Analysis of bank loan issuance for 12 months through August 2009

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

Rate (L+)

	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Below 125 bps	0.325	0	0	0.002	0.015	0	0.200	0	0	0	0	0
125	0.145	0	0.110	0	0	0	0	0.010	0	0	0	0
150	0	0.270	0.280	0	0	0	0	0	0	0	0.184	0
175	0.361	0.165	0.160	0	0	0	0	0	0	0	0	0
200	0.985	0.585	0.212	0	0	0.120	0	0	0	0	0.075	0
225	0	0.255	0.600	0.075	0	0	0.100	0	0	0.500	0	0
250	4.944	0.475	0.300	0	0	0.450	0	0.900	1.500	0.120	0.420	0
275	0.725	0.015	0.225	0.290	0	0.125	0	0	0.270	0.100	0.300	0
300	4.130	0.850	0.927	1.175	0.680	1.050	0.220	0.200	6.096	33.980	1.105	0.150
325 bps and upwards	6.772	5.164	4.759	2.196	9.473	2.185	2.997	6.727	4.987	6.500	8.533	6.229
Fixed rate	0.230	0.330	0.205	0.350	0	0.525	0.126	0.085	0.152	0.735	0.850	0.175
NA	1.903	5.212	7.500	1.399	0.530	0.385	2.213	5.260	0.960	2.789	1.008	1.280
Other	0	0.125	0	0.450	0	0.111	0.080	0	0	0.110	0	0.100
Prime based	0	0	0	0	0.160	0.165	0	0	0	0	0	0
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.002	1	0.215	2	0	0	0	0	0.215	2	0.542	5	0.18%
125	0.110	1	0	0	0.010	1	0	0	0.010	1	0.265	4	0.01%
150	0.550	3	0	0	0	0	0.184	3	0.184	1	0.734	6	0.16%
175	0.325	5	0	0	0	0	0	0	0	0	0.686	7	0.00%
200	0.797	4	0.120	1	0	0	0.075	1	0.195	2	1.978	11	0.17%
225	0.930	7	0.100	1	0.500	1	0	0	0.600	2	1.530	9	0.52%
250	0.775	6	0.450	3	2.520	7	0.420	2	3.390	8	9.109	34	2.97%
275	0.530	5	0.125	2	0.370	3	0.300	1	0.795	6	2.050	13	0.70%
300	2.953	14	1.950	6	40.276	9	1.255	7	43.481	20	50.563	45	38.04%
325 bps and upwards	12.119	52	14.655	43	18.213	81	14.762	47	47.634	129	66.524	243	41.66%
Fixed rate	0.884	9	0.650	4	0.972	7	1.025	5	2.647	14	3.762	27	2.32%
NA	14.111	39	3.128	13	9.009	32	2.288	13	14.425	45	30.439	108	12.62%
Other	0.575	2	0.191	2	0.110	2	0.100	1	0.401	4	0.976	7	0.35%
Prime based	0	0	0.325	3	0	0	0	0	0.325	3	0.325	3	0.28%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Upsized?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Yes	4.398	0.259	0.145	0.180	0.225	0	0.125	1.494	6.846	0.440	1.400	0.300
No	15.207	12.934	9.334	5.758	10.633	5.116	5.580	9.136	7.120	43.389	11.075	7.616
Downsized	0.915	0.252	5.800	0	0	0	0.230	2.553	0	1.004	0	0.019
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.584	4	0.350	2	8.780	11	1.700	4	10.830	15	15.812	26	9.48%
No	28.026	138	21.329	77	59.645	127	18.691	75	99.664	210	142.898	481	87.20%
Downsized	6.052	6	0.230	1	3.557	5	0.019	1	3.806	6	10.773	15	3.33%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Flex?
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
No	18.660	13.445	15.279	5.938	10.858	5.116	5.936	13.098	13.966	44.834	12.475	7.934
Up	1.860	0	0	0	0	0	0	0.085	0	0	0	0
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
No	34.662	148	21.909	80	71.897	141	20.409	80	114.215	229	167.537	514	99.93%
Up	0	0	0	0	0.085	2	0	0	0.085	1	1.945	8	0.07%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Type
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Revolver	8.898	5.740	12.670	4.837	3.977	3.223	4.712	10.230	8.442	41.828	5.795	3.056
TLA	2.997	0.605	0.450	0	0	0.028	0.105	0.485	0	0.085	0	1.375
Term	4.029	6.639	1.619	1.101	6.656	1.840	1.068	1.683	4.213	2.131	5.434	0.579
Institutional	4.281	0.257	0.500	0	0	0	0	0.470	1.310	0.550	0.426	2.575
Second/third/junior lien	0.265	0.072	0.015	0	0.225	0	0.051	0.315	0	0.010	0.500	0.175
Delayed draw	0	0.132	0.025	0	0	0.025	0	0	0	0.030	0.020	0.175
LoC	0.050	0	0	0	0	0	0	0	0	0.200	0.300	0
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	23.247	91	11.912	52	60.500	90	8.850	43	81.262	158	113.407	314	71.10%
TLA	1.055	6	0.133	2	0.570	5	1.375	2	2.078	3	6.129	19	1.82%
Term	9.360	41	9.564	21	8.027	35	6.013	23	23.605	53	36.993	139	20.65%
Institutional	0.757	4	0	0	2.330	7	3.001	6	5.331	8	10.369	23	4.66%
Second/third/junior lien	0.087	2	0.276	3	0.325	4	0.675	3	1.275	7	1.627	15	1.12%
Delayed draw	0.157	4	0.025	2	0.030	1	0.195	2	0.250	3	0.407	9	0.22%
LoC	0	0	0	0	0.200	1	0.300	1	0.500	2	0.550	3	0.44%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Moody's Rating
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Baa3	5.600	0	0	0	0	0	0	0	0	0	0	0
Ba1	1.607	0	1.200	0	0.200	0	0	0	0	0	0	0
Ba2	1.225	0	0.200	0	0	0	0	0	0.650	0	0.507	0
Ba3	0.265	0	0	0	0	0	0	0.525	0	0	0	0.300
B1	0	0	0	0	0	0	0	0	0	0.290	0	0
B3	0	0	0	0	0	0	0	0	0.525	0	0.230	0
NR	11.823	13.445	13.879	5.938	10.658	5.116	5.936	12.658	12.790	44.544	11.737	7.635
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	0	0	0	0	0	0	5.600	6	0.00%
Ba1	1.200	3	0.200	1	0	0	0	0	0.200	1	3.007	7	0.17%
Ba2	0.200	1	0	0	0.650	1	0.507	3	1.157	3	2.583	7	1.01%
Ba3	0	0	0	0	0.525	3	0.300	1	0.825	2	1.090	6	0.72%
B1	0	0	0	0	0.290	1	0	0	0.290	1	0.290	1	0.25%
B3	0	0	0	0	0.525	1	0.230	1	0.755	2	0.755	2	0.66%
NR	33.262	144	21.709	79	69.992	137	19.372	75	111.073	221	156.158	493	97.18%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Use of Proceeds
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Acquisition	10.597	3.321	1.673	0.280	0	0	0.434	0	0	0	0.214	2.750
Capex	0.280	3.960	0.280	0.650	0	0.120	0	0	0.853	0.586	0.180	0.100
Exit financing	0.459	0.880	0.245	0	0	0	0	0.352	0.800	1.198	0	2.247
GCP	0.921	1.610	2.719	2.577	9.770	2.048	1.667	4.270	6.888	35.740	5.219	0.480
LBO	0.519	1.051	0.435	0	0	0	0	0.230	0	0.235	0.195	0.122
Refinance	3.966	0.762	2.022	0.631	0.861	2.473	3.446	5.560	5.361	4.025	5.315	2.010
Multiple/Other/NA	3.778	1.861	7.905	1.800	0.227	0.475	0.389	2.770	0.065	3.050	1.351	0.225
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.273	15	0.434	3	0	0	2.965	3	3.398	6	19.269	32	2.97%
Capex	4.890	8	0.120	1	1.438	2	0.280	2	1.839	5	7.008	15	1.61%
Exit financing	1.125	5	0	0	2.351	8	2.247	4	4.598	12	6.182	18	4.02%
GCP	6.906	33	13.485	26	46.898	45	5.699	12	66.082	83	73.909	121	57.81%
LBO	1.486	9	0	0	0.465	4	0.318	2	0.782	6	2.788	18	0.68%
Refinance	3.415	16	6.779	22	14.945	39	7.325	24	29.049	85	36.431	112	25.41%
Multiple/Other/NA	11.566	26	1.091	8	5.885	17	1.576	8	8.552	33	23.895	70	7.48%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	100.00%
Industry Sector (by SIC code)
	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009
Agriculture (0xxx)	0	0.135	0	0	0	0	0	0.525	0	0.600	0.195	0
Mining (1xxx)	0	1.701	1.000	0	0	0	0	0.190	0	0	0	0
Oil and gas (13xx)	1.000	1.609	1.770	0.950	0	0.075	0.220	3.540	0.785	0	0	0.100
Construction (15xx)	0.250	0	1.100	0	0	0	0.115	0	0	0.200	0.256	0
Manufacturing (2xxx, 3xxx)	8.927	1.942	1.632	1.527	9.760	3.121	4.441	2.518	8.248	38.452	3.074	6.012
Transportation (4xxx)	0.326	1.090	0.240	0	0	0.120	0	0	0.840	0.150	0.840	0.125
Communications (48xx)	0.731	0.311	4.735	0	0	0.455	0	0.520	0.360	0.796	1.045	0.422
Electric, gas, sanitary services (49xx)	0.435	0.679	2.348	2.065	0.156	0.235	0.105	0.150	0	0.290	0.873	0
Wholesale (5xxx)	3.946	0.949	1.795	0.831	0.850	0.880	0.350	3.417	0.935	1.505	1.235	0.800
Finance, insurance, real estate (6xxx)	0.910	0.785	0.400	0.360	0.015	0	0	1.225	1.637	1.095	3.700	0.225
Services (7xxx)	1.045	3.885	0.100	0.204	0.077	0	0.704	1.008	1.161	1.066	1.160	0
Health services (8xxx)	2.950	0.150	0.160	0	0	0.230	0	0.090	0	0.680	0.098	0.250
Non-operating (9995)	0	0.209	0	0	0	0	0	0	0	0	0	0
Total	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	13.966	44.834	12.475	7.934
	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.135	1	0	0	1.125	3	0.195	1	1.320	4	1.455	5	1.15%
Mining (1xxx)	2.701	4	0	0	0.190	1	0	0	0.190	1	2.891	5	0.17%
Oil and gas (13xx)	4.329	12	0.295	2	4.325	8	0.100	1	4.720	11	10.049	28	4.13%
Construction (15xx)	1.100	1	0.115	1	0.200	1	0.256	1	0.571	3	1.921	5	0.50%
Manufacturing (2xxx, 3xxx)	5.101	34	17.322	33	49.217	49	9.086	22	75.624	104	89.652	156	66.16%
Transportation (4xxx)	1.330	5	0.120	1	0.990	2	0.965	3	2.075	6	3.731	13	1.82%
Communications (48xx)	5.046	4	0.455	2	1.676	6	1.468	5	3.599	13	9.376	19	3.15%
Electric, gas, sanitary services (49xx)	5.092	13	0.496	3	0.440	3	0.873	4	1.808	10	7.335	25	1.58%
Wholesale (5xxx)	3.575	16	2.080	12	5.857	12	2.035	6	9.973	30	17.494	52	8.73%
Finance, insurance, real estate (6xxx)	1.545	10	0.015	1	3.957	11	3.925	4	7.897	16	10.352	30	6.91%
Services (7xxx)	4.189	8	0.781	4	3.235	14	1.160	5	5.176	23	10.410	35	4.53%
Health services (8xxx)	0.310	2	0.230	1	0.770	5	0.347	3	1.347	9	4.607	12	1.18%
Non-operating (9995)	0.209	1	0	0	0	0	0	0	0	0	0.209	1	0.00%
Total	34.662	111	21.909	60	71.982	115	20.409	55	114.300	230	169.482	386	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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