Analysis of bank loan issuance for 12 months through March 2010

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

Rate (L+)

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Below 150 bps	0.010	0	0	0	0	0	0	0	0	0	0	0
150	0	0	0	0.184	0	0	0	0	0	0	0	0
175	0	0	0	0	0	0	0	0.300	0	0	0	0
200	0	0	0	0.075	0	0	0	0	0	0	0	0
225	0	0	0.500	0	0	0	0	0	0	0.130	0	1.130
250	0.900	1.500	0.120	0.420	0	0	0.775	0	0.200	0.956	0	0
275	0	0.270	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500	0.550	0.050
10/1900	0.200	6.096	33.980	1.105	0.150	0.100	0.100	0.525	0.850	1.690	1.886	0.975
325	0.200	0.500	0	0.465	0	1.535	0.185	2.550	0	0.075	1.734	0.922
350	0.525	1.500	1.120	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.503
375	0	0	0.450	0.985	0	2.045	0.300	0.625	0.550	2.455	0.325	2.250
400	2.675	0.527	1.677	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.369	2.370
425 bps and upward	3.328	2.460	3.441	6.217	2.897	6.625	11.480	2.506	4.206	5.405	3.860	3.301
Fixed rate	0.085	0.152	0.735	0.850	0.175	0.650	0	0	0	0.515	0	0.135
NA	5.330	0.960	2.803	0.728	2.430	2.547	5.920	11.362	2.697	2.689	2.915	9.462
Other	0	0	0.110	0	0.100	0	0.080	0.465	0.425	0	0	0
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	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	0.010	1	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	0.075	1	0.00%
225	0.500	1	0	0	0	0	1.260	2	1.260	2	1.760	3	2.02%
250	2.520	7	0.420	2	0.975	4	0.956	1	0.956	1	4.871	14	1.53%
275	0.370	3	0.580	2	1.150	3	2.100	5	2.100	3	4.200	13	3.36%
300	40.276	9	1.355	8	1.475	4	4.551	9	4.551	8	47.657	30	7.28%
325	0.700	3	2.000	7	2.735	6	2.731	9	2.731	6	8.166	25	4.37%
350	3.145	12	3.190	9	6.532	25	11.594	25	11.594	16	24.460	71	18.55%
375	0.450	2	3.030	10	1.475	8	5.030	8	5.030	3	9.985	28	8.05%
400	4.879	13	1.568	9	3.575	15	5.989	35	5.989	20	16.011	72	9.58%
425 bps and upward	9.229	52	15.741	48	18.192	69	12.566	46	12.566	27	55.728	215	20.11%
Fixed rate	0.972	7	1.675	7	0	0	0.650	5	0.650	4	3.297	19	1.04%
NA	9.092	33	5.705	26	19.979	44	15.066	64	15.066	45	49.843	167	24.11%
Other	0.110	2	0.100	1	0.970	4	0	0	0	0	1.180	7	0.00%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Upsized?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	1.864	6.846	0.440	1.565	0.900	4.105	2.715	0.685	1.370	4.065	0.405	0.245
No	8.836	7.120	43.591	11.110	5.921	11.402	18.435	21.669	10.535	15.141	13.232	26.053
Downsized	2.553	0	1.004	0	0.019	0.600	0	0.459	1.490	1.595	0.957	0.800
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	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	4.715	12	4.715	6	25.205	48	7.54%
No	59.547	128	28.433	117	50.639	166	54.426	187	54.426	118	193.045	598	87.09%
Downsized	3.557	5	0.619	3	1.949	6	3.352	10	3.352	7	9.477	24	5.36%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Flex?
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Down	0	0	0	0	0	3.300	1.435	2.440	0.175	6.331	1.012	0.620
No	13.168	13.966	45.036	12.675	6.840	12.807	18.715	20.223	12.870	14.470	12.365	26.178
Up	0.085	0	0	0	0	0	1.000	0.150	0.350	0	1.217	0.300
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	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	7.963	26	7.963	12	15.313	38	12.74%
No	72.169	143	32.322	130	51.808	171	53.012	177	53.012	116	209.311	621	84.83%
Up	0.085	2	0	0	1.500	3	1.517	6	1.517	3	3.102	11	2.43%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Type
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Revolver	10.300	8.442	41.840	6.019	4.181	7.857	8.310	14.512	5.930	7.856	6.509	10.804
TLA	0.485	0	0.085	0	0.375	1.000	0	0.700	0.200	0.674	0.050	0.800
Term	1.683	4.213	2.321	5.409	0.859	2.875	9.635	4.865	4.895	10.306	6.614	7.944
Institutional	0.470	1.310	0.550	0.426	1.075	3.280	2.655	2.515	2.370	1.790	1.196	7.235
Second/third/junior lien	0.315	0	0.010	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315
Delayed draw	0	0	0.030	0.020	0.175	0.100	0	0.025	0	0	0.040	0
LoC	0	0	0.200	0.300	0	0.250	0	0	0	0	0	0
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	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	28.753	100	25.169	110	25.169	89	132.562	373	40.27%
TLA	0.570	5	1.375	2	0.900	3	1.524	5	1.524	2	4.369	15	2.44%
Term	8.216	36	9.143	37	19.396	55	24.864	71	24.864	32	61.619	199	39.79%
Institutional	2.330	7	4.781	10	7.540	21	10.221	17	10.221	8	24.872	55	16.36%
Second/third/junior lien	0.325	4	1.420	6	0.745	3	0.675	5	0.675	2	3.165	18	1.08%
Delayed draw	0.030	1	0.295	3	0.025	1	0.040	1	0.040	1	0.390	6	0.06%
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	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Moody's Rating
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Baa3	0	0	0	0	0	0	0	0	0	1.100	0.400	0.575
Ba1	0	0	0	0	0	0	0.105	1.150	0.150	0.495	0	0
Ba2	0	0.650	0	0.507	0	0.535	3.100	3.350	0.350	2.125	1.740	5.025
Ba3	0.525	0	0	0	0.300	0	1.625	2.150	0	2.975	1.865	0.375
B1	0	0	0.290	0	0	4.080	0.355	0	1.330	1.980	1.997	0
B2	0	0	0	0.110	0	0	0	0	1.300	2.191	0.275	0.630
B3	0	0.525	0	0.260	0	0	1.000	0.120	0	0	0	0.300
Caa1	0	0	0	0	0	1.095	0	0.200	0	0.175	0	0
NR	12.728	12.790	44.746	11.797	6.540	10.398	14.965	15.843	10.265	9.760	8.317	20.193
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	0	0	2.075	5	2.075	3	2.075	5	3.32%
Ba1	0	0	0	0	1.405	5	0.495	2	0.495	2	1.900	7	0.79%
Ba2	0.650	1	1.042	6	6.800	16	8.890	19	8.890	11	17.383	42	14.23%
Ba3	0.525	3	0.300	1	3.775	20	5.215	12	5.215	6	9.815	36	8.34%
B1	0.290	1	4.080	9	1.685	8	3.977	19	3.977	10	10.032	37	6.36%
B2	0	0	0.110	1	1.300	3	3.096	14	3.096	8	4.506	18	4.95%
B3	0.525	1	0.260	3	1.120	2	0.300	2	0.300	1	2.205	8	0.48%
Caa1	0	0	1.095	2	0.200	1	0.175	1	0.175	1	1.470	4	0.28%
NR	70.264	139	28.734	111	41.073	128	38.269	135	38.269	89	178.341	513	61.24%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0	0	0.214	1.000	3.795	2.215	2.581	0.850	0.865	1.023	6.869
Capex	0	0.853	0.586	0.195	0.100	0.100	0	0.400	0.100	1.270	0	0.665
Dividend/recap	0	0	0	0	0	0	0	0.240	0	0.185	0.700	1.695
Exit financing	0.352	0.800	1.198	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250
GCP	4.270	6.888	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.971	1.330	0.120
LBO	0.230	0	0.235	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.270
Refinance	5.560	5.361	4.025	5.500	2.485	4.090	9.345	6.370	7.182	5.985	10.717	11.734
Multiple/Other/NA	2.840	0.065	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375	3.495
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	5.010	5	5.646	10	8.757	13	8.757	13	19.413	28	14.01%
Capex	1.438	2	0.395	3	0.500	2	1.935	5	1.935	5	4.269	12	3.10%
Dividend/recap	0	0	0	0	0.240	1	2.580	7	2.580	7	2.820	8	4.13%
Exit financing	2.351	8	5.877	8	1.893	6	9.074	9	9.074	9	19.195	31	14.52%
GCP	46.898	45	7.424	16	7.886	30	3.421	14	3.421	14	65.629	105	5.47%
LBO	0.465	4	1.048	3	3.453	10	3.755	6	3.755	6	8.721	23	6.01%
Refinance	14.945	39	12.075	42	22.897	45	28.436	61	28.436	61	78.353	187	45.50%
Multiple/Other/NA	6.157	18	3.793	15	14.843	18	4.535	15	4.535	15	29.328	66	7.26%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0.525	0	0.600	0.195	0	0	0	0	0	0.780	1.200	0
Mining (1xxx)	0.190	0	0	0	0	0	0.160	0.400	0	0	0.350	0
Oil and gas (13xx)	3.540	0.785	0	0	0.100	0.145	2.460	0.315	0.700	0.100	0.900	2.965
Construction (15xx)	0	0	0.200	0.256	0	0	0	0	0	0	0.550	0.120
Manufacturing (2xxx, 3xxx)	2.588	8.248	38.452	3.074	3.362	8.681	4.615	11.659	7.588	6.040	2.825	10.507
Transportation (4xxx)	0	0.840	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360
Communications (48xx)	0.520	0.360	0.796	1.045	0.422	0.325	0.980	0.701	1.410	1.019	0.745	1.135
Electric, gas, sanitary services (49xx)	0.150	0	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820	0
Wholesale (5xxx)	3.417	0.935	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049	1.900
Finance, insurance, real estate (6xxx)	1.225	1.637	1.095	3.700	0.675	0.775	5.800	0.765	1.397	3.045	0.623	1.457
Services (7xxx)	1.008	1.161	1.066	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489
Health services (8xxx)	0.090	0	0.680	0.098	0.330	0.280	0.250	2.319	0.500	0.490	1.956	1.165
Total	13.253	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.594	27.098
	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	1.980	2	1.980	2	3.300	6	3.17%
Mining (1xxx)	0.190	1	0	0	0.560	3	0.350	2	0.350	2	1.100	6	0.56%
Oil and gas (13xx)	4.325	8	0.245	3	3.475	7	3.965	11	3.965	11	12.010	29	6.34%
Construction (15xx)	0.200	1	0.256	1	0	0	0.670	2	0.670	2	1.125	4	1.07%
Manufacturing (2xxx, 3xxx)	49.287	49	15.117	31	23.862	40	19.372	38	19.372	38	107.638	158	31.00%
Transportation (4xxx)	0.990	2	1.996	6	3.225	6	3.335	6	3.335	6	9.546	20	5.34%
Communications (48xx)	1.676	6	1.792	6	3.091	7	2.899	9	2.899	9	9.458	28	4.64%
Electric, gas, sanitary services (49xx)	0.642	4	2.018	6	1.895	5	1.040	3	1.040	3	5.595	18	1.66%
Wholesale (5xxx)	5.857	12	4.245	12	4.719	13	4.006	10	4.006	10	18.828	47	6.41%
Finance, insurance, real estate (6xxx)	3.957	11	5.150	7	7.962	12	5.125	12	5.125	12	22.194	42	8.20%
Services (7xxx)	3.235	14	3.900	14	5.500	19	16.140	25	16.140	25	28.774	72	25.83%
Health services (8xxx)	0.770	5	0.708	5	3.069	10	3.611	10	3.611	10	8.158	30	5.78%
Total	72.254	116	35.622	92	57.358	122	62.493	130	62.493	130	227.727	460	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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