Analysis of bank loan issuance for 12 months through January 2010

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

Rate (L+)

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Below 150 bps	0	0.200	0.010	0	0	0	0	0	0	0	0	0
150	0	0	0	0	0	0.184	0	0	0	0	0	0
175	0	0	0	0	0	0	0	0	0	0.300	0	0
200	0.120	0	0	0	0	0.075	0	0	0	0	0	0
225	0	0.100	0	0	0.500	0	0	0	0	0	0	0.100
250	0.450	0	0.900	1.500	0.120	0.420	0	0	0.775	0	0.200	0
275	0.125	0	0	0.270	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500
300	1.050	0.220	0.200	6.096	33.980	1.105	0.150	0.100	0.100	0.525	0.850	0.690
325	0	0	0.200	0.500	0	0.465	0	1.535	0.185	2.550	0	1.075
350	0.250	0.301	0.525	1.500	1.120	0.740	0.300	2.150	1.725	2.890	1.542	2.061
375	0.120	0	0	0	0.450	0.985	0	2.045	0.300	1.925	0.550	1.670
400	0	0.965	2.675	0.527	1.677	0.606	0.787	0.175	0.475	1.825	1.550	1.380
425 bps and upward	1.815	1.731	3.328	2.460	3.441	6.217	2.897	6.625	11.480	2.606	4.206	4.046
Fixed rate	0.525	0.126	0.085	0.152	0.735	0.850	0.175	0.650	0	0	0	0.265
NA	0.385	2.213	5.330	0.960	2.803	0.728	2.430	2.547	5.920	12.962	3.072	2.474
Other	0.111	0.080	0	0	0.110	0	0.100	0	0.080	0.465	0.425	0
Prime based	0.165	0	0	0	0	0	0	0	0	0	0	0
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Below 150 bps	0.010	1	0	0	0	0	0	0	0	0	0.210	2	0.00%
150	0	0	0.184	3	0	0	0	0	0	0	0.184	3	0.00%
175	0	0	0	0	0.300	1	0	0	0	0	0.300	1	0.00%
200	0	0	0.075	1	0	0	0	0	0	0	0.195	2	0.00%
225	0.500	1	0	0	0	0	0.100	1	0.100	1	0.700	3	0.66%
250	2.520	7	0.420	2	0.975	4	0	0	0	0	4.365	16	0.00%
275	0.370	3	0.580	2	1.150	3	1.500	3	1.500	2	3.725	13	9.83%
300	40.276	9	1.355	8	1.475	4	0.690	1	0.690	1	45.066	26	4.52%
325	0.700	3	2.000	7	2.735	6	1.075	1	1.075	1	6.510	17	7.04%
350	3.145	12	3.190	9	6.157	24	2.061	4	2.061	3	15.104	57	13.51%
375	0.450	2	3.030	10	2.775	10	1.670	3	1.670	2	8.045	29	10.94%
400	4.879	13	1.568	9	3.850	17	1.380	6	1.380	3	12.642	49	9.04%
425 bps and upward	9.229	52	15.741	48	18.292	70	4.046	11	4.046	7	50.853	199	26.51%
Fixed rate	0.972	7	1.675	7	0	0	0.265	2	0.265	2	3.562	20	1.74%
NA	9.092	33	5.705	26	21.954	46	2.474	18	2.474	11	41.824	133	16.21%
Other	0.110	2	0.100	1	0.970	4	0	0	0	0	1.371	9	0.00%
Prime based	0	0	0	0	0	0	0	0	0	0	0.165	2	0.00%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Upsized?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0	0.125	1.864	6.846	0.440	1.565	0.900	4.105	2.715	0.685	1.370	2.285
No	5.116	5.580	8.836	7.120	43.591	11.110	5.921	11.402	18.435	24.944	10.535	12.711
Downsized	0	0.230	2.553	0	1.004	0	0.019	0.600	0	0.459	1.490	0.265
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	9.150	12	6.570	13	4.770	11	2.285	4	2.285	3	22.900	41	14.97%
No	59.547	128	28.433	117	53.914	172	12.711	45	12.711	27	165.301	524	83.29%
Downsized	3.557	5	0.619	3	1.949	6	0.265	1	0.265	1	6.620	16	1.74%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Flex?
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Down	0	0	0	0	0	0	0	3.300	1.435	2.440	0.175	2.031
No	5.116	5.936	13.168	13.966	45.036	12.675	6.840	12.807	18.715	23.498	12.870	13.230
Up	0	0	0.085	0	0	0	0	0	1.000	0.150	0.350	0
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	3.300	3	4.050	9	2.031	8	2.031	4	9.381	20	13.31%
No	72.169	143	32.322	130	55.083	177	13.230	42	13.230	26	183.855	556	86.69%
Up	0.085	2	0	0	1.500	3	0	0	0	0	1.585	5	0.00%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Type
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Revolver	3.223	4.712	10.300	8.442	41.840	6.019	4.181	7.857	8.310	16.688	5.930	5.666
TLA	0.028	0.105	0.485	0	0.085	0	0.375	1.000	0	0.700	0.200	0.674
Term	1.840	1.068	1.683	4.213	2.321	5.409	0.859	2.875	9.635	4.965	4.895	5.831
Institutional	0	0	0.470	1.310	0.550	0.426	1.075	3.280	2.655	3.515	2.370	2.865
Second/third/junior lien	0	0.051	0.315	0	0.010	0.500	0.175	0.745	0.550	0.195	0	0.225
Delayed draw	0.025	0	0	0	0.030	0.020	0.175	0.100	0	0.025	0	0
LoC	0	0	0	0	0.200	0.300	0	0.250	0	0	0	0
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	60.583	91	18.058	72	30.927	104	5.666	27	5.666	20	123.169	334	37.13%
TLA	0.570	5	1.375	2	0.900	3	0.674	2	0.674	1	3.651	14	4.42%
Term	8.216	36	9.143	37	19.496	56	5.831	15	5.831	8	45.595	162	38.21%
Institutional	2.330	7	4.781	10	8.540	22	2.865	5	2.865	3	18.516	44	18.77%
Second/third/junior lien	0.325	4	1.420	6	0.745	3	0.225	1	0.225	1	2.765	16	1.47%
Delayed draw	0.030	1	0.295	3	0.025	1	0	0	0	0	0.375	7	0.00%
LoC	0.200	1	0.550	3	0	0	0	0	0	0	0.750	4	0.00%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Moody's Rating
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Ba1	0	0	0	0	0	0	0	0	0.105	1.150	0.150	0.275
Ba2	0	0	0	0.650	0	0.507	0	0.535	3.100	3.350	0.350	2.150
Ba3	0	0	0.525	0	0	0	0.300	0	1.625	2.150	0	1.450
B1	0	0	0	0	0.290	0	0	4.080	0.355	0	1.330	1.110
B2	0	0	0	0	0	0.110	0	0	0	0	1.300	0.786
B3	0	0	0	0.525	0	0.260	0	0	1.000	0.120	0	0
Caa1	0	0	0	0	0	0	0	1.095	0	0.200	0	0.225
NR	5.116	5.936	12.728	12.790	44.746	11.797	6.540	10.398	14.965	19.118	10.265	9.265
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Ba1	0	0	0	0	1.405	5	0.275	1	0.275	1	1.680	6	1.80%
Ba2	0.650	1	1.042	6	6.800	16	2.150	3	2.150	2	10.643	26	14.09%
Ba3	0.525	3	0.300	1	3.775	20	1.450	2	1.450	1	6.050	26	9.50%
B1	0.290	1	4.080	9	1.685	8	1.110	5	1.110	3	7.165	23	7.27%
B2	0	0	0.110	1	1.300	3	0.786	6	0.786	3	2.196	10	5.15%
B3	0.525	1	0.260	3	1.120	2	0	0	0	0	1.905	6	0.00%
Caa1	0	0	1.095	2	0.200	1	0.225	1	0.225	1	1.520	4	1.47%
NR	70.264	139	28.734	111	44.348	134	9.265	32	9.265	20	163.662	480	60.71%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	0.434	0	0	0	0.214	1.000	3.795	2.215	5.856	0.850	0.835
Capex	0.120	0	0	0.853	0.586	0.195	0.100	0.100	0	0.400	0.100	1.295
Dividend/recap	0	0	0	0	0	0	0	0	0	0.240	0	0.185
Exit financing	0	0	0.352	0.800	1.198	0	2.347	3.530	0.950	0.345	0.598	3.630
GCP	2.048	1.667	4.270	6.888	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.896
LBO	0	0	0.230	0	0.235	0.195	0.122	0.730	1.645	1.633	0.175	1.620
Refinance	2.473	3.446	5.560	5.361	4.025	5.500	2.485	4.090	9.345	6.370	7.182	5.235
Multiple/Other/NA	0.475	0.389	2.840	0.065	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.565
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	5.010	5	8.921	13	0.835	4	0.835	4	15.200	25	5.47%
Capex	1.438	2	0.395	3	0.500	2	1.295	2	1.295	2	3.748	10	8.49%
Dividend/recap	0	0	0	0	0.240	1	0.185	1	0.185	1	0.425	2	1.21%
Exit financing	2.351	8	5.877	8	1.893	6	3.630	4	3.630	4	13.751	26	23.79%
GCP	46.898	45	7.424	16	7.886	30	1.896	6	1.896	6	67.819	115	12.42%
LBO	0.465	4	1.048	3	3.453	10	1.620	2	1.620	2	6.586	19	10.62%
Refinance	14.945	39	12.075	42	22.897	45	5.235	10	5.235	10	61.070	154	34.30%
Multiple/Other/NA	6.157	18	3.793	15	14.843	18	0.565	1	0.565	1	26.222	58	3.70%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Agriculture (0xxx)	0	0	0.525	0	0.600	0.195	0	0	0	0	0	0.790
Mining (1xxx)	0	0	0.190	0	0	0	0	0	0.160	0.400	0	0
Oil and gas (13xx)	0.075	0.220	3.540	0.785	0	0	0.100	0.145	2.460	1.915	0.700	0
Construction (15xx)	0	0.115	0	0	0.200	0.256	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	3.121	4.441	2.588	8.248	38.452	3.074	3.362	8.681	4.615	12.959	7.588	6.065
Transportation (4xxx)	0.120	0	0	0.840	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225
Communications (48xx)	0.455	0	0.520	0.360	0.796	1.045	0.422	0.325	0.980	0.701	1.410	0.934
Electric, gas, sanitary services (49xx)	0.235	0.105	0.150	0	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220
Wholesale (5xxx)	0.880	0.350	3.417	0.935	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057
Finance, insurance, real estate (6xxx)	0	0	1.225	1.637	1.095	3.700	0.675	0.775	5.800	1.140	1.397	2.265
Services (7xxx)	0	0.704	1.008	1.161	1.066	1.175	0.250	2.475	3.760	1.540	0.200	3.215
Health services (8xxx)	0.230	0	0.090	0	0.680	0.098	0.330	0.280	0.250	2.319	0.500	0.490
Total	5.116	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	26.088	13.395	15.261
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	1.125	3	0.195	1	0	0	0.790	1	0.790	1	2.110	5	5.18%
Mining (1xxx)	0.190	1	0	0	0.560	3	0	0	0	0	0.750	4	0.00%
Oil and gas (13xx)	4.325	8	0.245	3	5.075	8	0	0	0	0	9.940	21	0.00%
Construction (15xx)	0.200	1	0.256	1	0	0	0	0	0	0	0.571	3	0.00%
Manufacturing (2xxx, 3xxx)	49.287	49	15.117	31	25.162	41	6.065	11	6.065	11	103.193	158	39.74%
Transportation (4xxx)	0.990	2	1.996	6	3.225	6	0.225	1	0.225	1	6.556	16	1.47%
Communications (48xx)	1.676	6	1.792	6	3.091	7	0.934	3	0.934	3	7.948	24	6.12%
Electric, gas, sanitary services (49xx)	0.642	4	2.018	6	1.895	5	0.220	1	0.220	1	5.114	18	1.44%
Wholesale (5xxx)	5.857	12	4.245	12	4.719	13	1.057	3	1.057	3	17.109	48	6.93%
Finance, insurance, real estate (6xxx)	3.957	11	5.150	7	8.337	13	2.265	3	2.265	3	19.709	34	14.84%
Services (7xxx)	3.235	14	3.900	14	5.500	19	3.215	5	3.215	5	16.554	55	21.07%
Health services (8xxx)	0.770	5	0.708	5	3.069	10	0.490	2	0.490	2	5.266	23	3.21%
Total	72.254	116	35.622	92	60.633	125	15.261	30	15.261	30	194.821	409	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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