Analysis of bank loan issuance for 12 months through December 2009

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

Rate (L+)

	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Below 150 bps	0.015	0	0.200	0.010	0	0	0	0	0	0	0	0
150	0	0	0	0	0	0	0.184	0	0	0	0	0
175	0	0	0	0	0	0	0	0	0	0	0.300	0
200	0	0.120	0	0	0	0	0.075	0	0	0	0	0
225	0	0	0.100	0	0	0.500	0	0	0	0	0	0
250	0	0.450	0	0.900	1.500	0.120	0.420	0	0	0.775	0	0.200
275	0	0.125	0	0	0.270	0.100	0.300	0	0.280	0.110	0.040	1.000
300	0.680	1.050	0.220	0.200	6.096	33.980	1.105	0.150	0.100	0.100	0.525	0.850
325	0	0	0	0.200	0.500	0	0.465	0	1.535	0.185	2.550	0
350 bps and upwards	9.473	2.185	2.997	6.527	4.487	6.689	8.548	3.984	8.245	13.865	9.071	7.398
Fixed rate	0	0.525	0.126	0.085	0.152	0.735	0.850	0.175	0.650	0	0	0
NA	0.530	0.385	2.213	5.330	0.960	2.803	0.728	2.430	2.547	5.920	13.162	2.672
Other	0	0.111	0.080	0	0	0.110	0	0.100	0	0.080	0.465	0.825
Prime based	0.160	0.165	0	0	0	0	0	0	0	0	0	0
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Below 150 bps	0.215	2	0.010	1	0	0	0	0	0.225	3	0.225	3	0.13%
150	0	0	0	0	0.184	3	0	0	0.184	1	0.184	3	0.10%
175	0	0	0	0	0	0	0.300	1	0.300	1	0.300	1	0.16%
200	0.120	1	0	0	0.075	1	0	0	0.195	2	0.195	2	0.10%
225	0.100	1	0.500	1	0	0	0	0	0.600	2	0.600	2	0.32%
250	0.450	3	2.520	7	0.420	2	0.975	4	4.365	12	4.365	16	2.33%
275	0.125	2	0.370	3	0.580	2	1.150	3	2.225	10	2.225	10	1.19%
300	1.950	6	40.276	9	1.355	8	1.475	4	45.056	24	45.056	27	24.08%
325	0	0	0.700	3	2.000	7	2.735	6	5.435	12	5.435	16	2.90%
350 bps and upwards	14.655	43	17.702	79	20.778	75	30.334	115	83.471	217	83.471	312	44.64%
Fixed rate	0.650	4	0.972	7	1.675	7	0	0	3.297	15	3.297	18	1.76%
NA	3.128	13	9.092	33	5.705	26	21.754	46	39.680	88	39.680	118	21.20%
Other	0.191	2	0.110	2	0.100	1	1.370	6	1.771	8	1.771	11	0.95%
Prime based	0.325	3	0	0	0	0	0	0	0.325	3	0.325	3	0.17%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Upsized?
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Yes	0.225	0	0.125	1.864	6.846	0.440	1.565	0.900	4.105	2.715	0.685	1.170
No	10.633	5.116	5.580	8.836	7.120	43.591	11.110	5.921	8.652	18.320	24.969	10.285
Downsized	0	0	0.230	2.553	0	1.004	0	0.019	0.600	0	0.459	1.490
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.350	2	9.150	12	6.570	13	4.570	10	20.640	25	20.640	37	11.03%
No	21.329	77	59.547	128	25.683	116	53.574	169	160.133	354	160.133	490	85.57%
Downsized	0.230	1	3.557	5	0.619	3	1.949	6	6.355	11	6.355	15	3.40%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Flex?
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Down	0	0	0	0	0	0	0	0	3.300	1.435	2.440	0.175
No	10.858	5.116	5.936	13.168	13.966	45.036	12.675	6.840	10.057	18.600	23.523	12.420
Up	0	0	0	0.085	0	0	0	0	0	1.000	0.150	0.350
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	0	0	3.300	3	4.050	9	7.350	4	7.350	12	3.93%
No	21.909	80	72.169	143	29.572	129	54.543	173	178.193	381	178.193	525	95.23%
Up	0	0	0.085	2	0	0	1.500	3	1.585	4	1.585	5	0.85%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Type
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Revolver	3.977	3.223	4.712	10.300	8.442	41.840	6.019	4.181	5.107	8.290	16.705	5.480
TLA	0	0.028	0.105	0.485	0	0.085	0	0.375	1.000	0	0.700	0.200
Term	6.656	1.840	1.068	1.683	4.213	2.321	5.409	0.859	2.875	9.540	4.973	4.895
Institutional	0	0	0	0.470	1.310	0.550	0.426	1.075	3.280	2.655	3.515	2.370
Second/third/junior lien	0.225	0	0.051	0.315	0	0.010	0.500	0.175	0.745	0.550	0.195	0
Delayed draw	0	0.025	0	0	0	0.030	0.020	0.175	0.100	0	0.025	0
LoC	0	0	0	0	0	0.200	0.300	0	0.250	0	0	0
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	11.912	52	60.583	91	15.308	71	30.475	101	118.277	264	118.277	315	63.21%
TLA	0.133	2	0.570	5	1.375	2	0.900	3	2.978	3	2.978	12	1.59%
Term	9.564	21	8.216	36	9.143	37	19.408	55	46.332	87	46.332	149	24.76%
Institutional	0	0	2.330	7	4.781	10	8.540	22	15.651	23	15.651	39	8.36%
Second/third/junior lien	0.276	3	0.325	4	1.420	6	0.745	3	2.765	8	2.765	16	1.48%
Delayed draw	0.025	2	0.030	1	0.295	3	0.025	1	0.375	5	0.375	7	0.20%
LoC	0	0	0.200	1	0.550	3	0	0	0.750	3	0.750	4	0.40%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Moody's Rating
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Ba1	0.200	0	0	0	0	0	0	0	0	0.105	1.150	0.150
Ba2	0	0	0	0	0.650	0	0.507	0	0.535	3.100	3.350	0.350
Ba3	0	0	0	0.525	0	0	0	0.300	0	1.625	1.975	0
B1	0	0	0	0	0	0.290	0	0	4.080	0.355	0	1.330
B2	0	0	0	0	0	0	0.110	0	0	0	0	1.300
B3	0	0	0	0	0.525	0	0.260	0	0	1.000	0.120	0
Caa1	0	0	0	0	0	0	0	0	1.095	0	0.200	0
NR	10.658	5.116	5.936	12.728	12.790	44.746	11.797	6.540	7.647	14.850	19.318	9.815
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Ba1	0.200	1	0	0	0	0	1.405	5	1.605	4	1.605	6	0.86%
Ba2	0	0	0.650	1	1.042	6	6.800	16	8.492	12	8.492	23	4.54%
Ba3	0	0	0.525	3	0.300	1	3.600	18	4.425	12	4.425	22	2.36%
B1	0	0	0.290	1	4.080	9	1.685	8	6.055	9	6.055	18	3.24%
B2	0	0	0	0	0.110	1	1.300	3	1.410	2	1.410	4	0.75%
B3	0	0	0.525	1	0.260	3	1.120	2	1.905	5	1.905	6	1.02%
Caa1	0	0	0	0	1.095	2	0.200	1	1.295	2	1.295	3	0.69%
NR	21.709	79	70.264	139	25.984	110	43.983	132	161.940	344	161.940	460	86.54%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Use of Proceeds
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Acquisition	0	0	0.434	0	0	0	0.214	1.000	3.795	2.215	5.856	0.850
Capex	0	0.120	0	0	0.853	0.586	0.195	0.100	0.100	0	0.400	0.100
Dividend/recap	0	0	0	0	0	0	0	0	0	0	0.240	0
Exit financing	0	0	0	0.352	0.800	1.198	0	2.347	0.780	0.950	0.345	0.598
GCP	9.770	2.048	1.667	4.270	6.888	35.740	5.219	0.480	1.725	3.695	2.366	1.825
LBO	0	0	0	0.230	0	0.235	0.195	0.122	0.730	1.530	1.658	0.175
Refinance	0.861	2.473	3.446	5.560	5.361	4.025	5.500	2.485	4.090	9.345	6.370	6.932
Multiple/Other/NA	0.227	0.475	0.389	2.840	0.065	3.252	1.351	0.305	2.138	3.300	8.878	2.465
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.434	3	0	0	5.010	5	8.921	13	14.364	21	14.364	21	7.68%
Capex	0.120	1	1.438	2	0.395	3	0.500	2	2.454	8	2.454	8	1.31%
Dividend/recap	0	0	0	0	0	0	0.240	1	0.240	1	0.240	1	0.13%
Exit financing	0	0	2.351	8	3.127	7	1.893	6	7.371	21	7.371	21	3.94%
GCP	13.485	26	46.898	45	7.424	16	7.886	30	75.693	117	75.693	117	40.45%
LBO	0	0	0.465	4	1.048	3	3.363	9	4.876	16	4.876	16	2.61%
Refinance	6.779	22	14.945	39	12.075	42	22.647	44	56.446	147	56.446	147	30.16%
Multiple/Other/NA	1.091	8	6.157	18	3.793	15	14.643	17	25.684	58	25.684	58	13.73%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	100.00%
Industry Sector (by SIC code)
	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009
Agriculture (0xxx)	0	0	0	0.525	0	0.600	0.195	0	0	0	0	0
Mining (1xxx)	0	0	0	0.190	0	0	0	0	0	0.160	0.400	0
Oil and gas (13xx)	0	0.075	0.220	3.540	0.785	0	0	0.100	0.145	2.460	1.915	0.700
Construction (15xx)	0	0	0.115	0	0	0.200	0.256	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	9.760	3.121	4.441	2.588	8.248	38.452	3.074	3.362	5.931	4.615	12.959	7.388
Transportation (4xxx)	0	0.120	0	0	0.840	0.150	0.840	0.125	1.032	1.080	1.945	0.200
Communications (48xx)	0	0.455	0	0.520	0.360	0.796	1.045	0.422	0.325	0.980	0.701	1.410
Electric, gas, sanitary services (49xx)	0.156	0.235	0.105	0.150	0	0.492	0.833	0	1.185	0.455	0.840	0.600
Wholesale (5xxx)	0.850	0.880	0.350	3.417	0.935	1.505	1.460	1.575	1.210	1.475	2.329	0.550
Finance, insurance, real estate (6xxx)	0.015	0	0	1.225	1.637	1.095	3.700	0.675	0.775	5.800	1.140	1.397
Services (7xxx)	0.077	0	0.704	1.008	1.161	1.066	1.175	0.250	2.475	3.760	1.540	0.200
Health services (8xxx)	0	0.230	0	0.090	0	0.680	0.098	0.330	0.280	0.250	2.344	0.500
Total	10.858	5.116	5.936	13.253	13.966	45.036	12.675	6.840	13.357	21.035	26.113	12.945
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	1.125	3	0.195	1	0	0	1.320	4	1.320	4	0.71%
Mining (1xxx)	0	0	0.190	1	0	0	0.560	3	0.750	4	0.750	4	0.40%
Oil and gas (13xx)	0.295	2	4.325	8	0.245	3	5.075	8	9.940	21	9.940	21	5.31%
Construction (15xx)	0.115	1	0.200	1	0.256	1	0	0	0.571	3	0.571	3	0.31%
Manufacturing (2xxx, 3xxx)	17.322	33	49.287	49	12.367	30	24.962	40	103.938	152	103.938	152	55.54%
Transportation (4xxx)	0.120	1	0.990	2	1.996	6	3.225	6	6.332	15	6.332	15	3.38%
Communications (48xx)	0.455	2	1.676	6	1.792	6	3.091	7	7.014	21	7.014	21	3.75%
Electric, gas, sanitary services (49xx)	0.496	3	0.642	4	2.018	6	1.895	5	5.051	18	5.051	18	2.70%
Wholesale (5xxx)	2.080	12	5.857	12	4.245	12	4.354	11	16.537	47	16.537	47	8.84%
Finance, insurance, real estate (6xxx)	0.015	1	3.957	11	5.150	7	8.337	13	17.459	32	17.459	32	9.33%
Services (7xxx)	0.781	4	3.235	14	3.900	14	5.500	19	13.416	51	13.416	51	7.17%
Health services (8xxx)	0.230	1	0.770	5	0.708	5	3.094	10	4.801	21	4.801	21	2.57%
Total	21.909	60	72.254	116	32.872	91	60.093	122	187.128	389	187.128	389	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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