Analysis of bank loan issuance for 13 months through September 2011

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

Rate (L+)

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Below 150 bps	0	0	1.051	1.000	0	0	0	0	1.250	0.950	0	0.105	0
150	0	0	0.300	0.500	0.675	0	0.350	0.210	1.450	0.439	2.725	2.350	0
175	0.100	0.920	0.450	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.175
200	0	2.713	0.585	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178	2.275
225	0.525	2.840	0.450	0.125	0.950	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870
250	4.030	2.980	1.158	3.615	3.620	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700
275	0.350	3.634	0.915	0.502	2.545	3.915	6.720	1.800	2.075	7.346	1.462	0.375	0.400
300	4.716	2.870	2.335	1.215	8.175	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200
325	0	0.546	1.483	0.669	7.006	7.226	6.667	1.910	4.262	1.320	0.510	0.250	0.350
350	1.950	1.943	4.525	0.805	4.995	12.807	2.712	4.400	2.220	1.675	0.205	0.790	0.325
375	1.770	2.345	2.200	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790
400	3.479	4.775	4.227	1.755	1.580	5.398	1.790	0.913	5.654	1.285	1.670	0.030	1.060
425	4.113	7.220	2.930	1.410	3.119	0.718	2.785	5.293	2.200	1.315	1.200	0	0
450	6.090	2.781	3.590	1.165	4.924	1.275	0.914	1.760	1.515	2.734	1.770	0	0.205
475	1.870	0.350	0.806	0.816	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0
500 bps and upward	6.804	5.597	6.301	8.083	4.638	5.899	4.199	3.205	9.115	7.805	10.151	1.125	5.931
Fixed rate	0	1.679	0.057	0.170	0	0.888	0	0.087	0	0	0	0.050	0.142
NA	11.325	14.778	12.106	22.142	15.610	13.982	18.990	21.335	24.370	30.015	8.740	14.713	19.294
Other	0	0	0.220	0	0.150	0	0	0	0	0	0.250	0	0.975
Prime based	0	0	0	0	0	0	0	0.215	0	0	0	0	0
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	2.051	6	0	0	2.200	3	0.105	1	2.305	4	4.356	10	4.356	8	0.42%
150	0.800	4	1.025	4	2.099	6	5.075	11	8.199	17	8.999	25	8.999	20	1.48%
175	2.520	8	7.335	14	13.870	37	7.155	17	28.360	51	30.980	77	30.880	59	5.11%
200	5.346	17	6.645	14	12.617	16	5.327	14	24.589	30	29.936	61	29.936	43	4.43%
225	3.415	14	7.475	20	13.565	23	3.090	13	24.130	43	28.070	72	27.545	53	4.35%
250	7.753	23	11.094	24	8.990	24	5.175	14	25.259	46	37.041	94	33.011	62	4.55%
275	5.051	20	13.180	36	11.221	24	2.237	5	26.638	37	32.039	86	31.689	47	4.80%
300	6.420	21	36.821	54	8.492	22	2.988	6	48.301	43	59.437	113	54.721	58	8.70%
325	2.698	13	20.898	30	7.492	20	1.110	6	29.500	40	32.198	69	32.198	47	5.31%
350	7.273	16	20.515	42	8.295	18	1.320	12	30.130	37	39.352	92	37.402	48	5.43%
375	10.605	15	8.556	25	13.884	25	1.065	3	23.505	29	35.880	73	34.110	37	4.23%
400	10.757	23	8.768	32	7.852	29	2.760	7	19.379	44	33.615	106	30.136	52	3.49%
425	11.560	19	6.622	15	8.808	21	1.200	4	16.629	22	32.302	66	28.189	32	3.00%
450	7.536	23	7.113	20	6.009	29	1.975	9	15.097	32	28.724	94	22.634	43	2.72%
475	1.972	10	2.886	22	7.566	18	0.870	7	11.323	25	15.165	61	13.295	31	2.04%
500 bps and upward	19.981	101	14.735	82	20.125	85	17.207	74	52.067	86	78.852	367	72.048	139	9.38%
Fixed rate	1.906	10	0.888	4	0.087	1	0.192	3	1.167	6	3.073	18	3.073	12	0.21%
NA	49.027	170	48.582	154	75.719	191	42.747	127	167.048	377	227.400	667	216.075	504	30.09%
Other	0.220	1	0.150	1	0	0	1.225	3	1.375	2	1.595	5	1.595	3	0.25%
Prime based	0	0	0	0	0.215	2	0	0	0.215	2	0.215	2	0.215	2	0.04%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Upsized?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	7.498	5.005	7.667	13.325	12.541	7.535	3.902	8.665	4.465	4.480	0.670	1.465	0.160
No	38.793	50.899	35.534	37.756	46.686	76.989	69.481	58.348	68.309	74.674	37.507	25.265	36.202
Downsized	0.830	2.068	2.488	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.225	0	1.330
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.997	42	23.979	46	17.610	25	2.295	8	43.883	35	77.379	130	69.880	59	7.90%
No	124.188	448	193.156	521	201.331	544	98.974	324	493.461	915	656.443	1944	617.650	1202	88.88%
Downsized	6.706	24	6.152	26	10.165	25	1.555	4	17.872	21	25.409	84	24.578	37	3.22%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Flex?
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Down	9.783	7.570	3.665	3.290	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040
No	34.833	49.362	39.981	49.551	36.021	69.299	67.656	64.562	72.039	72.064	35.408	26.160	34.797
Up	2.505	1.040	2.043	0.390	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0	1.855
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	14.525	33	41.975	78	10.733	26	3.330	10	56.039	46	80.347	160	70.564	57	10.09%
No	138.893	462	172.976	491	208.665	527	96.365	316	478.006	899	651.733	1896	616.900	1205	86.09%
Up	3.473	19	8.336	24	9.707	41	3.128	10	21.172	27	27.150	102	24.645	37	3.81%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Type
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Revolver	18.806	26.600	17.018	28.284	19.770	22.700	33.798	35.318	39.422	43.935	18.590	18.352	17.192
TLA	5.795	2.322	1.105	0.060	3.530	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.400
Term	9.149	20.181	16.859	19.905	22.474	22.511	13.907	15.609	12.289	9.337	11.227	6.618	12.324
Institutional	12.653	7.107	9.447	3.450	13.655	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625
Second/third/junior lien	0.404	0.940	0.670	1.503	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.105
Delayed draw	0.125	0	0.420	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046
LoC	0.190	0.822	0.170	0	0.673	0.250	0	0	0	1.800	0.437	0.350	0
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	71.902	278	76.269	287	118.675	330	54.133	190	249.077	730	339.785	1144	320.979	959	44.86%
TLA	3.487	13	17.686	38	15.575	25	4.400	8	37.661	19	46.943	93	41.148	22	6.78%
Term	56.944	143	58.892	138	37.235	116	30.169	90	126.297	141	192.389	513	183.241	212	22.75%
Institutional	20.004	47	66.413	103	49.559	91	11.337	24	127.309	74	159.965	287	147.312	89	22.93%
Second/third/junior lien	3.113	20	1.360	12	5.446	23	1.876	20	8.682	5	12.199	78	11.795	10	1.56%
Delayed draw	0.450	5	1.745	10	0.815	6	0.121	2	2.681	3	3.256	24	3.131	4	0.48%
LoC	0.992	8	0.923	5	1.800	3	0.787	2	3.510	4	4.692	19	4.502	7	0.63%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Moody's Rating
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Baa2	0	0	0	0	0	0	0	2.000	0	0	0	0	0
Baa3	0	5.000	0.500	0	0	0.340	1.625	2.400	0	3.900	0	0	0
Ba1	0.800	2.075	0	2.200	1.780	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.665
Ba2	4.735	3.315	6.065	0.965	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0.155
Ba3	9.981	7.300	5.180	4.230	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715	1.325
B1	5.218	3.710	9.400	7.630	9.820	13.725	3.495	6.028	8.429	3.985	3.987	0	3.330
B2	2.120	0.757	2.600	1.543	1.382	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845
B3	0.135	0.575	0	0.865	1.015	3.713	1.015	0.425	0.610	0.655	0	0	0.200
Caa1	0.180	0.365	0.320	0.240	0	0.382	0.230	0.580	0.352	0	0.150	0	0.350
Caa2	0	0	0	0	0	0	0	0.290	0.145	0.080	0	0	0.100
NR	23.952	34.874	21.624	35.558	30.080	49.481	49.150	38.232	52.371	57.059	24.685	25.495	28.722
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	2.000	2	0	0	2.000	1	2.000	2	2.000	1	0.36%
Baa3	5.500	3	1.965	6	6.300	5	0	0	8.265	6	13.765	14	13.765	8	1.49%
Ba1	4.275	11	6.280	12	7.090	12	6.085	9	19.455	14	24.530	46	23.730	19	3.50%
Ba2	10.345	21	19.618	34	18.120	41	0.455	3	38.193	39	53.273	108	48.538	51	6.88%
Ba3	16.710	52	24.435	46	15.025	45	4.780	13	44.240	55	70.931	173	60.950	80	7.97%
B1	20.740	52	27.040	66	18.442	56	7.317	29	52.799	79	78.757	221	73.539	106	9.51%
B2	4.901	26	8.883	31	11.330	24	4.484	18	24.697	33	31.718	105	29.598	47	4.45%
B3	1.440	6	5.743	17	1.690	10	0.200	1	7.633	15	9.208	35	9.073	18	1.37%
Caa1	0.925	6	0.612	5	0.932	10	0.500	2	2.044	2	3.149	24	2.969	4	0.37%
Caa2	0	0	0	0	0.515	4	0.100	1	0.615	1	0.615	5	0.615	1	0.11%
NR	92.056	337	128.711	376	147.662	385	78.903	260	355.276	728	471.285	1425	447.332	965	63.99%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Acquisition	8.415	8.497	5.122	1.073	6.665	5.766	2.397	6.100	13.307	9.035	8.600	1.760	7.825
Capex	1.070	2.935	0.957	0.275	1.009	0.575	0	0	0.650	0.146	0.150	0.150	0
Dividend/recap	1.793	5.895	11.920	2.615	3.255	7.343	1.685	4.435	2.301	1.970	0.975	0	0.100
Exit financing	0.600	0.195	0.800	1.110	1.345	0.080	0.090	0	0	0	0	0	0
GCP	1.365	11.030	1.828	9.570	7.057	1.451	6.625	8.040	1.900	3.470	2.795	6.270	2.350
LBO	4.905	2.429	3.835	5.340	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865	8.694
Refinance	19.019	16.020	11.473	20.986	21.259	61.958	42.662	38.470	37.685	31.663	5.195	6.077	5.997
Multiple/Other/NA	9.954	10.970	9.755	12.262	12.740	7.413	15.564	10.910	19.314	30.778	15.373	11.608	12.726
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.691	29	14.829	21	28.442	37	18.185	27	61.456	84	84.562	123	76.147	113	11.07%
Capex	4.166	8	1.584	5	0.796	3	0.300	2	2.680	10	7.916	21	6.846	18	0.48%
Dividend/recap	20.430	41	12.283	25	8.706	25	1.075	6	22.063	56	44.287	102	42.494	97	3.97%
Exit financing	2.105	7	1.515	3	0	0	0	0	1.515	3	4.220	11	3.620	10	0.27%
GCP	22.428	40	15.133	44	13.410	32	11.415	29	39.958	105	63.751	151	62.386	145	7.20%
LBO	11.604	26	16.347	26	8.933	22	14.873	24	40.153	72	56.662	104	51.757	98	7.23%
Refinance	48.479	104	125.880	184	107.818	140	17.270	39	250.967	363	318.465	496	299.446	467	45.20%
Multiple/Other/NA	32.987	72	35.717	73	61.002	124	39.706	80	136.425	277	179.366	363	169.412	349	24.57%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Agriculture (0xxx)	0.700	0	0.250	0	0	0.885	0.225	0	1.250	1.650	0	0.100	0
Mining (1xxx)	0	0.325	0.527	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0
Oil and gas (13xx)	8.093	2.203	3.457	4.830	1.934	3.600	4.465	8.248	11.595	5.815	0.850	2.725	3.143
Construction (15xx)	0	0.885	0.425	0.510	0	1.015	0.460	0	0	0.100	0	1.500	0.500
Manufacturing (2xxx, 3xxx)	19.793	19.667	13.105	12.060	23.643	27.551	17.343	18.649	16.887	26.235	14.440	8.365	12.701
Transportation (4xxx)	0.300	3.267	3.501	0.550	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325	0.225
Communications (48xx)	3.665	9.977	2.966	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008
Electric, gas, sanitary services (49xx)	1.900	3.145	0.950	1.350	0.525	1.670	3.600	1.500	4.810	5.635	3.574	0	0
Wholesale (5xxx)	4.675	2.340	7.385	6.201	7.455	14.301	10.338	13.552	5.580	7.120	4.620	2.545	7.355
Finance, insurance, real estate (6xxx)	1.785	3.125	1.545	6.055	7.865	10.806	1.990	6.095	6.001	6.100	3.210	4.995	2.770
Services (7xxx)	1.476	8.212	7.555	8.910	11.724	14.891	12.745	9.908	12.547	15.615	4.390	4.570	9.635
Health services (8xxx)	4.734	4.825	4.023	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805	0.355
Total	47.121	57.972	45.689	53.231	61.197	87.806	74.284	67.955	78.442	82.709	38.402	26.730	37.692
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.250	1	1.110	3	2.900	3	0.100	1	4.110	7	5.060	10	4.360	8	0.74%
Mining (1xxx)	1.817	10	5.325	3	10.913	11	1.100	4	17.338	18	19.155	28	19.155	28	3.12%
Oil and gas (13xx)	10.489	19	9.999	18	25.657	34	6.718	13	42.374	65	60.957	93	52.864	84	7.63%
Construction (15xx)	1.820	6	1.475	3	0.100	1	2.000	4	3.575	8	5.395	14	5.395	14	0.64%
Manufacturing (2xxx, 3xxx)	44.833	93	68.537	114	61.772	103	35.507	59	165.816	276	230.442	391	210.649	369	29.87%
Transportation (4xxx)	7.318	12	13.635	11	6.191	13	3.319	7	23.145	31	30.763	44	30.463	43	4.17%
Communications (48xx)	21.904	24	11.130	26	11.498	22	2.623	8	25.251	56	50.819	87	47.154	80	4.55%
Electric, gas, sanitary services (49xx)	5.445	9	5.795	11	11.945	16	3.574	5	21.314	32	28.659	43	26.759	41	3.84%
Wholesale (5xxx)	15.926	40	32.094	62	26.251	41	14.521	27	72.866	130	93.467	179	88.792	170	13.12%
Finance, insurance, real estate (6xxx)	10.725	31	20.661	36	18.196	41	10.975	26	49.832	103	62.342	141	60.557	134	8.98%
Services (7xxx)	24.676	60	39.359	60	38.070	64	18.595	40	96.025	164	122.177	231	120.701	224	17.30%
Health services (8xxx)	11.688	22	14.166	33	15.613	34	3.792	13	33.572	80	49.994	110	45.260	102	6.05%
Total	156.891	327	223.287	380	229.106	383	102.824	207	555.217	970	759.230	1371	712.109	1297	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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.