Analysis of bank loan issuance for 12 months through April 2010

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

Rate (L+)

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
150	0	0	0.184	0	0	0	0	0	0	0	0	0
175	0	0	0	0	0	0	0.300	0	0	0	0	0
200	0	0	0.075	0	0	0	0	0	0	0	0	0
225	0	0.500	0	0	0	0	0	0	0.130	0	1.130	0
250	1.500	0.120	0.420	0	0	0.775	0	0.200	0.956	0	0	0
10/1900	0.270	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100
300	6.096	33.980	1.105	0.150	0.100	0.100	0.525	0.850	1.690	1.886	3.225	4.559
325	0.500	0	0.465	0	1.535	0.185	2.550	0	0.075	1.734	1.272	2.820
350	1.500	1.120	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.457	3.840
375	0	0.450	0.985	0	2.045	0.300	0.625	0.550	2.455	0.325	2.810	1.220
400	0.527	1.677	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.329	2.260	1.490
425 bps and upward	2.460	3.441	6.217	2.897	6.625	11.480	2.506	4.206	5.405	3.842	5.423	7.493
Fixed rate	0.152	0.735	0.850	0.175	0.650	0	0	0	0.515	0	0.135	0
NA	0.960	2.803	0.728	2.430	2.547	5.920	11.362	2.697	2.689	2.915	8.418	5.332
Other	0	0.110	0	0.100	0	0.080	0.465	0.425	0	0	0	0
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
150	0.184	3	0	0	0	0	0	0	0	0	0.184	3	0.00%
175	0	0	0.300	1	0	0	0	0	0	0	0.300	1	0.00%
200	0.075	1	0	0	0	0	0	0	0	0	0.075	1	0.00%
225	0	0	0	0	1.260	2	0	0	1.260	2	1.760	3	1.34%
250	0.420	2	0.975	4	0.956	1	0	0	0.956	1	3.971	9	1.01%
275	0.580	2	1.150	3	2.950	7	0.100	2	3.050	6	5.150	17	3.24%
300	1.355	8	1.475	4	6.801	12	4.559	11	11.360	15	54.266	43	12.06%
325	2.000	7	2.735	6	3.081	10	2.820	5	5.901	10	11.136	29	6.26%
350	3.190	9	6.532	25	11.549	25	3.840	11	15.388	23	27.730	79	16.33%
375	3.030	10	1.475	8	5.590	11	1.220	3	6.810	6	11.765	34	7.23%
400	1.568	9	3.575	15	5.839	33	1.490	8	7.329	22	14.676	75	7.78%
425 bps and upward	15.741	48	18.192	69	14.670	54	7.493	25	22.163	44	61.997	220	23.52%
Fixed rate	1.675	7	0	0	0.650	5	0	0	0.650	4	3.212	18	0.69%
NA	5.705	26	19.979	44	14.022	58	5.332	30	19.354	67	48.801	180	20.54%
Other	0.100	1	0.970	4	0	0	0	0	0	0	1.180	7	0.00%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Upsized?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	6.846	0.440	1.565	0.900	4.105	2.715	0.685	1.370	4.065	0.405	1.745	5.215
No	7.120	43.591	11.110	5.921	11.402	18.435	21.669	10.535	15.141	12.942	28.003	19.434
Downsized	0	1.004	0	0.019	0.600	0	0.459	1.490	1.595	1.189	2.283	2.205
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.570	13	4.770	11	6.215	16	5.215	5	11.430	12	30.056	52	12.13%
No	28.433	117	50.639	166	56.086	187	19.434	86	75.520	170	205.303	637	80.15%
Downsized	0.619	3	1.949	6	5.066	15	2.205	4	7.271	12	10.844	30	7.72%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Flex?
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Down	0	0	0	0	3.300	1.435	2.440	0.175	6.331	1.012	1.235	3.780
No	13.966	45.036	12.675	6.840	12.807	18.715	20.223	12.870	14.470	12.307	29.013	22.804
Up	0	0	0	0	0	1.000	0.150	0.350	0	1.217	1.782	0.270
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Down	3.300	3	4.050	9	8.578	28	3.780	10	12.358	15	19.708	50	13.12%
No	32.322	130	51.808	171	55.789	181	22.804	84	78.593	174	221.724	656	83.41%
Up	0	0	1.500	3	2.999	9	0.270	1	3.269	4	4.769	13	3.47%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Type
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Revolver	8.442	41.840	6.019	4.181	7.857	8.310	14.512	5.930	7.856	6.469	15.134	7.279
TLA	0	0.085	0	0.375	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400
Term	4.213	2.321	5.409	0.859	2.875	9.635	4.865	4.895	10.306	6.214	8.646	12.238
Institutional	1.310	0.550	0.426	1.075	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.550
Second/third/junior lien	0	0.010	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235
Delayed draw	0	0.030	0.020	0.175	0.100	0	0.025	0	0	0.040	0	0.152
LoC	0	0.200	0.300	0	0.250	0	0	0	0	0	0	0
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	18.058	72	28.753	100	29.459	117	7.279	46	36.737	129	133.830	393	38.99%
TLA	1.375	2	0.900	3	1.946	6	0.400	2	2.346	3	4.706	14	2.49%
Term	9.143	37	19.396	55	25.167	72	12.238	34	37.405	48	72.478	221	39.70%
Institutional	4.781	10	7.540	21	10.081	17	6.550	9	16.631	13	30.812	62	17.65%
Second/third/junior lien	1.420	6	0.745	3	0.675	5	0.235	1	0.910	3	3.085	16	0.97%
Delayed draw	0.295	3	0.025	1	0.040	1	0.152	3	0.192	2	0.542	9	0.20%
LoC	0.550	3	0	0	0	0	0	0	0	0	0.750	4	0.00%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Moody's Rating
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Baa2	0	0	0	0	0	0	0	0	0	0	0.850	0
Baa3	0	0	0	0	0	0	0	0	1.100	0.400	0.575	1.125
Ba1	0	0	0	0	0	0.105	1.150	0.150	0.495	0	2.500	0
Ba2	0.650	0	0.507	0	0.535	3.100	3.350	0.350	2.125	1.740	7.355	3.210
Ba3	0	0	0	0.300	0	1.625	2.150	0	2.975	1.865	1.794	3.735
B1	0	0.290	0	0	4.080	0.355	0	1.330	1.980	1.939	0.400	4.872
B2	0	0	0.110	0	0	0	0	1.300	2.191	0.275	0.843	1.175
B3	0.525	0	0.260	0	0	1.000	0.120	0	0	0	0.375	0.320
Caa1	0	0	0	0	1.095	0	0.200	0	0.175	0	0.150	0
NR	12.790	44.746	11.797	6.540	10.398	14.965	15.843	10.265	9.760	8.317	17.189	12.417
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0.850	2	0	0	0.850	1	0.850	2	0.90%
Baa3	0	0	0	0	2.075	5	1.125	3	3.200	4	3.200	8	3.40%
Ba1	0	0	1.405	5	2.995	4	0	0	2.995	3	4.400	9	3.18%
Ba2	1.042	6	6.800	16	11.220	24	3.210	6	14.430	15	22.922	53	15.32%
Ba3	0.300	1	3.775	20	6.634	19	3.735	9	10.369	15	14.444	49	11.00%
B1	4.080	9	1.685	8	4.319	19	4.872	8	9.191	15	15.246	45	9.75%
B2	0.110	1	1.300	3	3.309	16	1.175	4	4.484	11	5.894	24	4.76%
B3	0.260	3	1.120	2	0.375	3	0.320	2	0.695	3	2.600	11	0.74%
Caa1	1.095	2	0.200	1	0.325	2	0	0	0.325	1	1.620	5	0.34%
NR	28.734	111	41.073	128	35.265	124	12.417	63	47.682	125	175.026	513	50.61%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0	0	0.214	1.000	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.763
Capex	0.853	0.586	0.195	0.100	0.100	0	0.400	0.100	1.270	0	0.665	0.165
Dividend/recap	0	0	0	0	0	0	0.240	0	0.185	0.700	1.663	0.800
Exit financing	0.800	1.198	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.320
GCP	6.888	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.971	1.330	0.845	1.000
LBO	0	0.235	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431
Refinance	5.361	4.025	5.500	2.485	4.090	9.345	6.370	7.182	5.985	10.659	14.144	15.345
Multiple/Other/NA	0.065	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375	4.675	2.030
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.010	5	5.646	10	8.957	12	5.763	8	14.721	20	25.376	35	15.62%
Capex	0.395	3	0.500	2	1.935	5	0.165	2	2.100	7	4.434	14	2.23%
Dividend/recap	0	0	0.240	1	2.547	7	0.800	2	3.348	9	3.587	10	3.55%
Exit financing	5.877	8	1.893	6	9.074	9	0.320	2	9.394	11	19.162	30	9.97%
GCP	7.424	16	7.886	30	4.146	15	1.000	4	5.146	19	63.084	92	5.46%
LBO	1.048	3	3.453	10	4.205	7	1.431	6	5.636	13	10.371	28	5.98%
Refinance	12.075	42	22.897	45	30.788	66	15.345	25	46.133	91	90.490	206	48.96%
Multiple/Other/NA	3.793	15	14.843	18	5.715	15	2.030	8	7.745	23	29.698	65	8.22%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Agriculture (0xxx)	0	0.600	0.195	0	0	0	0	0	0.780	1.200	0	0.475
Mining (1xxx)	0	0	0	0	0	0.160	0.400	0	0	0.350	0	0.640
Oil and gas (13xx)	0.785	0	0	0.100	0.145	2.460	0.315	0.700	0.100	0.900	4.015	0.775
Construction (15xx)	0	0.200	0.256	0	0	0	0	0	0	0.550	0.120	0
Manufacturing (2xxx, 3xxx)	8.248	38.452	3.074	3.362	8.681	4.615	11.659	7.588	6.040	2.825	10.829	4.212
Transportation (4xxx)	0.840	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100
Communications (48xx)	0.360	0.796	1.045	0.422	0.325	0.980	0.701	1.410	1.019	0.745	2.445	1.905
Electric, gas, sanitary services (49xx)	0	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820	0	1.092
Wholesale (5xxx)	0.935	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049	2.735	1.535
Finance, insurance, real estate (6xxx)	1.637	1.095	3.700	0.675	0.775	5.800	0.765	1.397	3.045	0.623	2.832	3.770
Services (7xxx)	1.161	1.066	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489	12.120
Health services (8xxx)	0	0.680	0.098	0.330	0.280	0.250	2.319	0.500	0.490	1.898	1.205	0.230
Total	13.966	45.036	12.675	6.840	16.108	21.150	22.813	13.395	20.801	14.536	32.030	26.854
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.195	1	0	0	1.980	2	0.475	1	2.455	3	3.250	6	2.61%
Mining (1xxx)	0	0	0.560	3	0.350	2	0.640	3	0.990	5	1.550	8	1.05%
Oil and gas (13xx)	0.245	3	3.475	7	5.015	13	0.775	4	5.790	17	10.295	30	6.15%
Construction (15xx)	0.256	1	0	0	0.670	2	0	0	0.670	2	1.125	4	0.71%
Manufacturing (2xxx, 3xxx)	15.117	31	23.862	40	19.695	38	4.212	12	23.907	50	109.585	153	25.37%
Transportation (4xxx)	1.996	6	3.225	6	3.335	6	0.100	1	3.435	7	9.646	21	3.65%
Communications (48xx)	1.792	6	3.091	7	4.209	10	1.905	7	6.114	17	12.153	34	6.49%
Electric, gas, sanitary services (49xx)	2.018	6	1.895	5	1.040	3	1.092	2	2.132	5	6.537	18	2.26%
Wholesale (5xxx)	4.245	12	4.719	13	4.841	11	1.535	6	6.376	17	17.780	50	6.77%
Finance, insurance, real estate (6xxx)	5.150	7	7.962	12	6.500	14	3.770	3	10.270	17	26.114	44	10.90%
Services (7xxx)	3.900	14	5.500	19	16.140	25	12.120	16	28.260	41	39.887	82	29.99%
Health services (8xxx)	0.708	5	3.069	10	3.593	10	0.230	2	3.823	12	8.280	30	4.06%
Total	35.622	92	57.358	122	67.367	136	26.854	57	94.221	193	246.202	480	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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