Analysis of bank loan issuance for 13 months through August 2010

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

Rate (L+)

	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
175	0	0	0	0.300	0	0	0	0	0	0.100	0	0.750	0.285
200	0	0	0	0	0	0	0	0.725	0	0	0	0	0.400
225	0	0	0	0	0	0.130	0	1.130	1.500	1.900	1.415	0	1.133
250	0	0	0.775	0	0.200	0.956	0	0	0	1.600	5.877	0.541	2.010
275	0	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.800	0.125	0.785	4.492
300	0.150	0.100	0.100	0.525	0.850	1.690	1.886	3.225	6.120	5.350	4.239	2.523	0.840
325	0	1.535	0.185	2.550	0	0.075	1.734	1.272	1.975	0.530	5.700	0.475	0.200
350	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.457	3.875	3.919	1.084	0.595	1.175
375	0	2.045	0.300	0.625	0.550	3.254	0.325	2.810	1.295	1.070	0	0.675	0.265
400	0.787	0.175	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.840	1.800	2.035	0.665
425 bps and upward	2.897	6.625	11.480	2.506	4.006	5.405	3.842	6.237	8.218	14.560	6.749	10.762	5.325
Fixed rate	0.175	0.650	0	0	0	0.515	0	0.135	0	0.427	0.495	0.764	0.150
NA	2.430	2.547	5.920	11.362	2.897	2.175	2.690	9.456	3.056	6.475	5.532	7.024	7.065
Other	0.100	0	0.080	0.465	0.425	0	0	0	0	0.180	0	0	0.730
Prime based	0	0	0	0	0	0	0	0	0	0.018	0	0	0
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
175	0.300	1	0	0	0.100	1	1.035	2	1.135	3	1.435	4	0.51%
200	0	0	0.725	2	0	0	0.400	1	1.125	2	1.125	3	0.51%
225	0	0	1.260	2	4.815	7	1.133	3	7.207	10	7.207	12	3.25%
250	0.975	4	0.956	1	7.477	16	2.551	10	10.984	19	11.959	31	4.95%
275	1.150	3	2.950	7	2.025	9	5.277	13	10.252	17	11.682	33	4.62%
300	1.475	4	6.801	12	15.709	29	3.363	14	25.873	39	27.598	61	11.65%
325	2.735	6	3.081	10	8.205	17	0.675	3	11.961	19	16.231	40	5.39%
350	6.532	25	11.549	25	8.877	22	1.770	8	22.195	36	31.177	85	10.00%
375	1.475	8	6.389	15	2.365	6	0.940	9	9.694	18	13.214	44	4.37%
400	3.575	15	6.064	34	4.881	24	2.700	7	13.645	35	18.182	85	6.14%
425 bps and upward	17.992	68	15.484	56	29.527	106	16.086	50	61.097	115	88.611	313	27.51%
Fixed rate	0	0	0.650	5	0.922	7	0.914	5	2.487	11	3.312	21	1.12%
NA	20.179	45	14.321	52	15.063	67	14.089	53	43.473	125	68.630	239	19.58%
Other	0.970	4	0	0	0.180	1	0.730	2	0.910	2	1.980	8	0.41%
Prime based	0	0	0	0	0.018	1	0	0	0.018	1	0.018	1	0.01%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Upsized?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Yes	0.900	4.105	2.715	0.685	1.370	4.065	0.405	1.745	6.902	5.604	4.930	2.712	3.253
No	5.921	11.402	18.435	21.669	10.535	15.426	12.942	30.466	18.992	29.605	27.280	22.471	20.702
Downsized	0.019	0.600	0	0.459	1.490	1.595	1.189	2.396	2.485	2.410	0.805	1.745	0.780
Accordian	0	0	0	0	0	0	0	0	0	1.150	0	0	0
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	4.770	11	6.215	16	17.437	28	5.965	12	29.617	36	39.392	76	13.33%
No	50.639	166	58.834	189	75.877	272	43.174	157	177.885	391	245.847	855	80.11%
Downsized	1.949	6	5.180	16	5.700	12	2.525	11	13.405	24	15.973	48	6.04%
Accordian	0	0	0	0	1.150	1	0	0	1.150	1	1.150	1	0.52%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Flex?
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Down	0	3.300	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.570	2.615	3.045	0.475
No	6.840	12.807	18.715	20.223	12.870	14.755	12.307	31.589	22.521	31.530	27.409	22.072	23.910
Up	0	0	1.000	0.150	0.350	0	1.217	1.782	0.410	6.670	2.991	1.812	0.350
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Down	4.050	9	8.578	28	8.633	25	3.520	9	20.732	30	28.082	74	9.34%
No	51.808	171	58.651	184	81.460	253	45.982	165	186.093	403	257.548	853	83.80%
Up	1.500	3	2.999	9	10.070	35	2.162	6	15.232	20	16.732	53	6.86%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Type
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Revolver	4.181	7.857	8.310	14.512	5.930	8.141	6.469	16.884	9.572	19.828	13.327	11.930	12.596
TLA	0.375	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400	0.560	4.938	1.195	0.773
Term	0.859	2.875	9.635	4.865	4.895	10.306	6.214	9.473	11.131	13.202	6.968	10.040	5.557
Institutional	1.075	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.890	3.724	6.321	3.744	5.132
Second/third/junior lien	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235	0.355	0.145	0	0.140
Delayed draw	0.175	0.100	0	0.025	0	0	0.040	0	0.152	0.750	0.517	0	0.537
LoC	0	0.250	0	0	0	0	0	0	0	0.350	0.800	0.020	0
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	28.753	100	31.494	119	42.726	164	24.526	99	98.746	307	139.536	526	44.47%
TLA	0.900	3	1.946	6	5.898	15	1.968	10	9.812	7	12.087	36	4.42%
Term	19.396	55	25.993	73	31.300	84	15.597	47	72.890	105	96.020	280	32.82%
Institutional	7.540	21	10.081	17	16.936	34	8.876	17	35.892	29	47.787	96	16.16%
Second/third/junior lien	0.745	3	0.675	5	0.735	6	0.140	2	1.550	4	3.215	21	0.70%
Delayed draw	0.025	1	0.040	1	1.419	7	0.537	4	1.996	3	2.296	15	0.90%
LoC	0	0	0	0	1.150	3	0.020	1	1.170	3	1.420	6	0.53%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Moody's Rating
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Baa2	0	0	0	0	0	0	0	0.850	0	0	0	0	0
Baa3	0	0	0	0	0	1.100	0.400	0.575	1.525	0.350	2.675	0	0
Ba1	0	0	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500	3.415	0.800	0.665
Ba2	0	0.535	3.100	3.350	0.350	2.125	1.740	7.355	5.360	3.580	4.843	3.370	0.777
Ba3	0.300	0	1.625	2.150	0	2.975	1.865	1.794	4.585	7.215	6.683	2.525	1.900
B1	0	4.080	0.355	0	1.330	1.980	1.939	0.620	5.899	1.575	1.470	2.700	0.945
B2	0	0	0	0	1.300	2.191	0.275	0.611	1.915	2.414	0	0.725	0.500
B3	0	0	1.000	0.120	0	0	0	0.375	0.330	0.200	0.260	0.435	0
Caa1	0	1.095	0	0.200	0	0.175	0	0.150	0	0	0	0	0
NR	6.540	10.398	14.965	15.843	10.265	10.045	8.317	19.777	8.316	22.935	13.670	16.373	19.947
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0.850	2	0	0	0	0	0.850	1	0.850	2	0.38%
Baa3	0	0	2.075	5	4.550	8	0	0	6.625	7	6.625	13	2.98%
Ba1	1.405	5	2.995	4	4.365	8	1.465	3	8.825	11	10.230	20	3.97%
Ba2	6.800	16	11.220	24	13.783	27	4.147	11	29.150	32	36.485	81	13.13%
Ba3	3.775	20	6.634	19	18.483	48	4.425	12	29.542	38	33.617	100	13.30%
B1	1.685	8	4.539	21	8.944	30	3.645	14	17.128	34	22.892	82	7.71%
B2	1.300	3	3.077	16	4.330	17	1.225	3	8.632	20	9.932	39	3.89%
B3	1.120	2	0.375	3	0.790	5	0.435	4	1.601	7	2.720	14	0.72%
Caa1	0.200	1	0.325	2	0	0	0	0	0.325	1	1.620	5	0.15%
NR	41.073	128	38.138	125	44.920	170	36.321	133	119.380	301	177.390	624	53.76%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Use of Proceeds
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Acquisition	1.000	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.548	0.910	5.410	2.385	1.255
Capex	0.100	0.100	0	0.400	0.100	1.270	0	0.665	0.165	4.750	0.567	0.472	0.640
Dividend/recap	0	0	0	0.240	0	0.185	0.700	1.663	0.580	0	0	0	1.500
Exit financing	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.330	2.160	0.772	0.591	1.550
GCP	0.480	1.725	3.695	2.366	1.825	1.971	1.330	1.545	1.050	2.750	1.172	0.650	3.810
LBO	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.870	4.146	3.695	2.780
Refinance	2.485	4.090	9.345	6.370	7.182	6.270	10.659	14.272	17.216	15.886	14.136	12.330	8.370
Multiple/Other/NA	0.305	2.138	3.300	8.878	2.665	0.665	0.375	6.423	2.060	6.444	6.812	6.805	4.830
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.646	10	8.957	12	11.867	17	3.640	8	24.465	37	34.906	50	11.02%
Capex	0.500	2	1.935	5	5.482	9	1.113	7	8.530	21	9.229	25	3.84%
Dividend/recap	0.240	1	2.547	7	0.580	1	1.500	1	4.628	9	4.867	10	2.08%
Exit financing	1.893	6	9.074	9	3.263	12	2.141	6	14.478	27	22.248	41	6.52%
GCP	7.886	30	4.846	16	4.972	14	4.460	12	14.278	42	24.369	79	6.43%
LBO	3.453	10	4.205	7	11.446	24	6.475	12	22.126	43	26.432	55	9.96%
Refinance	22.897	45	31.201	68	47.238	85	20.700	37	99.139	190	128.611	261	44.65%
Multiple/Other/NA	14.843	18	7.463	14	15.315	33	11.635	36	34.413	83	51.699	110	15.50%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	100.00%
Industry Sector (by SIC code)
	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010
Agriculture (0xxx)	0	0	0	0	0	0.780	1.200	0	0.475	0	0.865	0	0.950
Mining (1xxx)	0	0	0.160	0.400	0	0	0.350	0	0.723	2.350	2.000	0.950	0.850
Oil and gas (13xx)	0.100	0.145	2.460	0.315	0.700	0.100	0.900	4.015	2.125	2.486	1.860	3.095	2.500
Construction (15xx)	0	0	0	0	0	0	0.550	0.120	0	0.700	0.365	1.100	0.275
Manufacturing (2xxx, 3xxx)	3.362	8.401	4.615	11.659	7.588	6.040	2.825	10.829	4.417	13.201	7.919	3.075	9.072
Transportation (4xxx)	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530	0.847	0.253	0.100
Communications (48xx)	0.422	0.325	0.980	0.701	1.410	1.304	0.745	2.398	1.915	4.269	0.400	1.028	0.270
Electric, gas, sanitary services (49xx)	0	1.185	0.455	0.840	0.600	0.220	0.820	0	1.109	1.835	2.915	2.663	0
Wholesale (5xxx)	1.575	1.210	1.590	2.329	0.800	1.057	1.049	5.358	1.369	4.325	1.240	1.344	4.583
Finance, insurance, real estate (6xxx)	0.675	0.775	5.800	0.765	1.397	3.045	0.623	2.832	3.955	1.865	3.604	6.195	1.540
Services (7xxx)	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489	11.945	6.285	5.456	6.076	3.728
Health services (8xxx)	0.330	0.560	0.250	2.319	0.500	0.490	1.898	1.205	0.247	0.925	5.544	1.150	0.868
Total	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.379	38.770	33.015	26.929	24.735
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	1.980	2	1.340	2	0.950	2	4.270	6	4.270	6	1.92%
Mining (1xxx)	0.560	3	0.350	2	5.072	7	1.800	3	7.223	12	7.782	15	3.25%
Oil and gas (13xx)	3.475	7	5.015	13	6.471	17	5.595	11	17.081	41	20.800	51	7.69%
Construction (15xx)	0	0	0.670	2	1.065	3	1.375	2	3.110	7	3.110	7	1.40%
Manufacturing (2xxx, 3xxx)	23.862	40	19.695	38	25.537	53	12.146	34	57.378	125	93.004	185	25.84%
Transportation (4xxx)	3.225	6	3.335	6	1.477	5	0.353	2	5.165	13	9.546	23	2.33%
Communications (48xx)	3.091	7	4.447	11	6.583	14	1.298	4	12.329	29	16.167	39	5.55%
Electric, gas, sanitary services (49xx)	1.895	5	1.040	3	5.859	8	2.663	4	9.562	15	12.642	22	4.31%
Wholesale (5xxx)	4.719	13	7.464	12	6.934	20	5.927	13	20.325	45	27.829	65	9.15%
Finance, insurance, real estate (6xxx)	7.962	12	6.500	14	9.424	17	7.735	16	23.659	47	33.071	63	10.65%
Services (7xxx)	5.500	19	16.140	25	23.686	37	9.804	25	49.629	87	57.854	115	22.35%
Health services (8xxx)	3.069	10	3.593	10	6.716	12	2.018	3	12.327	25	16.286	40	5.55%
Total	57.358	122	70.229	138	100.164	195	51.664	119	222.057	452	302.362	631	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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