Total: $103.482 billion in 203 deals in third quarter
Columns are amount in billions of dollars, count of deals, percentage of total in dollars.
Interest rate margin
| Less than 200 bps | 23.643 | 59 | 22.84%
|
| 200 bps | 6.389 | 20 | 6.17%
|
| 225 bps | 9.181 | 27 | 8.87%
|
| 250 bps | 13.233 | 44 | 12.79%
|
| 275 bps | 5.494 | 24 | 5.31%
|
| 300 bps | 3.123 | 20 | 3.02%
|
| 325 bps | 1.956 | 19 | 1.89%
|
| 350 bps | 1.260 | 13 | 1.22%
|
| 375 bps and upwards | 7.826 | 61 | 7.56%
|
| Other | 31.377 | 101 | 30.31%
|
| Total | 103.482 | 203
|
|
|
|
|
| Upsized?
|
|
|
| Yes | 5.350 | 19 | 5.17%
|
| No | 95.537 | 363 | 92.33%
|
| Downsized | 2.596 | 6 | 2.51%
|
| Total | 103.482 | 203
|
|
|
|
|
| Flex?
|
|
|
| Down | 8.716 | 32 | 8.43%
|
| Up | 4.650 | 12 | 4.48%
|
| No | 90.117 | 344 | 87.08%
|
| Total | 103.482 | 203
|
|
|
|
|
| Issue
|
|
|
| Revolver | 39.168 | 174 | 37.85%
|
| Term | 15.565 | 66 | 15.04%
|
| TLA | 11.113 | 26 | 10.74%
|
| Institutional | 31.538 | 69 | 30.48%
|
| Second/third/junior lien | 3.496 | 31 | 3.38%
|
| Delayed draw | 1.380 | 10 | 1.33%
|
| LoC | 0.505 | 7 | 0.49%
|
| Other | 0.717 | 5 | 0.69%
|
| Total | 103.482 | 203
|
|
|
|
|
| Moody's rating
|
|
|
| Ba1 | 7.025 | 14 | 6.79%
|
| Ba2 | 5.160 | 17 | 4.99%
|
| Ba3 | 12.965 | 35 | 12.53%
|
| B1 | 11.316 | 58 | 10.94%
|
| B2 | 6.025 | 30 | 5.82%
|
| B3 | 1.781 | 15 | 1.72%
|
| Caa1 | 0.290 | 2 | 0.28%
|
| NR | 58.920 | 217 | 56.94%
|
| Total | 103.482 | 203
|
|
|
|
|
| Use of proceeds
|
|
|
| Acquisition | 27.226 | 30 | 26.31%
|
| Capex | 1.560 | 3 | 1.51%
|
| GCP | 6.377 | 24 | 6.16%
|
| LBO | 16.024 | 28 | 15.49%
|
| Refinance | 40.643 | 85 | 39.28%
|
| Others/multiple | 11.652 | 34 | 11.26%
|
| Total | 103.482 | 203
|
|
|
|
|
| Industry sector (by SIC code)
|
|
|
| Agriculture (0xxx) | 0.150 | 1 | 0.14%
|
| Mining (1xxx) | 2.781 | 5 | 2.69%
|
| Oil and gas (13xx) | 8.230 | 12 | 7.95%
|
| Construction (15xx) | 3.485 | 6 | 3.37%
|
| Manufacturing (2xxx, 3xxx) | 35.701 | 76 | 34.50%
|
| Transportation (4xxx) | 3.748 | 10 | 3.62%
|
| Communications (48xx) | 8.022 | 13 | 7.75%
|
| Electric, gas, sanitary services (49xx) | 3.219 | 9 | 3.11%
|
| Wholesale (5xxx) | 5.532 | 19 | 5.35%
|
| Finance, insurance, real estate (6xxx) | 13.644 | 10 | 13.18%
|
| Services (7xxx) | 18.970 | 42 | 18.33%
|
| Total | 103.482 | 203
|
|
|
|
|
|
|
|
|
Criteria
* The tables include dollar-denominated deals offered in the United States reported to Prospect News.
* Deals must be $75 million or bigger for inclusion.
* 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).
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