Analysis of bank loan issuance for 13 months through December 2010

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

Rate (L+)

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Below 150 bps	0	0	0	0	0	0	0	0	0	0	0	1.051	1.000
150	0	0	0	0	0	0	0	0	0	0	0	0.300	0.500
175	0	0	0	0	0	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150
200	0	0	0	0.725	0	0	0	0	0.670	0	2.713	0.585	1.825
225	0	0.130	0	1.130	1.500	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125
250	0.200	0.956	0	0	0	1.600	5.877	0.541	2.010	4.015	2.980	1.158	3.615
275	1.000	1.500	0.550	0.900	0.100	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.482
300	0.850	1.690	1.886	3.225	6.120	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.000
325	0	0.075	1.734	1.272	1.975	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669
350	1.917	4.136	0.955	6.492	3.875	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805
375	0.550	3.254	0.325	2.810	1.295	1.070	0	0.675	0.365	1.770	2.345	2.200	6.060
400	1.550	1.250	2.554	2.260	2.241	0.840	1.800	2.035	0.665	3.479	4.775	4.227	1.755
425	0.965	0.100	0.567	1.560	1.360	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410
450	0.200	0.904	0.068	0.127	1.808	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165
475	0	1.386	0.750	0.853	0	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816
500 bps and upward	2.841	3.015	2.457	3.697	5.050	8.675	4.199	4.040	2.697	6.804	5.597	6.141	7.328
Fixed rate	0	0.515	0	0.135	0	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170
NA	2.897	2.175	2.690	9.746	3.056	6.350	5.532	7.230	5.547	11.325	14.778	14.283	20.982
Other	0.425	0	0	0	0.078	0.180	0	0	0	0	0	0.220	0
Prime based	0	0	0	0	0	0.018	0	0	0	0	0	0	0
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0	0	2.051	6	2.051	4	2.051	6	2.051	4	0.48%
150	0	0	0	0	0	0	0.800	4	0.800	3	0.800	4	0.800	3	0.19%
175	0	0	0.100	1	1.135	3	2.520	8	3.755	12	3.755	12	3.755	12	0.88%
200	0.725	2	0	0	0.670	3	5.123	15	6.518	15	6.518	20	6.518	15	1.53%
225	1.260	2	4.815	7	1.657	5	3.415	14	11.148	22	11.148	28	11.148	22	2.61%
250	0.956	1	7.477	16	6.566	19	7.753	23	22.752	43	22.952	60	22.752	43	5.33%
275	2.950	7	2.025	9	5.762	14	5.032	18	15.769	28	16.769	49	15.769	28	3.69%
300	6.801	12	15.709	29	8.529	25	6.205	18	37.244	62	38.094	85	37.244	62	8.72%
325	3.081	10	8.205	17	1.033	4	2.698	13	15.017	27	15.017	44	15.017	27	3.51%
350	11.584	25	8.877	22	3.720	12	7.273	16	31.453	49	33.370	85	31.453	49	7.36%
375	6.389	15	2.365	6	2.810	15	10.605	15	22.169	29	22.719	53	22.169	29	5.19%
400	6.064	34	4.881	24	6.179	22	10.757	23	27.880	51	29.430	110	27.880	51	6.53%
425	2.227	7	2.615	13	6.730	14	11.560	19	23.132	32	24.097	56	23.132	32	5.41%
450	1.099	3	7.832	33	13.465	26	7.536	23	29.933	41	30.133	86	29.933	41	7.01%
475	2.989	8	0.475	2	3.895	9	1.972	10	9.331	18	9.331	29	9.331	18	2.18%
500 bps and upward	9.169	38	17.924	54	13.542	58	19.066	94	59.701	129	62.542	257	59.701	129	13.97%
Fixed rate	0.650	5	0.922	7	0.914	5	1.906	10	4.393	17	4.393	27	4.393	17	1.03%
NA	14.611	53	14.938	66	24.102	75	50.044	172	103.694	266	106.592	378	103.694	266	24.27%
Other	0	0	0.258	2	0	0	0.220	1	0.478	3	0.903	5	0.478	3	0.11%
Prime based	0	0	0.018	1	0	0	0	0	0.018	1	0.018	1	0.018	1	0.00%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Upsized?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	1.370	4.065	0.405	2.195	6.902	5.604	4.930	3.498	5.128	7.498	5.005	7.667	13.245
No	10.535	15.426	12.942	30.341	19.070	30.630	26.600	22.721	20.097	38.778	50.899	37.411	35.613
Downsized	1.490	1.595	1.189	2.396	2.485	2.410	0.805	1.380	0.780	0.830	2.068	2.628	2.000
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	6.665	18	17.437	28	16.123	26	25.917	41	66.142	69	67.512	116	66.142	69	15.48%
No	58.709	188	76.300	269	81.597	268	123.922	437	340.528	740	351.063	1208	340.528	740	79.70%
Downsized	5.180	16	5.700	12	2.990	15	6.696	24	20.566	41	22.056	71	20.566	41	4.81%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Flex?
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Down	0.175	6.331	1.012	1.235	5.449	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.285
No	12.870	14.755	12.307	31.914	22.599	31.405	27.009	22.742	25.174	34.818	49.362	42.158	47.183
Up	0.350	0	1.217	1.782	0.410	6.670	2.711	1.812	0.355	2.505	1.040	1.883	0.390
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	8.578	28	8.633	25	13.303	22	14.520	33	45.035	50	45.210	109	45.035	50	10.54%
No	58.976	185	81.013	251	82.735	273	138.702	452	361.426	768	374.296	1212	361.426	768	84.60%
Up	2.999	9	9.790	33	4.671	14	3.313	17	20.774	33	21.125	74	20.774	33	4.86%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Type
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Revolver	5.930	8.141	6.469	17.209	9.649	19.828	13.242	12.065	13.132	18.791	26.600	17.369	27.384
TLA	0.200	0.674	0.472	0.800	0.400	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0
Term	4.895	10.306	6.214	9.473	11.131	13.202	6.723	10.575	5.652	9.149	20.181	17.859	18.501
Institutional	2.370	1.790	1.156	7.135	6.890	3.724	5.971	3.744	5.690	12.653	7.107	9.642	3.440
Second/third/junior lien	0	0.175	0.185	0.315	0.235	0.230	0.145	0	0.140	0.404	0.940	1.142	1.503
Delayed draw	0	0	0.040	0	0.152	0.750	0.517	0	0.567	0.125	0	0.420	0.030
LoC	0	0	0	0	0	0.350	0.800	0.020	0	0.190	0.822	0.170	0
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	31.819	120	42.719	163	43.988	162	71.352	273	189.878	579	195.808	746	189.878	579	44.44%
TLA	1.946	6	5.898	15	7.813	19	3.427	12	19.084	10	19.284	53	19.084	10	4.47%
Term	25.993	73	31.055	83	25.375	75	56.541	136	138.965	187	143.860	386	138.965	187	32.53%
Institutional	10.081	17	16.585	33	22.087	40	20.189	47	68.942	58	71.312	142	68.942	58	16.14%
Second/third/junior lien	0.675	5	0.610	5	0.544	5	3.585	21	5.414	7	5.414	36	5.414	7	1.27%
Delayed draw	0.040	1	1.419	7	0.692	6	0.450	5	2.601	4	2.601	19	2.601	4	0.61%
LoC	0	0	1.150	3	0.210	2	0.992	8	2.352	6	2.352	13	2.352	6	0.55%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Moody's Rating
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Baa2	0	0	0	0.850	0	0	0	0	0	0	0	0	0
Baa3	0	1.100	0.400	0.575	1.525	0.350	2.675	0	0	0	5.000	0.500	0
Ba1	0.150	0.495	0	2.500	0.450	0.500	3.415	0.800	0.665	0.800	2.075	0	2.200
Ba2	0.350	2.125	1.740	7.390	5.360	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.515
Ba3	0	2.975	1.865	1.794	4.585	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230
B1	1.330	1.980	1.939	0.620	5.899	1.575	1.470	2.700	1.140	5.218	3.710	9.455	7.680
B2	1.300	2.191	0.275	0.611	1.915	2.414	0	0.860	0.675	2.120	0.757	2.840	1.188
B3	0	0	0	0.375	0.330	0.200	0.260	0.435	0.180	0.135	0.575	0	0.735
Caa1	0	0.175	0	0.150	0	0	0	0	0	0.180	0.365	0.320	0.240
NR	10.265	10.045	8.317	20.067	8.394	22.810	13.390	16.908	18.550	23.937	34.874	23.346	34.070
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0.850	2	0	0	0	0	0	0	0.850	1	0.850	2	0.850	1	0.20%
Baa3	2.075	5	4.550	8	0	0	5.500	3	12.125	9	12.125	16	12.125	9	2.84%
Ba1	2.995	4	4.365	8	2.265	5	4.275	11	13.900	18	14.050	30	13.900	18	3.25%
Ba2	11.255	24	13.783	27	8.883	20	9.895	20	43.815	48	44.165	92	43.815	48	10.26%
Ba3	6.634	19	18.083	46	16.523	34	16.710	52	57.950	72	57.950	151	57.950	72	13.56%
B1	4.539	21	8.944	30	9.058	33	20.845	52	43.386	72	44.715	142	43.386	72	10.16%
B2	3.077	16	4.330	17	3.655	10	4.785	27	15.847	38	17.147	73	15.847	38	3.71%
B3	0.375	3	0.790	5	0.750	7	1.310	5	3.225	11	3.225	20	3.225	11	0.75%
Caa1	0.325	2	0	0	0.180	1	0.925	6	1.430	5	1.430	9	1.430	5	0.33%
NR	38.428	126	44.593	168	59.396	199	92.290	326	234.708	577	244.973	860	234.708	577	54.94%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0.850	0.865	1.023	7.069	5.548	0.910	5.130	2.385	1.245	8.415	8.497	5.122	0.823
Capex	0.100	1.270	0	0.665	0.165	4.750	0.567	0.472	0.640	1.070	2.935	1.429	0.275
Dividend/recap	0	0.400	0.975	2.547	1.980	0.120	0.305	0.904	1.786	1.793	5.895	12.215	2.530
Exit financing	0.598	6.715	0.109	2.250	0.330	2.160	0.772	0.591	1.550	0.600	0.195	0.800	0.725
GCP	1.825	1.971	1.330	1.545	1.128	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.245
LBO	0.175	3.145	0.340	0.720	1.431	5.870	4.396	3.695	3.115	4.905	2.429	5.085	4.315
Refinance	7.182	6.270	10.384	14.307	17.216	15.886	13.431	12.151	8.610	19.004	16.020	11.473	21.017
Multiple/Other/NA	2.665	0.450	0.375	5.828	0.660	6.199	6.562	6.750	5.248	9.954	10.970	9.755	11.927
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	8.957	12	11.588	16	12.045	18	14.441	28	47.031	74	47.881	75	47.031	74	11.01%
Capex	1.935	5	5.482	9	2.183	10	4.638	8	14.238	32	14.338	33	14.238	32	3.33%
Dividend/recap	3.922	12	2.405	6	4.484	11	20.640	41	31.451	70	31.451	70	31.451	70	7.36%
Exit financing	9.074	9	3.263	12	2.741	7	1.720	6	16.798	34	17.396	37	16.798	34	3.93%
GCP	4.846	16	5.050	15	5.825	18	22.103	38	37.824	87	39.649	94	37.824	87	8.85%
LBO	4.205	7	11.696	25	11.715	18	11.829	26	39.446	76	39.621	78	39.446	76	9.23%
Refinance	30.961	67	46.533	83	39.765	67	48.511	103	165.770	320	172.952	336	165.770	320	38.80%
Multiple/Other/NA	6.653	11	13.420	27	21.952	50	32.652	69	74.678	157	77.343	164	74.678	157	17.48%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Agriculture (0xxx)	0	0.780	1.200	0	0.475	0	0.865	0	0.950	0.700	0	0.250	0
Mining (1xxx)	0	0	0.350	0	0.723	2.350	2.000	0.950	0.850	0	0.325	0.527	0.665
Oil and gas (13xx)	0.700	0.100	0.900	4.015	2.125	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830
Construction (15xx)	0	0	0.550	0.120	0	0.700	0.365	1.100	0.275	0	0.885	0.425	0.475
Manufacturing (2xxx, 3xxx)	7.588	6.040	2.825	11.120	4.417	13.201	7.639	3.210	9.402	19.793	19.667	13.345	11.705
Transportation (4xxx)	0.200	0.225	0.750	2.360	0.100	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.790
Communications (48xx)	1.410	1.304	0.745	2.398	1.915	4.269	0	1.028	0.270	3.665	9.977	3.021	8.960
Electric, gas, sanitary services (49xx)	0.600	0.220	0.820	0	1.109	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350
Wholesale (5xxx)	0.800	1.057	1.049	5.358	1.369	4.325	1.240	1.344	5.281	4.675	2.340	8.635	4.958
Finance, insurance, real estate (6xxx)	1.397	3.045	0.623	2.832	3.955	1.865	3.604	6.595	1.545	1.770	3.125	1.545	5.860
Services (7xxx)	0.200	7.825	2.826	5.524	11.945	6.285	5.456	6.211	3.839	1.476	8.212	8.027	8.425
Health services (8xxx)	0.500	0.490	1.898	1.205	0.326	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840
Total	13.395	21.086	14.536	34.932	28.457	38.645	32.335	27.599	26.004	47.106	57.972	47.706	50.858
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.980	2	1.340	2	1.650	4	0.250	1	5.220	9	5.220	9	5.220	9	1.22%
Mining (1xxx)	0.350	2	5.072	7	1.800	3	1.517	9	8.739	21	8.739	21	8.739	21	2.05%
Oil and gas (13xx)	5.015	13	6.471	17	13.688	20	10.489	19	35.663	69	36.363	71	35.663	69	8.35%
Construction (15xx)	0.670	2	1.065	3	1.375	2	1.785	6	4.895	13	4.895	13	4.895	13	1.15%
Manufacturing (2xxx, 3xxx)	19.985	39	25.257	52	32.404	56	44.718	91	122.364	238	129.953	257	122.364	238	28.64%
Transportation (4xxx)	3.335	6	1.477	5	0.738	4	7.558	13	13.108	28	13.308	29	13.108	28	3.07%
Communications (48xx)	4.447	11	6.183	13	4.963	11	21.959	24	37.552	59	38.962	61	37.552	59	8.79%
Electric, gas, sanitary services (49xx)	1.040	3	5.734	7	4.563	6	5.445	9	16.781	25	17.381	26	16.781	25	3.93%
Wholesale (5xxx)	7.464	12	6.934	20	11.300	24	15.933	38	41.631	94	42.431	97	41.631	94	9.74%
Finance, insurance, real estate (6xxx)	6.500	14	9.424	17	9.910	24	10.530	29	36.364	84	37.761	90	36.364	84	8.51%
Services (7xxx)	16.175	25	23.686	37	11.526	33	24.663	58	76.050	153	76.250	154	76.050	153	17.80%
Health services (8xxx)	3.593	10	6.795	13	6.792	12	11.688	22	28.867	57	29.367	59	28.867	57	6.76%
Total	70.554	139	99.437	193	100.710	199	156.535	319	427.236	850	440.631	887	427.236	850	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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