Analysis of bank loan issuance for 12 months through April 2009

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

Rate (L+)

	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Below 125 bps	0.440	0.045	0	0	0.325	0	0	0.002	0.015	0	0	0
125	0	0	0	0	0.145	0	0.110	0	0	0	0	0.010
150	1.425	1.460	1.005	0.270	0	0.270	0.280	0	0	0	0	0
6/1900	2.656	0.475	0.640	0.620	0.361	0.165	0.160	0	0	0	0	0
200	0.445	0.200	0.860	1.895	0.985	0.585	0.212	0	0	0.120	0	0
225	1.600	0.350	0.910	0.260	0	0.255	0.600	0.075	0	0	0.100	0
250	4.965	2.953	2.366	0.720	4.944	0.475	0.300	0	0	0.450	0	0.125
275	3.930	1.705	1.090	0.140	0.521	0.015	0.090	0.290	0	0.125	0	0
300	4.000	1.110	1.455	0.225	4.130	0.850	0.927	1.175	0.680	1.050	0	0.200
325 bps and upwards	14.121	23.895	14.490	2.461	6.815	5.164	4.759	1.946	9.473	2.185	2.902	7.565
Fixed rate	2.803	1.597	0.172	0.346	0.230	0.330	0.205	0.350	0	0.525	0.126	0.085
NA	2.897	5.230	3.926	4.318	2.107	5.212	7.635	1.649	0.530	0.385	2.748	6.275
Other	0.826	0	0.745	0.050	0	0.125	0	0.450	0	0.111	0.080	0
Prime based	0	0	0	0	0	0	0	0	0.160	0.165	0	0
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.325	2	0.002	1	0.015	1	0	0	0.015	1	0.827	7	0.04%
125	0.145	2	0.110	1	0	0	0.010	1	0.010	1	0.265	4	0.03%
150	1.275	4	0.550	3	0	0	0	0	0	0	4.710	17	0.00%
175	1.621	9	0.325	5	0	0	0	0	0	0	5.077	23	0.00%
200	3.740	20	0.797	4	0.120	1	0	0	0.120	1	5.303	28	0.33%
225	1.170	7	0.930	7	0.100	1	0	0	0.100	1	4.150	21	0.28%
250	8.030	28	0.775	6	0.450	3	0.125	1	0.575	3	17.298	58	1.59%
275	1.751	11	0.395	4	0.125	2	0	0	0.125	2	7.906	27	0.35%
300	5.810	15	2.953	14	1.730	5	0.200	1	1.930	5	15.803	43	5.33%
325 bps and upwards	23.766	83	11.869	51	14.560	41	7.565	29	22.126	51	95.776	271	61.14%
Fixed rate	0.748	8	0.884	9	0.650	4	0.085	1	0.735	5	6.768	32	2.03%
NA	10.351	46	14.496	41	3.663	17	6.275	18	9.938	25	42.913	160	27.46%
Other	0.795	5	0.575	2	0.191	2	0	0	0.191	2	2.387	13	0.53%
Prime based	0	0	0	0	0.325	3	0	0	0.325	3	0.325	3	0.90%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Upsized?
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Yes	1.695	2.565	3.553	0.060	4.398	0.259	0.145	0.180	0.225	0	0.125	0.874
No	36.664	36.307	18.921	11.246	15.250	12.934	9.334	5.758	10.633	5.116	5.830	13.386
Downsized	1.750	0.147	5.185	0	0.915	0.252	5.800	0	0	0	0	0
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	8.011	15	0.584	4	0.350	2	0.874	2	1.224	4	14.079	36	3.38%
No	45.417	219	28.026	138	21.579	78	13.386	49	34.965	95	181.379	652	96.62%
Downsized	6.100	6	6.052	6	0	0	0	0	0	0	14.050	19	0.00%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Flex?
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Down	0	1.045	1.070	0	0	0	0	0	0	0	0	0
No	39.807	37.760	25.989	11.071	18.703	13.445	15.279	5.938	10.858	5.116	5.955	14.260
Up	0.302	0.215	0.600	0.235	1.860	0	0	0	0	0	0	0
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Down	1.070	1	0	0	0	0	0	0	0	0	2.115	4	0.00%
No	55.763	228	34.662	148	21.929	80	14.260	51	36.189	99	204.181	689	100.00%
Up	2.695	11	0	0	0	0	0	0	0	0	3.212	14	0.00%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Type
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Revolver	17.017	9.998	10.680	7.668	8.898	5.740	12.670	4.837	3.977	3.223	4.712	11.695
TLA	2.580	3.467	3.100	0.125	3.020	0.605	0.450	0	0	0.028	0.105	0.495
Term	9.056	9.894	5.547	2.747	4.029	6.639	1.619	1.101	6.656	1.840	1.088	1.505
Institutional	10.115	13.302	6.405	0.585	4.301	0.257	0.500	0	0	0	0	0.250
Second/third/junior lien	0.637	0.299	1.268	0.164	0.265	0.072	0.015	0	0.225	0	0.051	0.315
Delayed draw	0.380	1.680	0.115	0	0	0.132	0.025	0	0	0.025	0	0
LoC	0.324	0.380	0.545	0.017	0.050	0	0	0	0	0	0	0
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	27.246	126	23.247	91	11.912	52	11.695	32	23.607	72	101.114	384	65.23%
TLA	6.245	14	1.055	6	0.133	2	0.495	4	0.627	2.000	13.975	37	1.73%
Term	12.322	65	9.360	41	9.584	21	1.505	11	11.089	21	51.721	198	30.64%
Institutional	11.291	15	0.757	4	0	0	0.250	1	0.250	1	35.715	37	0.69%
Second/third/junior lien	1.696	11	0.087	2	0.276	3	0.315	3	0.591	4	3.310	24	1.63%
Delayed draw	0.115	2	0.157	4	0.025	2	0	0	0.025	2	2.357	14	0.07%
LoC	0.612	7	0	0	0	0	0	0	0	0	1.315	13	0.00%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Moody's Rating
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Baa2	0	0	0.300	0	0	0	0	0	0	0	0	0
Baa3	3.135	2.150	0.200	0	5.600	0	0	0	0	0	0	0
Ba1	0	1.770	1.335	0	1.650	0	1.200	0	0.200	0	0	0
Ba2	12.650	0	4.145	0	1.225	0	0.200	0	0	0	0	0
Ba3	0.350	1.585	1.225	0	0.265	0	0	0	0	0	0	0.525
B1	0.302	16.731	0.861	0.160	0	0	0	0	0	0	0	0
B2	1.300	0.347	0	0	0	0	0	0	0	0	0	0
B3	0.910	0	0	0	0	0	0	0	0	0	0	0
NR	21.462	16.437	19.593	11.146	11.823	13.445	13.879	5.938	10.658	5.116	5.955	13.735
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Baa2	0.300	2	0	0	0	0	0	0	0	0	0.300	2	0.00%
Baa3	5.800	8	0	0	0	0	0	0	0	0	11.085	19	0.00%
Ba1	2.985	9	1.200	3	0.200	1	0	0	0.200	1	6.155	20	0.55%
Ba2	5.370	8	0.200	1	0	0	0	0	0	0	18.220	16	0.00%
Ba3	1.490	10	0	0	0	0	0.525	3	0.525	1	3.950	22	1.45%
B1	1.021	5	0	0	0	0	0	0	0	0	18.054	14	0.00%
B2	0	0	0	0	0	0	0	0	0	0	1.647	4	0.00%
B3	0	0	0	0	0	0	0	0	0	0	0.910	2	0.00%
NR	42.562	198	33.262	144	21.729	79	13.735	48	35.464	97	149.187	608	98.00%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Use of Proceeds
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Acquisition	2.102	2.270	11.185	1.783	10.640	3.321	1.673	0.280	0	0	0.454	0
Capex	2.190	0.973	0.510	0.550	0.280	3.960	0.280	0.650	0	0.120	0	0
Dividend/recap	0.350	0.215	0	0	0	0	0	0	0	0	0	0
Exit financing	1.059	0.214	0.125	0.240	0.459	0.880	0.245	0	0	0	0	0.352
GCP	6.997	3.595	3.397	2.184	0.921	1.610	2.719	2.577	9.770	2.048	1.667	3.938
LBO	14.570	20.611	3.856	1.045	0.519	1.051	0.435	0	0	0	0	0.230
Refinance	10.366	4.890	3.565	4.806	3.966	0.762	2.022	0.631	0.861	2.473	3.446	6.970
Multiple/Other/NA	2.475	6.252	5.021	0.698	3.778	1.861	7.905	1.800	0.227	0.475	0.389	2.770
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	23.608	28	5.273	15	0.454	3	0	0	0.454	3	33.708	56	1.25%
Capex	1.340	6	4.890	8	0.120	1	0	0	0.120	1	9.513	23	0.33%
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.565	2	0.00%
Exit financing	0.824	4	1.125	5	0	0	0.352	3	0.352	3	3.574	16	0.97%
GCP	6.502	32	6.906	33	13.485	26	3.938	16	17.423	42	41.424	132	48.14%
LBO	5.420	15	1.486	9	0	0	0.230	2	0.230	2	42.317	38	0.64%
Refinance	12.337	35	3.415	16	6.779	22	6.970	9	13.749	31	44.757	115	37.99%
Multiple/Other/NA	9.497	34	11.566	26	1.091	8	2.770	9	3.861	17	33.651	100	10.67%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	100.00%
Industry Sector (by SIC code)
	5/2008	6/2008	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009
Agriculture (0xxx)	0	0	0	0	0	0.135	0	0	0	0	0	0.525
Mining (1xxx)	0.450	0	0.125	0.700	0	1.701	1.000	0	0	0	0	0.190
Oil and gas (13xx)	0.330	3.333	4.232	2.780	1.000	1.609	1.770	0.950	0	0.075	0.220	3.540
Construction (15xx)	0	0.100	0	0.150	0.250	0	1.100	0	0	0	0.115	0
Manufacturing (2xxx, 3xxx)	19.907	6.005	11.271	3.425	8.927	1.942	1.632	1.527	9.760	3.121	4.441	2.393
Transportation (4xxx)	1.488	0.080	0.435	0.835	0.326	1.090	0.240	0	0	0.120	0	0
Communications (48xx)	4.343	17.487	0	0	0.731	0.311	4.735	0	0	0.455	0	0.300
Electric, gas, sanitary services (49xx)	1.315	1.158	2.400	0.202	0.435	0.679	2.348	2.065	0.156	0.235	0.105	0.075
Wholesale (5xxx)	2.205	1.440	0.765	1.148	3.989	0.949	1.795	0.831	0.850	0.880	0.350	5.018
Finance, insurance, real estate (6xxx)	4.265	4.160	1.526	0.361	0.910	0.785	0.400	0.360	0.015	0	0	1.200
Services (7xxx)	5.807	4.452	6.140	0.475	1.045	3.885	0.100	0.204	0.077	0	0.724	0.920
Health services (8xxx)	0	0.805	0.765	1.230	2.950	0.150	0.160	0	0	0.230	0	0.100
Non-operating (9995)	0	0	0	0	0	0.209	0	0	0	0	0	0
Total	40.109	39.020	27.659	11.306	20.563	13.445	15.279	5.938	10.858	5.116	5.955	14.260
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.135	1	0	0	0.525	1	0.525	1	0.660	2	1.45%
Mining (1xxx)	0.825	2	2.701	4	0	0	0.190	1	0.190	1	4.166	8	0.53%
Oil and gas (13xx)	8.012	23	4.329	12	0.295	2	3.540	5	3.835	7	19.839	50	10.60%
Construction (15xx)	0.400	2	1.100	1	0.115	1	0	0	0.115	1	1.715	5	0.32%
Manufacturing (2xxx, 3xxx)	23.623	51	5.101	34	17.322	33	2.393	16	19.714	49	74.350	169	54.48%
Transportation (4xxx)	1.596	8	1.330	5	0.120	1	0	0	0.120	1	4.614	20	0.33%
Communications (48xx)	0.731	2	5.046	4	0.455	2	0.300	1	0.755	3	28.362	18	2.09%
Electric, gas, sanitary services (49xx)	3.037	7	5.092	13	0.496	3	0.075	1	0.571	4	11.173	30	1.58%
Wholesale (5xxx)	5.902	13	3.575	16	2.080	12	5.018	4	7.098	16	20.220	56	19.61%
Finance, insurance, real estate (6xxx)	2.796	15	1.545	10	0.015	1	1.200	3	1.215	4	13.981	45	3.36%
Services (7xxx)	7.660	23	4.189	8	0.801	4	0.920	5	1.721	9	23.830	60	4.76%
Health services (8xxx)	4.945	8	0.310	2	0.230	1	0.100	2	0.330	3	6.390	18	0.91%
Non-operating (9995)	0	0	0.209	1	0	0	0	0	0	0	0.209	1	0.00%
Total	59.528	154	34.662	111	21.929	60	14.260	39	36.189	99	209.508	482	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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