Analysis of bank loan issuance for 13 months through September 2010

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

Rate (L+)

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
175	0	0	0.300	0	0	0	0	0	0.100	0	0.750	0.285	0.100
200	0	0	0	0	0	0	0.725	0	0	0	0	0.600	0
225	0	0	0	0	0.130	0	1.130	1.500	1.900	1.415	0	1.133	0.275
250	0	0.775	0	0.200	0.956	0	0	0	1.600	5.877	0.541	2.010	2.905
275	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.800	0.125	0.785	4.492	0.350
300	0.100	0.100	0.525	0.850	1.690	1.886	3.225	6.120	5.350	4.239	2.523	0.840	4.290
325	1.535	0.185	2.550	0	0.075	1.734	1.272	1.975	0.530	5.700	0.475	0.558	0
350	2.150	1.725	2.810	1.917	4.136	0.955	6.457	3.875	3.919	1.084	0.595	1.175	1.500
375	2.045	0.300	0.625	0.550	3.254	0.325	2.810	1.295	1.070	0	0.675	0.265	1.515
400	0.175	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.840	1.800	2.035	0.665	3.419
425 bps and upward	6.625	11.480	2.506	4.006	5.405	3.842	6.237	8.218	14.560	6.349	11.090	7.659	15.384
Fixed rate	0.650	0	0	0	0.515	0	0.135	0	0.427	0.495	0.764	0.150	0
NA	2.547	5.920	11.362	2.897	2.175	2.690	9.746	3.056	6.475	5.532	6.830	6.167	18.365
Other	0	0.080	0.465	0.425	0	0	0	0.078	0.180	0	0	0	0
Prime based	0	0	0	0	0	0	0	0	0.018	0	0	0	0
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
175	0.300	1	0	0	0.100	1	1.135	3	1.235	4	1.535	5	1.535	5	0.45%
200	0	0	0.725	2	0	0	0.600	2	1.325	3	1.325	4	1.325	3	0.38%
225	0	0	1.260	2	4.815	7	1.407	4	7.482	11	7.482	13	7.482	11	2.17%
250	0.975	4	0.956	1	7.477	16	5.456	16	13.889	24	14.864	37	14.864	28	4.31%
275	1.150	3	2.950	7	2.025	9	5.627	14	10.602	18	12.032	34	11.752	21	3.49%
300	1.475	4	6.801	12	15.709	29	7.653	22	30.163	45	31.738	68	31.638	47	9.20%
325	2.735	6	3.081	10	8.205	17	1.033	4	12.319	20	16.589	41	15.054	23	4.81%
350	6.452	25	11.549	25	8.877	22	3.270	10	23.695	37	32.297	86	30.148	53	9.36%
375	1.475	8	6.389	15	2.365	6	2.455	11	11.209	19	14.729	46	12.684	23	4.27%
400	3.575	15	6.064	34	4.881	24	6.119	19	17.063	40	20.813	93	20.638	48	6.03%
425 bps and upward	17.992	68	15.484	56	29.126	104	34.134	87	78.745	135	103.361	331	96.736	180	29.97%
Fixed rate	0	0	0.650	5	0.922	7	0.914	5	2.487	11	3.137	19	2.487	11	0.91%
NA	20.179	45	14.611	53	15.063	67	31.362	109	61.036	161	83.762	288	81.215	194	24.29%
Other	0.970	4	0	0	0.258	2	0	0	0.258	2	1.228	6	1.228	5	0.36%
Prime based	0	0	0	0	0.018	1	0	0	0.018	1	0.018	1	0.018	1	0.01%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Upsized?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	4.105	2.715	0.685	1.370	4.065	0.405	2.035	6.902	5.604	4.930	3.212	5.128	5.028
No	11.402	18.435	21.404	10.535	15.426	12.942	30.466	19.070	30.755	26.880	22.471	20.092	42.734
Downsized	0.600	0	0.644	1.490	1.595	1.189	2.396	2.485	2.410	0.805	1.380	0.780	0.340
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.770	11	6.505	17	17.437	28	13.368	21	37.310	41	46.185	84	42.080	46	13.39%
No	50.374	165	58.834	189	76.705	272	85.298	273	220.837	464	282.613	939	271.211	577	81.93%
Downsized	2.134	7	5.180	16	5.700	12	2.500	12	13.380	24	16.114	49	15.514	28	4.67%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Flex?
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Down	3.300	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.570	2.615	3.045	0.475	6.493
No	12.807	18.715	20.143	12.870	14.755	12.307	31.879	22.599	31.530	27.009	22.207	25.174	40.129
Up	0	1.000	0.150	0.350	0	1.217	1.782	0.410	6.670	2.991	1.812	0.350	1.480
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	4.050	9	8.578	28	8.633	25	10.013	17	27.225	35	34.575	82	31.275	39	10.02%
No	51.728	171	58.941	185	81.138	252	87.511	281	227.590	475	292.126	935	279.318	590	84.70%
Up	1.500	3	2.999	9	10.070	35	3.642	8	16.712	20	18.212	55	18.212	23	5.28%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Type
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Revolver	7.857	8.310	14.432	5.930	8.141	6.469	17.174	9.649	19.828	13.277	11.930	13.132	18.140
TLA	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400	0.560	4.938	1.195	0.823	6.165
Term	2.875	9.635	4.865	4.895	10.306	6.214	9.473	11.131	13.202	6.968	10.175	5.647	9.604
Institutional	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.890	3.724	5.971	3.744	5.690	13.368
Second/third/junior lien	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235	0.355	0.145	0	0.140	0.511
Delayed draw	0.100	0	0.025	0	0	0.040	0	0.152	0.750	0.517	0	0.567	0.125
LoC	0.250	0	0	0	0	0	0	0	0.350	0.800	0.020	0	0.190
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	28.672	100	31.784	120	42.754	164	43.202	159	117.740	349	154.270	569	146.413	430	44.73%
TLA	0.900	3	1.946	6	5.898	15	8.183	20	16.027	9	17.927	45	16.927	10	5.20%
Term	19.396	55	25.993	73	31.300	84	25.425	76	82.719	122	104.990	299	102.115	149	30.44%
Institutional	7.540	21	10.081	17	16.585	33	22.802	37	49.468	41	60.288	113	57.008	54	17.48%
Second/third/junior lien	0.745	3	0.675	5	0.735	6	0.651	6	2.061	4	3.551	23	2.806	4	1.03%
Delayed draw	0.025	1	0.040	1	1.419	7	0.692	6	2.151	3	2.276	16	2.176	3	0.66%
LoC	0	0	0	0	1.150	3	0.210	2	1.360	3	1.610	7	1.360	3	0.47%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Moody's Rating
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Baa2	0	0	0	0	0	0	0.850	0	0	0	0	0	0
Baa3	0	0	0	0	1.100	0.400	0.575	1.525	0.350	2.675	0	0	0
Ba1	0	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500	3.415	0.800	0.665	0.300
Ba2	0.535	3.100	3.350	0.350	2.125	1.740	7.355	5.360	3.580	4.843	3.370	0.777	3.785
Ba3	0	1.625	2.150	0	2.975	1.865	1.794	4.585	7.215	6.283	2.525	4.011	10.540
B1	4.080	0.355	0	1.330	1.980	1.939	0.620	5.899	1.575	1.470	2.700	1.140	4.363
B2	0	0	0	1.300	2.191	0.275	0.611	1.915	2.414	0	0.860	0.675	1.930
B3	0	1.000	0.120	0	0	0	0.375	0.330	0.200	0.260	0.435	0.180	0
Caa1	1.095	0	0.200	0	0.175	0	0.150	0	0	0	0	0	0.180
NR	10.398	14.965	15.763	10.265	10.045	8.317	20.067	8.394	22.935	13.670	16.373	18.550	27.004
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0.850	2	0	0	0	0	0.850	1	0.850	2	0.850	1	0.25%
Baa3	0	0	2.075	5	4.550	8	0	0	6.625	7	6.625	13	6.625	7	1.92%
Ba1	1.405	5	2.995	4	4.365	8	1.765	4	9.125	12	10.530	21	10.530	15	3.05%
Ba2	6.800	16	11.220	24	13.783	27	7.933	18	32.935	35	40.270	88	39.735	42	11.68%
Ba3	3.775	20	6.634	19	18.083	46	17.076	34	41.794	47	45.569	119	45.569	58	13.21%
B1	1.685	8	4.539	21	8.944	30	8.203	29	21.686	42	27.451	97	23.370	46	7.96%
B2	1.300	3	3.077	16	4.330	17	3.465	8	10.872	23	12.172	44	12.172	25	3.53%
B3	1.120	2	0.375	3	0.790	5	0.616	6	1.780	8	2.901	16	2.901	9	0.84%
Caa1	0.200	1	0.325	2	0	0	0.180	1	0.505	2	1.800	6	0.705	3	0.52%
NR	40.993	128	38.428	126	44.998	171	61.928	206	145.355	352	196.746	666	186.348	445	57.04%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.548	0.910	5.410	2.385	1.245	8.880
Capex	0.100	0	0.400	0.100	1.270	0	0.665	0.165	4.750	0.567	0.472	0.640	1.070
Dividend/recap	0	0	0.240	0	0.185	0.700	1.663	0.580	0	0	0	1.611	0.555
Exit financing	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.330	2.160	0.772	0.591	1.550	0.600
GCP	1.725	3.695	2.286	1.825	1.971	1.330	1.545	1.128	2.750	1.172	0.650	3.810	1.140
LBO	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.870	4.146	3.695	3.110	4.950
Refinance	4.090	9.345	6.370	7.182	6.270	10.659	14.272	17.216	15.886	13.736	12.330	8.610	19.439
Multiple/Other/NA	2.138	3.300	8.878	2.665	0.665	0.375	6.713	2.060	6.444	6.812	6.940	5.423	11.468
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	5.646	10	8.957	12	11.867	17	12.510	19	33.335	48	42.776	60	38.981	58	12.40%
Capex	0.500	2	1.935	5	5.482	9	2.183	10	9.600	24	10.200	27	10.100	26	2.96%
Dividend/recap	0.240	1	2.547	7	0.580	1	2.167	4	5.294	12	5.534	13	5.534	13	1.60%
Exit financing	1.893	6	9.074	9	3.263	12	2.741	7	15.078	28	20.501	38	16.971	34	5.94%
GCP	7.806	30	4.846	16	5.050	15	5.600	16	15.496	47	25.027	81	23.302	77	7.26%
LBO	3.453	10	4.205	7	11.446	24	11.755	17	27.406	48	31.589	59	30.859	58	9.16%
Refinance	22.897	45	31.201	68	46.838	84	40.379	66	118.419	218	145.406	278	141.316	263	42.15%
Multiple/Other/NA	14.843	18	7.753	15	15.315	33	23.831	56	46.899	104	63.880	128	61.742	122	18.52%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Agriculture (0xxx)	0	0	0	0	0.780	1.200	0	0.475	0	0.865	0	0.950	0.650
Mining (1xxx)	0	0.160	0.400	0	0	0.350	0	0.723	2.350	2.000	0.950	0.850	0
Oil and gas (13xx)	0.145	2.460	0.315	0.700	0.100	0.900	4.015	2.125	2.486	1.860	3.095	2.500	8.093
Construction (15xx)	0	0	0	0	0	0.550	0.120	0	0.700	0.365	1.100	0.275	0
Manufacturing (2xxx, 3xxx)	8.401	4.615	11.659	7.588	6.040	2.825	11.120	4.417	13.201	7.919	3.075	9.402	21.033
Transportation (4xxx)	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530	0.847	0.253	0.185	0.300
Communications (48xx)	0.325	0.980	0.701	1.410	1.304	0.745	2.398	1.915	4.269	0	1.028	0.270	3.710
Electric, gas, sanitary services (49xx)	1.185	0.455	0.840	0.600	0.220	0.820	0	1.109	1.835	2.915	2.663	0	1.900
Wholesale (5xxx)	1.210	1.590	2.329	0.800	1.057	1.049	5.358	1.369	4.325	1.240	1.344	5.281	4.815
Finance, insurance, real estate (6xxx)	0.775	5.800	0.685	1.397	3.045	0.623	2.832	3.955	1.865	3.604	6.195	1.540	1.340
Services (7xxx)	2.475	3.760	1.540	0.200	7.825	2.826	5.489	11.945	6.285	5.456	6.211	3.839	1.525
Health services (8xxx)	0.560	0.250	2.319	0.500	0.490	1.898	1.205	0.326	0.925	5.544	1.150	0.907	4.736
Total	16.108	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.770	32.615	27.064	25.999	48.102
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.980	2	1.340	2	1.600	4	4.920	8	4.920	8	4.920	8	1.43%
Mining (1xxx)	0.560	3	0.350	2	5.072	7	1.800	3	7.223	12	7.782	15	7.782	15	2.26%
Oil and gas (13xx)	3.475	7	5.015	13	6.471	17	13.688	19	25.174	49	28.794	58	28.649	56	8.35%
Construction (15xx)	0	0	0.670	2	1.065	3	1.375	2	3.110	7	3.110	7	3.110	7	0.90%
Manufacturing (2xxx, 3xxx)	23.862	40	19.985	39	25.537	53	33.510	57	79.031	149	111.295	198	102.894	189	32.27%
Transportation (4xxx)	3.225	6	3.335	6	1.477	5	0.738	4	5.550	15	9.806	24	8.775	21	2.84%
Communications (48xx)	3.091	7	4.447	11	6.183	13	5.008	10	15.639	34	19.055	42	18.730	41	5.52%
Electric, gas, sanitary services (49xx)	1.895	5	1.040	3	5.859	8	4.563	6	11.461	17	14.541	24	13.357	22	4.22%
Wholesale (5xxx)	4.719	13	7.464	12	6.934	20	11.440	23	25.838	55	31.767	73	30.557	68	9.21%
Finance, insurance, real estate (6xxx)	7.882	12	6.500	14	9.424	17	9.075	22	24.999	53	33.656	67	32.881	65	9.76%
Services (7xxx)	5.500	19	16.140	25	23.686	37	11.575	33	51.400	95	59.375	121	56.900	114	17.21%
Health services (8xxx)	3.069	10	3.593	10	6.795	13	6.794	12	17.181	35	20.810	47	20.250	45	6.03%
Total	57.278	122	70.519	139	99.842	195	101.166	195	271.527	529	344.912	684	328.805	651	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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