0	0	0	0
Baa3	0	3.135	2.15	0.2	0	5.6	0	0	0	0	0	0
Ba1	1.3	0	1.77	1.335	0	1.65	0	1.2	0	0.2	0	0
Ba2	0.7	12.65	0	4.145	0	1.225	0	0.2	0	0	0	0
Ba3	1.18	0.35	1.585	1.225	0	0.265	0	0	0	0	0	0
B1	0.305	0.302	16.731	0.861	0.16	0	0	0	0	0	0	0
B2	0	1.3	0.347	0	0	0	0	0	0	0	0	0
B3	0	0.91	0	0	0	0	0	0	0	0	0	0
Caa1	0.13	0	0	0	0	0	0	0	0	0	0	0
NR	16.471	21.462	16.437	19.593	11.146	11.823	13.445	13.879	5.938	10.658	5.116	5.381
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0.3	2	0	0	0	0	0	0	0.3	2	0.00%
Baa3	5.285	11	5.8	8	0	0	0	0	0	0	11.085	19	0.00%
Ba1	3.07	9	2.985	9	1.2	3	0.2	1	0.2	1	7.455	22	0.94%
Ba2	13.35	9	5.37	8	0.2	1	0	0	0	0	18.92	18	0.00%
Ba3	3.115	14	1.49	10	0	0	0	0	0	0	4.604	24	0.00%
B1	17.338	10	1.021	5	0	0	0	0	0	0	18.359	15	0.00%
B2	1.647	4	0	0	0	0	0	0	0	0	1.647	4	0.00%
B3	0.91	2	0	0	0	0	0	0	0	0	0.91	2	0.00%
Caa1	0.13	1	0	0	0	0	0	0	0	0	0.13	1	0.00%
NR	54.37	200	42.562	198	33.262	144	21.155	77	21.155	58	151.349	619	99.06%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Use of Proceeds
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Acquisition	4.038	2.102	2.27	11.185	1.783	10.64	3.321	1.673	0.28	0	0	0.339
Capex	0.85	2.19	0.973	0.51	0.55	0.28	3.96	0.28	0.65	0	0.12	0
Dividend/recap	0	0.35	0.215	0	0	0	0	0	0	0	0	0
Exit financing	0.1	1.059	0.214	0.125	0.24	0.459	0.88	0.245	0	0	0	0
GCP	1.893	6.997	3.595	3.397	2.184	0.921	1.61	2.719	2.577	9.77	2.048	1.478
LBO	3.687	14.57	20.611	3.856	1.045	0.519	1.051	0.435	0	0	0	0
Refinance	6.318	10.366	4.89	3.565	4.806	3.966	0.762	2.022	0.631	0.861	2.473	3.175
Multiple/Other/NA	3.2	2.475	6.252	5.021	0.698	3.778	1.861	7.905	1.8	0.227	0.475	0.389
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	Q2/2008	Count	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	8.41	19	23.608	28	5.273	15	0.339	2	0.339	2	37.631	64	1.59%
Capex	4.013	11	1.34	6	4.89	8	0.12	1	0.12	1	10.363	26	0.56%
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	13.296	27	13.296	27	39.19	124	62.26%
LBO	38.868	18	5.42	15	1.486	9	0	0	0	0	45.774	42	0.00%
Refinance	21.574	43	12.337	35	3.415	16	6.509	21	6.509	21	43.835	114	30.48%
Multiple/Other/NA	11.927	33	9.497	34	11.566	26	1.091	8	1.091	8	34.081	101	5.11%
Total	99.215	163	59.528	154	34.662	111	21.355	59	21.355	59	214.759	487	100.00%
Industry Sector (by SIC code)
	Apr-08	May-08	Jun-08	Jul-08	Aug-08	Sep-08	Oct-08	Nov-08	Dec-08	Jan-09	Feb-09	Mar-09
Agriculture (0xxx)	0	0	0	0	0	0	0.135	0	0	0	0	0
Mining (1xxx)	0.265	0.45	0	0.125	0.7	0	1.701	1	0	0	0	0
Oil and gas (13xx)	0.907	0.33	3.333	4.232	2.78	1	1.609	1.77	0.95	0	0.075	0.22
Construction (15xx)	0	0	0.1	0	0.15	0.25	0	1.1	0	0	0	0
Manufacturing (2xxx, 3xxx)	10.018	19.907	6.005	11.271	3.425	8.927	1.942	1.632	1.527	9.76	3.121	3.944
Transportation (4xxx)	0.1	1.488	0.08	0.435	0.835	0.326	1.09	0.24	0	0	0.12	0
Communications (48xx)	1.165	4.343	17.487	0	0	0.731	0.311	4.735	0	0	0.455	0
Electric, gas, sanitary services (49xx)	0.74	1.315	1.158	2.4	0.202	0.435	0.679	2.348	2.065	0.156	0.235	0.105
Wholesale (5xxx)	2.232	2.205	1.44	0.765	1.148	3.989	0.949	1.795	0.831	0.85	0.88	0.326
Finance, insurance, real estate (6xxx)	2.208	4.265	4.16	1.526	0.361	0.91	0.785	0.4	0.36	0.015	0	0
Services (7xxx)	1.525	5.807	4.452	6.14	0.475	1.045	3.885	0.1	0.204	0.077	0	0.786
Health services (8xxx)	0.926	0	0.805	0.765	1.23	2.95	0.15	0.16	0	0	0.23	0
Non-operating (9995)	0	0	0	0	0	0	0.209	0	0	0	0	0
Total	20.086	40.109	39.02	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.381
	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	0.295	2	0.295	2	17.206	49	1.38%
Construction (15xx)	0.1	1	0.4	2	1.1	1	0	0	0	0	1.6	4	0.00%
Manufacturing (2xxx, 3xxx)	35.93	49	23.623	51	5.101	34	16.825	32	16.825	32	81.478	166	78.79%
Transportation (4xxx)	1.667	7	1.596	8	1.33	5	0.12	1	0.12	1	4.713	21	0.56%
Communications (48xx)	22.995	11	0.731	2	5.046	4	0.455	2	0.455	2	29.227	19	2.13%
Electric, gas, sanitary services (49xx)	3.213	7	3.037	7	5.092	13	0.496	3	0.496	3	11.838	30	2.32%
Wholesale (5xxx)	5.877	19	5.902	13	3.575	16	2.055	12	2.055	12	17.41	60	9.62%
Finance, insurance, real estate (6xxx)	10.633	21	2.796	15	1.545	10	0.015	1	0.015	1	14.989	47	0.07%
Services (7xxx)	11.784	24	7.66	23	4.189	8	0.864	5	0.864	5	24.497	60	4.05%
Health services (8xxx)	1.731	9	4.945	8	0.31	2	0.23	1	0.23	1	7.216	20	1.08%
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	21.355	59	21.355	59	214.759	487	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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