Analysis of bank loan issuance for 12 months through May 2010

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

Rate (L+)

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
150	0	0.184	0	0	0	0	0	0	0	0	0	0
175	0	0	0	0	0	0.300	0	0	0	0	0	0.100
200	0	0.075	0	0	0	0	0	0	0	0.725	0	0
225	0.500	0	0	0	0	0	0	0.130	0	1.130	1.500	0
250	0.120	0.420	0	0	0.775	0	0.200	0.956	0	0	0	1.400
275	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.450
300	33.980	1.105	0.150	0.100	0.100	0.525	0.850	1.690	1.886	3.225	5.758	4.900
325	0	0.465	0	1.535	0.185	2.550	0	0.075	1.734	1.272	2.320	0.430
350	1.120	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.457	3.875	2.870
375	0.450	0.985	0	2.045	0.300	0.625	0.550	3.254	0.325	2.810	1.295	2.880
400	1.677	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.560
425 bps and upward	3.441	6.217	2.897	6.625	11.480	2.506	4.206	5.405	3.842	5.423	7.967	7.416
Fixed rate	0.735	0.850	0.175	0.650	0	0	0	0.515	0	0.135	0	0.427
NA	2.803	0.728	2.430	2.547	5.920	11.362	2.697	2.175	2.690	7.693	2.871	14.315
Other	0.110	0	0.100	0	0.080	0.465	0.425	0	0	0	0	0.180
Prime based	0	0	0	0	0	0	0	0	0	0	0	0.018
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	0.100	1	0.100	1	0.400	2	0.08%
200	0.075	1	0	0	0.725	2	0	0	0.725	1	0.800	3	0.55%
225	0	0	0	0	1.260	2	1.500	1	2.760	3	3.260	4	2.08%
250	0.420	2	0.975	4	0.956	1	1.400	4	2.356	4	3.871	12	1.78%
275	0.580	2	1.150	3	2.950	7	1.550	8	4.500	9	6.330	21	3.40%
300	1.355	8	1.475	4	6.801	12	10.659	19	17.459	21	54.270	47	13.17%
325	2.000	7	2.735	6	3.081	10	2.750	8	5.831	12	10.566	31	4.40%
350	3.190	9	6.532	25	11.549	25	6.745	20	18.293	26	29.135	85	13.80%
375	3.030	10	1.475	8	6.389	15	4.175	8	10.564	13	15.519	43	7.97%
400	1.568	9	3.575	15	6.064	34	2.801	16	8.865	28	15.685	80	6.69%
425 bps and upward	15.741	48	18.192	69	14.670	54	15.384	63	30.054	60	67.427	249	22.68%
Fixed rate	1.675	7	0	0	0.650	5	0.427	3	1.077	5	3.487	19	0.81%
NA	5.705	26	19.979	44	12.558	52	17.186	59	29.744	84	58.231	194	22.44%
Other	0.100	1	0.970	4	0	0	0.180	1	0.180	1	1.360	8	0.14%
Prime based	0	0	0	0	0	0	0.018	1	0.018	1	0.018	1	0.01%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Yes	0.440	1.565	0.900	4.105	2.715	0.685	1.370	4.065	0.405	1.745	5.952	0.750
No	43.591	11.110	5.921	11.402	18.435	21.669	10.535	15.426	12.942	28.003	19.740	35.636
Downsized	1.004	0	0.019	0.600	0	0.459	1.490	1.595	1.189	2.283	2.235	0.560
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	6.702	12	12.918	17	24.698	54	9.75%
No	28.433	117	50.639	166	56.371	188	55.377	194	111.748	237	234.411	716	84.32%
Downsized	0.619	3	1.949	6	5.066	15	2.795	6	7.862	13	11.434	32	5.93%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Flex?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Down	0	0	0	3.300	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.350
No	45.036	12.675	6.840	12.807	18.715	20.223	12.870	14.755	12.307	29.013	22.069	35.697
Up	0	0	0	0	1.000	0.150	0.350	0	1.217	1.782	0.410	0.900
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	5.798	17	14.377	20	21.727	57	10.85%
No	32.322	130	51.808	171	56.074	182	57.766	190	113.840	240	243.006	728	85.90%
Up	0	0	1.500	3	2.999	9	1.310	5	4.309	6	5.809	17	3.25%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Type
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Revolver	41.840	6.019	4.181	7.857	8.310	14.512	5.930	8.141	6.469	15.134	9.025	17.498
TLA	0.085	0	0.375	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400	0.440
Term	2.321	5.409	0.859	2.875	9.635	4.865	4.895	10.306	6.214	8.646	11.816	15.084
Institutional	0.550	0.426	1.075	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.300	2.545
Second/third/junior lien	0.010	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235	0.480
Delayed draw	0.030	0.020	0.175	0.100	0	0.025	0	0	0.040	0	0.152	0.750
LoC	0.200	0.300	0	0.250	0	0	0	0	0	0	0	0.150
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	29.744	118	26.523	110	56.267	180	144.917	436	42.46%
TLA	1.375	2	0.900	3	1.946	6	0.840	7	2.786	3	5.146	19	2.10%
Term	9.143	37	19.396	55	25.167	72	26.899	67	52.066	64	82.925	244	39.29%
Institutional	4.781	10	7.540	21	10.081	17	8.845	18	18.926	16	31.797	68	14.28%
Second/third/junior lien	1.420	6	0.745	3	0.675	5	0.715	5	1.390	4	3.565	20	1.05%
Delayed draw	0.295	3	0.025	1	0.040	1	0.902	4	0.942	2	1.292	10	0.71%
LoC	0.550	3	0	0	0	0	0.150	1	0.150	1	0.900	5	0.11%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Moody's Rating
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Baa2	0	0	0	0	0	0	0	0	0	0.850	0	0
Baa3	0	0	0	0	0	0	0	1.100	0.400	0.575	1.525	0.350
Ba1	0	0	0	0	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500
Ba2	0	0.507	0	0.535	3.100	3.350	0.350	2.125	1.740	7.355	4.410	3.180
Ba3	0	0	0.300	0	1.625	2.150	0	2.975	1.865	1.794	4.585	3.455
B1	0.290	0	0	4.080	0.355	0	1.330	1.980	1.939	0.620	5.899	1.515
B2	0	0.110	0	0	0	0	1.300	2.191	0.275	0.843	1.440	1.300
B3	0	0.260	0	0	1.000	0.120	0	0	0	0.375	0.330	0
Caa1	0	0	0	1.095	0	0.200	0	0.175	0	0.150	0	0
NR	44.746	11.797	6.540	10.398	14.965	15.843	10.265	10.045	8.317	16.969	9.289	26.646
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	0.64%
Baa3	0	0	0	0	2.075	5	1.875	5	3.950	6	3.950	10	2.98%
Ba1	0	0	1.405	5	2.995	4	0.950	3	3.945	5	5.350	12	2.98%
Ba2	1.042	6	6.800	16	11.220	24	7.590	18	18.810	22	26.652	64	14.19%
Ba3	0.300	1	3.775	20	6.634	19	8.040	21	14.674	21	18.749	61	11.07%
B1	4.080	9	1.685	8	4.539	21	7.413	24	11.953	24	18.008	63	9.02%
B2	0.110	1	1.300	3	3.309	16	2.740	10	6.049	14	7.459	30	4.56%
B3	0.260	3	1.120	2	0.375	3	0.330	2	0.705	3	2.085	10	0.53%
Caa1	1.095	2	0.200	1	0.325	2	0	0	0.325	1	1.620	5	0.25%
NR	28.734	111	41.073	128	35.330	123	35.936	129	71.266	169	185.819	545	53.77%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Acquisition	0	0.214	1.000	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.281	0.815
Capex	0.586	0.195	0.100	0.100	0	0.400	0.100	1.270	0	0.665	0.165	4.735
Dividend/recap	0	0	0	0	0	0.240	0	0.185	0.700	1.663	0.580	0
Exit financing	1.198	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.330	1.661
GCP	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.971	1.330	1.545	1.050	2.750
LBO	0.235	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.455
Refinance	4.025	5.500	2.485	4.090	9.345	6.370	7.182	6.270	10.659	14.144	17.032	15.031
Multiple/Other/NA	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375	3.975	2.060	6.500
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	6.096	10	15.053	22	25.709	37	11.36%
Capex	0.395	3	0.500	2	1.935	5	4.900	6	6.835	11	8.316	17	5.16%
Dividend/recap	0	0	0.240	1	2.547	7	0.580	1	3.127	8	3.368	9	2.36%
Exit financing	5.877	8	1.893	6	9.074	9	1.990	9	11.064	18	20.033	36	8.35%
GCP	7.424	16	7.886	30	4.846	16	3.800	8	8.646	24	59.696	86	6.52%
LBO	1.048	3	3.453	10	4.205	7	6.886	16	11.091	23	15.826	38	8.37%
Refinance	12.075	42	22.897	45	31.073	67	32.062	57	63.135	124	102.132	226	47.64%
Multiple/Other/NA	3.793	15	14.843	18	5.015	14	8.560	22	13.575	36	35.463	77	10.24%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010
Agriculture (0xxx)	0.600	0.195	0	0	0	0	0	0.780	1.200	0	0.475	0
Mining (1xxx)	0	0	0	0	0.160	0.400	0	0	0.350	0	0.723	2.350
Oil and gas (13xx)	0	0	0.100	0.145	2.460	0.315	0.700	0.100	0.900	4.015	1.875	2.486
Construction (15xx)	0.200	0.256	0	0	0	0	0	0	0.550	0.120	0	0.700
Manufacturing (2xxx, 3xxx)	38.452	3.074	3.362	8.681	4.615	11.659	7.588	6.040	2.825	10.829	4.417	10.631
Transportation (4xxx)	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530
Communications (48xx)	0.796	1.045	0.422	0.325	0.980	0.701	1.410	1.304	0.745	2.445	1.915	4.245
Electric, gas, sanitary services (49xx)	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820	0	1.092	1.840
Wholesale (5xxx)	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049	2.735	1.369	3.325
Finance, insurance, real estate (6xxx)	1.095	3.700	0.675	0.775	5.800	0.765	1.397	3.045	0.623	2.832	3.770	2.295
Services (7xxx)	1.066	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489	11.945	7.720
Health services (8xxx)	0.680	0.098	0.330	0.280	0.250	2.319	0.500	0.490	1.898	1.205	0.247	0.825
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	32.030	27.928	36.947
	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	1.85%
Mining (1xxx)	0	0	0.560	3	0.350	2	3.072	6	3.422	8	3.982	11	2.58%
Oil and gas (13xx)	0.245	3	3.475	7	5.015	13	4.361	11	9.376	24	13.095	34	7.07%
Construction (15xx)	0.256	1	0	0	0.670	2	0.700	1	1.370	3	1.825	5	1.03%
Manufacturing (2xxx, 3xxx)	15.117	31	23.862	40	19.695	38	15.048	35	34.742	73	112.173	165	26.22%
Transportation (4xxx)	1.996	6	3.225	6	3.335	6	0.630	2	3.965	8	9.336	21	2.99%
Communications (48xx)	1.792	6	3.091	7	4.494	11	6.160	12	10.654	23	16.333	38	8.04%
Electric, gas, sanitary services (49xx)	2.018	6	1.895	5	1.040	3	2.932	6	3.972	9	8.377	22	3.00%
Wholesale (5xxx)	4.245	12	4.719	13	4.841	11	4.694	13	9.535	24	20.004	53	7.19%
Finance, insurance, real estate (6xxx)	5.150	7	7.962	12	6.500	14	6.065	10	12.565	24	26.772	48	9.48%
Services (7xxx)	3.900	14	5.500	19	16.140	25	19.665	27	35.805	52	46.271	90	27.02%
Health services (8xxx)	0.708	5	3.069	10	3.593	10	1.073	5	4.665	15	9.122	33	3.52%
Total	35.622	92	57.358	122	67.652	137	64.874	129	132.527	266	270.542	526	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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