Analysis of bank loan issuance for 13 months through July 2010

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

Rate (L+)

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
150	0.184	0	0	0	0	0	0	0	0	0	0	0	0
175	0	0	0	0	0.300	0	0	0	0	0	0.100	0	0
200	0.075	0	0	0	0	0	0	0	0.725	0	0	0	0
225	0	0	0	0	0	0	0.130	0	1.130	1.500	1.900	1.415	0
250	0.420	0	0	0.775	0	0.200	0.956	0	0	0	1.600	5.877	0.520
275	0.300	0	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.450	0.125	1.065
300	1.105	0.150	0.100	0.100	0.525	0.850	1.690	1.886	3.225	6.120	5.350	4.239	1.220
325	0.465	0	1.535	0.185	2.550	0	0.075	1.734	1.272	1.975	0.530	5.700	0.625
350	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.457	3.875	3.919	1.084	0.200
375	0.985	0	2.045	0.300	0.625	0.550	3.254	0.325	2.810	1.295	1.070	0	0.515
400	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.840	2.000	2.035
425 bps and upward	6.617	2.897	6.625	11.480	2.506	4.206	5.405	3.842	6.237	8.218	14.545	6.548	5.280
Fixed rate	0.850	0.175	0.650	0	0	0	0.515	0	0.135	0	0.427	0.495	0.906
NA	0.728	2.430	2.547	5.920	11.362	2.697	2.175	2.690	9.456	3.056	6.475	5.532	11.877
Other	0	0.100	0	0.080	0.465	0.425	0	0	0	0	0.180	0	0
Prime based	0	0	0	0	0	0	0	0	0	0	0.018	0	0
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
150	0.184	3	0	0	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	0	0.100	1	0.400	2	0.05%
200	0.075	1	0	0	0.725	2	0	0	0	0	0.725	1	0.800	3	0.37%
225	0	0	0	0	1.260	2	4.815	7	0	0	6.075	8	6.075	9	3.13%
250	0.420	2	0.975	4	0.956	1	7.477	16	0.520	3	8.953	15	10.348	26	4.61%
275	0.580	2	1.150	3	2.950	7	1.675	9	1.065	6	5.690	14	7.420	27	2.93%
300	1.355	8	1.475	4	6.801	12	15.709	29	1.220	6	23.730	33	26.560	59	12.21%
325	2.000	7	2.735	6	3.081	10	8.205	17	0.625	2	11.911	17	16.646	42	6.13%
350	3.190	9	6.532	25	11.549	25	8.877	22	0.200	3	20.625	32	30.348	84	10.62%
375	3.030	10	1.475	8	6.389	15	2.365	6	0.515	5	9.269	15	13.774	44	4.77%
400	1.568	9	3.575	15	6.064	34	5.081	25	2.035	5	13.180	34	18.323	88	6.78%
425 bps and upward	16.140	49	18.192	69	15.484	56	29.311	105	5.280	18	50.076	98	84.407	297	25.78%
Fixed rate	1.675	7	0	0	0.650	5	0.922	7	0.906	4	2.479	10	4.154	23	1.28%
NA	5.705	26	19.979	44	14.321	52	15.063	67	11.877	33	41.261	110	66.945	222	21.24%
Other	0.100	1	0.970	4	0	0	0.180	1	0	0	0.180	1	1.250	6	0.09%
Prime based	0	0	0	0	0	0	0.018	1	0	0	0.018	1	0.018	1	0.01%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Upsized?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	1.565	0.900	4.105	2.715	0.685	1.370	4.065	0.405	1.745	6.902	5.505	4.930	2.010
No	11.510	5.921	11.402	18.435	21.669	10.535	15.426	12.942	30.466	18.992	30.490	27.280	21.718
Downsized	0	0.019	0.600	0	0.459	1.490	1.595	1.189	2.396	2.485	2.410	0.805	0.515
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.570	13	4.770	11	6.215	16	17.337	27	2.010	4	25.562	27	36.902	71	13.16%
No	28.833	118	50.639	166	58.834	189	76.762	274	21.718	78	157.314	341	236.786	825	80.98%
Downsized	0.619	3	1.949	6	5.180	16	5.700	12	0.515	3	11.395	19	13.963	40	5.87%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Flex?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Down	0	0	3.300	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.570	2.615	3.045
No	13.075	6.840	12.807	18.715	20.223	12.870	14.755	12.307	31.589	22.521	31.165	27.609	20.373
Up	0	0	0	1.000	0.150	0.350	0	1.217	1.782	0.410	6.670	2.791	0.825
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Down	3.300	3	4.050	9	8.578	28	8.633	25	3.045	6	20.257	28	27.607	71	10.43%
No	32.722	131	51.808	171	58.651	184	81.295	254	20.373	77	160.319	342	244.849	817	82.52%
Up	0	0	1.500	3	2.999	9	9.870	34	0.825	2	13.695	18	15.195	48	7.05%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Type
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Revolver	6.420	4.181	7.857	8.310	14.512	5.930	8.141	6.469	16.884	9.572	19.463	13.327	9.505
TLA	0	0.375	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400	0.560	4.788	1.505
Term	5.409	0.859	2.875	9.635	4.865	4.895	10.306	6.214	9.473	11.131	13.202	6.968	9.089
Institutional	0.426	1.075	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.890	3.724	6.321	3.974
Second/third/junior lien	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235	0.355	0.145	0.150
Delayed draw	0.020	0.175	0.100	0	0.025	0	0	0.040	0	0.152	0.750	0.667	0
LoC	0.300	0	0.250	0	0	0	0	0	0	0	0.350	0.800	0.020
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	18.458	73	28.753	100	31.494	119	42.361	164	9.505	45	83.360	263	130.570	501	42.91%
TLA	1.375	2	0.900	3	1.946	6	5.748	14	1.505	7	9.199	6	11.474	32	4.74%
Term	9.143	37	19.396	55	25.993	73	31.300	84	9.089	22	66.383	87	94.922	271	34.17%
Institutional	4.781	10	7.540	21	10.081	17	16.936	34	3.974	9	30.991	24	43.312	91	15.95%
Second/third/junior lien	1.420	6	0.745	3	0.675	5	0.735	6	0.150	1	1.560	4	3.725	21	0.80%
Delayed draw	0.295	3	0.025	1	0.040	1	1.569	8	0	0	1.609	3	1.929	13	0.83%
LoC	0.550	3	0	0	0	0	1.150	3	0.020	1	1.170	3	1.720	7	0.60%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Moody's Rating
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Baa2	0	0	0	0	0	0	0	0	0.850	0	0	0	0
Baa3	0	0	0	0	0	0	1.100	0.400	0.575	1.525	0.350	2.675	0
Ba1	0	0	0	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500	3.415	0
Ba2	0.507	0	0.535	3.100	3.350	0.350	2.125	1.740	7.355	5.360	3.580	4.080	3.440
Ba3	0	0.300	0	1.625	2.150	0	2.975	1.865	1.794	4.585	7.215	6.683	1.025
B1	0	0	4.080	0.355	0	1.330	1.980	1.939	0.620	5.899	1.575	1.470	2.700
B2	0.110	0	0	0	0	1.300	2.191	0.275	0.611	1.915	2.414	0	0.905
B3	0.260	0	0	1.000	0.120	0	0	0	0.375	0.330	0.200	0.260	0.314
Caa1	0	0	1.095	0	0.200	0	0.175	0	0.150	0	0	0	0
NR	12.197	6.540	10.398	14.965	15.843	10.265	10.045	8.317	19.777	8.316	22.570	14.432	15.859
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0.850	2	0	0	0	0	0.850	1	0.850	2	0.44%
Baa3	0	0	0	0	2.075	5	4.550	8	0	0	6.625	7	6.625	13	3.41%
Ba1	0	0	1.405	5	2.995	4	4.365	8	0	0	7.360	8	8.765	17	3.79%
Ba2	1.042	6	6.800	16	11.220	24	13.020	26	3.440	7	27.680	29	35.523	79	14.25%
Ba3	0.300	1	3.775	20	6.634	19	18.483	48	1.025	5	26.142	34	30.217	93	13.46%
B1	4.080	9	1.685	8	4.539	21	8.944	30	2.700	10	16.183	32	21.948	78	8.33%
B2	0.110	1	1.300	3	3.077	16	4.330	17	0.905	3	8.312	19	9.722	40	4.28%
B3	0.260	3	1.120	2	0.375	3	0.790	5	0.314	3	1.479	6	2.859	16	0.76%
Caa1	1.095	2	0.200	1	0.325	2	0	0	0	0	0.325	1	1.620	5	0.17%
NR	29.134	112	41.073	128	38.138	125	45.318	171	15.859	57	99.316	250	169.523	593	51.12%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	0.214	1.000	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.548	0.910	5.410	2.325
Capex	0.195	0.100	0.100	0	0.400	0.100	1.270	0	0.665	0.165	4.735	0.567	0.213
Dividend/recap	0	0	0	0	0.240	0	0.185	0.700	1.663	0.580	0	0	0
Exit financing	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.330	2.160	0.772	0.356
GCP	5.619	0.480	1.725	3.695	2.366	1.825	1.971	1.330	1.545	1.050	2.750	1.172	0.725
LBO	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.870	4.146	3.695
Refinance	5.500	2.485	4.090	9.345	6.370	7.182	6.270	10.659	14.272	17.216	15.536	14.136	11.529
Multiple/Other/NA	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375	6.423	2.060	6.444	6.812	5.400
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.010	5	5.646	10	8.957	12	11.867	17	2.325	4	23.150	33	33.805	48	11.92%
Capex	0.395	3	0.500	2	1.935	5	5.467	9	0.213	2	7.615	16	8.510	21	3.92%
Dividend/recap	0	0	0.240	1	2.547	7	0.580	1	0	0	3.127	8	3.368	9	1.61%
Exit financing	5.877	8	1.893	6	9.074	9	3.263	12	0.356	1	12.693	22	20.463	36	6.53%
GCP	7.824	17	7.886	30	4.846	16	4.972	14	0.725	3	10.543	33	26.253	80	5.43%
LBO	1.048	3	3.453	10	4.205	7	11.446	24	3.695	6	19.346	37	23.847	50	9.96%
Refinance	12.075	42	22.897	45	31.201	68	46.888	85	11.529	23	89.618	176	124.590	263	46.13%
Multiple/Other/NA	3.793	15	14.843	18	7.463	14	15.315	33	5.400	15	28.178	62	46.815	95	14.50%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Agriculture (0xxx)	0.195	0	0	0	0	0	0.780	1.200	0	0.475	0	0.865	0
Mining (1xxx)	0	0	0	0.160	0.400	0	0	0.350	0	0.723	2.350	2.000	0.950
Oil and gas (13xx)	0	0.100	0.145	2.460	0.315	0.700	0.100	0.900	4.015	2.125	2.486	1.860	2.200
Construction (15xx)	0.256	0	0	0	0	0	0	0.550	0.120	0	0.700	0.365	1.100
Manufacturing (2xxx, 3xxx)	3.074	3.362	8.401	4.615	11.659	7.588	6.040	2.825	10.829	4.417	13.201	7.919	3.115
Transportation (4xxx)	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530	0.847	0
Communications (48xx)	1.045	0.422	0.325	0.980	0.701	1.410	1.304	0.745	2.398	1.915	4.269	0.400	0.800
Electric, gas, sanitary services (49xx)	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820	0	1.109	1.835	2.915	1.883
Wholesale (5xxx)	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049	5.358	1.369	3.975	1.240	1.194
Finance, insurance, real estate (6xxx)	4.100	0.675	0.775	5.800	0.765	1.397	3.045	0.623	2.832	3.955	1.850	3.604	6.195
Services (7xxx)	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489	11.945	6.285	5.456	5.386
Health services (8xxx)	0.098	0.330	0.560	0.250	2.319	0.500	0.490	1.898	1.205	0.247	0.925	5.544	1.420
Total	13.075	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.405	33.015	24.243
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.195	1	0	0	1.980	2	1.340	2	0	0	3.320	4	3.515	5	1.71%
Mining (1xxx)	0	0	0.560	3	0.350	2	5.072	7	0.950	2	6.372	11	6.933	14	3.28%
Oil and gas (13xx)	0.245	3	3.475	7	5.015	13	6.471	17	2.200	5	13.685	35	17.405	45	7.04%
Construction (15xx)	0.256	1	0	0	0.670	2	1.065	3	1.100	1	2.835	6	3.091	7	1.46%
Manufacturing (2xxx, 3xxx)	14.837	30	23.862	40	19.695	38	25.537	53	3.115	13	48.347	104	87.046	174	24.89%
Transportation (4xxx)	1.996	6	3.225	6	3.335	6	1.477	5	0	0	4.812	11	10.034	23	2.48%
Communications (48xx)	1.792	6	3.091	7	4.447	11	6.583	14	0.800	2	11.831	27	16.714	40	6.09%
Electric, gas, sanitary services (49xx)	2.018	6	1.895	5	1.040	3	5.859	8	1.883	3	8.781	14	12.694	25	4.52%
Wholesale (5xxx)	4.245	12	4.719	13	7.464	12	6.584	20	1.194	5	15.242	37	24.206	62	7.85%
Finance, insurance, real estate (6xxx)	5.550	8	7.962	12	6.500	14	9.409	17	6.195	9	22.104	40	35.616	60	11.38%
Services (7xxx)	3.900	14	5.500	19	16.140	25	23.686	37	5.386	12	45.211	74	54.611	107	23.27%
Health services (8xxx)	0.988	6	3.069	10	3.593	10	6.716	12	1.420	2	11.729	24	15.786	40	6.04%
Total	36.022	93	57.358	122	70.229	138	99.799	195	24.243	54	194.271	387	287.651	602	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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