Analysis of bank loan issuance for 13 months through October 2011

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

Rate (L+)

	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Below 150 bps	0	0	0	0	0	0	0	0	0	0	0	0.200	0
5/1900	0	0.300	0.500	0.675	0	0.350	0.210	1.450	0	2.725	2.350	0.705	4.462
175	0.920	0.450	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335
200	2.713	0.585	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495
225	2.840	0.450	0.125	0.950	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500
250	2.980	1.158	3.615	3.620	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.250
275	3.634	0.915	0.502	2.545	3.915	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880
300	2.870	2.335	1.215	8.175	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200	0.200
325	0.546	1.483	0.669	7.006	7.226	6.667	1.910	4.262	1.320	0.510	0.250	0.350	0.235
350	1.943	4.525	0.805	4.995	12.807	2.712	4.400	2.220	1.675	0.205	0.790	0.340	0.500
375	2.345	2.200	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790	0.300
400	4.775	4.227	1.755	1.580	5.398	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134
425	7.220	2.930	1.410	3.119	0.718	2.785	5.293	2.200	1.315	1.850	0	0	0
450	2.781	3.590	1.165	4.924	1.275	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203
475	0.350	0.806	0.816	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0	0.290
500 bps and upward	5.597	6.301	8.083	4.638	5.899	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.259
Fixed rate	1.679	0.057	0.170	0	0.888	0	0.087	0	0	0	0.050	0.672	0
NA	14.778	12.106	22.142	15.610	13.982	18.990	22.585	24.370	30.015	8.740	14.713	20.424	14.703
Other	0	0.220	0	0.150	0	0	0	0	0	0.250	0	0	0
Prime based	0	0	0	0	0	0	0.215	0	0	0	0	0	0
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0	0	0.200	1	0	0	0.200	1	0.200	1	0.2	1	0.03%
150	0.800	4	1.025	4	1.660	3	5.780	15	4.462	8	12.927	26	13.727	34	13.727	29	2.18%
175	2.520	8	7.335	14	13.870	37	7.855	19	0.335	3	29.395	56	31.915	81	30.995	61	4.97%
200	5.346	17	6.645	14	12.617	16	7.128	15	0.495	2	26.884	33	32.231	64	29.518	40	4.54%
225	3.415	14	7.475	20	13.565	23	3.090	13	0.500	3	24.630	46	28.045	73	25.205	49	4.16%
250	7.753	23	11.094	24	8.990	24	5.175	14	0.250	1	25.509	47	33.261	86	30.282	58	4.31%
275	5.051	20	13.180	36	11.221	24	4.367	9	0.880	4	29.648	42	34.699	93	31.065	46	5.01%
300	6.420	21	36.821	54	8.492	22	2.988	6	0.200	2	48.501	44	54.921	105	52.051	55	8.20%
325	2.698	13	20.898	30	7.492	20	1.110	6	0.235	2	29.735	41	32.433	71	31.887	45	5.03%
350	7.273	16	20.515	42	8.295	18	1.335	12	0.500	1	30.645	38	37.917	89	35.975	44	5.18%
375	10.605	15	8.556	25	13.884	25	1.065	3	0.300	1	23.805	29	34.410	69	32.065	34	4.02%
400	10.757	23	8.768	32	7.852	29	2.110	6	0.134	2	18.863	43	29.620	92	24.845	47	3.19%
425	11.560	19	6.622	15	8.808	21	1.850	5	0	0	17.279	23	28.839	60	21.619	30	2.92%
450	7.536	23	7.113	20	6.009	29	3.120	10	0.203	3	16.445	34	23.981	85	21.2	41	2.78%
475	1.972	10	2.886	22	7.566	18	0.870	7	0.290	2	11.613	27	13.585	59	13.235	32	1.96%
500 bps and upward	19.981	101	14.735	82	20.125	85	19.060	84	5.259	16	59.179	94	79.160	368	73.563	131	10.00%
Fixed rate	1.906	10	0.888	4	0.087	1	0.722	6	0	0	1.698	7	3.603	21	1.924	11	0.29%
NA	49.027	170	48.582	154	76.969	192	43.877	120	14.703	47	184.131	418	233.158	683	218.379	515	31.12%
Other	0.220	1	0.150	1	0	0	0.250	1	0	0	0.400	2	0.620	3	0.62	3	0.07%
Prime based	0	0	0	0	0.215	2	0	0	0	0	0.215	2	0.215	2	0.215	2	0.04%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Upsized?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Yes	5.005	7.667	13.325	12.541	7.535	3.902	8.665	4.465	4.480	0.670	1.465	2.550	4.414
No	50.899	34.483	36.756	46.686	76.989	69.481	59.598	67.059	73.285	37.507	25.160	42.794	22.073
Downsized	2.068	2.488	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.225	0	1.581	2.259
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.997	42	23.979	46	17.610	25	4.685	12	4.414	6	50.688	41	76.684	131	71.68	62	8.57%
No	122.137	442	193.156	521	199.942	539	105.461	334	22.073	88	520.632	987	642.769	1924	591.87	1175	87.99%
Downsized	6.706	24	6.152	26	10.165	25	1.806	6	2.259	3	20.382	22	27.088	84	25.02	34	3.44%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Flex?
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Down	7.570	3.665	3.290	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640
No	49.362	38.930	48.551	36.021	69.299	67.656	65.812	70.789	70.675	35.408	26.055	43.544	27.570
Up	1.040	2.043	0.390	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0	2.341	0.535
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	14.525	33	41.975	78	10.733	26	3.330	10	0.640	2	56.679	47	71.204	149	63.634	55	9.58%
No	136.842	456	172.976	491	207.276	522	105.007	326	27.570	92	512.830	976	649.672	1887	600.311	1182	86.67%
Up	3.473	19	8.336	24	9.707	41	3.614	16	0.535	3	22.192	29	25.666	103	24.625	36	3.75%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Type
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Revolver	26.600	16.338	27.284	19.770	22.700	33.798	36.568	38.172	42.585	18.590	18.247	25.292	17.329
TLA	2.322	1.105	0.060	3.530	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.350
Term	20.181	16.763	19.905	22.474	22.511	13.907	15.609	12.289	9.298	11.227	6.618	13.211	3.947
Institutional	7.107	9.447	3.450	13.655	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.984
Second/third/junior lien	0.940	0.670	1.503	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.335
Delayed draw	0	0.145	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800
LoC	0.822	0.170	0	0.673	0.250	0	0	0	1.800	0.437	0.350	0	0
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	70.222	275	76.269	287	117.325	326	62.129	203	17.329	62	273.052	797	343.274	1153	316.674	948	46.14%
TLA	3.487	13	17.686	38	15.575	25	4.625	8	1.350	4	39.236	19	42.723	88	40.401	20	6.63%
Term	56.848	142	58.892	138	37.196	115	31.057	93	3.947	18	131.092	151	187.940	506	167.759	205	22.16%
Institutional	20.004	47	66.413	103	49.559	91	11.337	24	4.984	7	132.293	74	152.296	272	145.189	84	22.36%
Second/third/junior lien	3.113	20	1.360	12	5.446	23	1.896	20	0.335	4	9.037	5	12.150	79	11.21	8	1.53%
Delayed draw	0.175	3	1.745	10	0.815	6	0.121	2	0.800	2	3.481	3	3.656	23	3.656	3	0.59%
LoC	0.992	8	0.923	5	1.800	3	0.787	2	0	0	3.510	4	4.502	18	3.68	6	0.59%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Moody's Rating
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Baa2	0	0	0	0	0	0	2.000	0	0	0	0	0	0
Baa3	5.000	0.500	0	0	0.340	1.625	2.400	0	3.900	0	0	0	0
Ba1	2.075	0	2.200	1.780	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.865	0.600
Ba2	3.315	6.065	0.965	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0	0
Ba3	7.300	5.180	4.230	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715	2.140	4.339
B1	3.710	9.400	7.630	9.820	13.725	3.495	6.028	8.429	3.985	3.987	0	2.530	0.665
B2	0.757	2.600	1.543	1.382	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060
B3	0.575	0	0.865	1.015	3.713	1.015	0.425	0.610	0.655	0	0	0.200	0
Caa1	0.365	0.320	0.240	0	0.382	0.230	0.580	0.352	0	0.150	0	0.350	0.110
Caa2	0	0	0	0	0	0	0.290	0.145	0.080	0	0	0.100	0
NR	34.874	20.573	34.558	30.080	49.481	49.150	39.482	51.121	55.670	24.685	25.390	37.895	21.971
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	2.000	2	0	0	0	0	2.000	1	2.000	2	2	1	0.34%
Baa3	5.500	3	1.965	6	6.300	5	0	0	0	0	8.265	6	13.765	14	8.765	7	1.40%
Ba1	4.275	11	6.280	12	7.090	12	6.285	10	0.600	2	20.255	16	24.530	47	22.455	18	3.42%
Ba2	10.345	21	19.618	34	18.120	41	0.300	2	0	0	38.038	38	48.383	98	45.068	47	6.43%
Ba3	16.710	52	24.435	46	15.025	45	5.595	16	4.339	6	49.394	60	66.104	165	58.804	77	8.35%
B1	20.740	52	27.040	66	18.442	56	6.517	26	0.665	4	52.664	80	73.404	204	69.694	100	8.90%
B2	4.901	26	8.883	31	11.330	24	4.484	18	1.060	6	25.757	36	30.658	105	29.9	48	4.35%
B3	1.440	6	5.743	17	1.690	10	0.200	1	0	0	7.633	15	9.073	34	8.498	17	1.29%
Caa1	0.925	6	0.612	5	0.932	10	0.500	2	0.110	1	2.154	2	3.079	24	2.714	3	0.36%
Caa2	0	0	0	0	0.515	4	0.100	1	0	0	0.615	1	0.615	5	0.615	1	0.10%
NR	90.005	331	128.711	376	146.273	380	87.970	276	21.971	78	384.926	798	474.931	1441	440.057	955	65.05%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Use of Proceeds
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Acquisition	8.497	5.122	1.073	6.665	5.766	2.397	6.100	13.307	9.035	8.600	1.760	8.335	3.158
Capex	2.935	0.957	0.275	1.009	0.575	0	0	0.650	0.146	0.150	0.150	0	0
Dividend/recap	5.895	11.824	2.615	3.255	7.343	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134
Exit financing	0.195	0.800	1.110	1.345	0.080	0.090	0	0	0	0	0	0	0
GCP	11.030	1.828	9.570	7.057	1.451	6.625	9.290	0.650	3.270	2.795	6.270	2.875	3.462
LBO	2.429	3.835	5.340	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865	8.681	5.194
Refinance	16.020	10.793	19.986	21.259	61.958	42.012	38.470	37.685	30.599	5.195	5.973	8.772	3.412
Multiple/Other/NA	10.970	9.479	12.262	12.740	7.413	16.214	10.910	19.314	30.653	15.373	11.608	18.166	13.385
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.691	29	14.829	21	28.442	37	18.695	28	3.158	8	65.124	93	79.815	122	71.319	108	11.01%
Capex	4.166	8	1.584	5	0.796	3	0.300	2	0	0	2.680	10	6.846	18	3.911	14	0.45%
Dividend/recap	20.334	41	12.283	25	8.706	25	1.071	6	0.134	1	22.193	57	42.527	98	36.632	90	3.75%
Exit financing	2.105	7	1.515	3	0	0	0	0	0	0	1.515	3	3.620	10	3.425	8	0.26%
GCP	22.428	40	15.133	44	13.210	31	11.940	31	3.462	14	43.745	120	66.173	160	55.143	144	7.39%
LBO	11.604	26	16.347	26	8.933	22	14.860	24	5.194	8	45.334	80	56.938	106	54.509	97	7.66%
Refinance	46.799	101	125.230	181	106.754	138	19.940	41	3.412	11	255.335	371	302.134	472	286.114	437	43.14%
Multiple/Other/NA	32.712	71	36.367	76	60.877	123	45.146	89	13.385	28	155.775	316	188.487	387	177.517	373	26.33%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	100.00%
Industry Sector (by SIC code)
	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011
Agriculture (0xxx)	0	0.250	0	0	0.885	0.225	0	1.250	1.650	0	0.100	0	0
Mining (1xxx)	0.325	0.431	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0	0.100
Oil and gas (13xx)	2.203	3.457	4.830	1.934	3.600	4.465	8.248	11.595	5.815	0.850	2.725	3.268	3.325
Construction (15xx)	0.885	0.150	0.510	0	1.015	0.460	0	0	0.100	0	1.500	0.500	0
Manufacturing (2xxx, 3xxx)	19.667	12.425	11.060	23.643	27.551	17.343	18.649	16.887	26.035	14.440	8.365	13.972	10.790
Transportation (4xxx)	3.267	3.501	0.550	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325	0.425	0
Communications (48xx)	9.977	2.966	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684
Electric, gas, sanitary services (49xx)	3.145	0.950	1.350	0.525	1.670	3.600	1.500	4.810	5.635	3.574	0	0	0.195
Wholesale (5xxx)	2.340	7.385	6.201	7.455	14.301	10.338	14.802	4.330	6.806	4.620	2.545	8.650	2.480
Finance, insurance, real estate (6xxx)	3.125	1.545	6.055	7.865	10.806	1.990	6.095	6.001	5.350	3.210	4.995	2.915	3.977
Services (7xxx)	8.212	7.555	8.910	11.724	14.891	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.910
Health services (8xxx)	4.825	4.023	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.285
Total	57.972	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	28.745
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	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	0	0	4.110	7	4.360	8	4.36	8	0.69%
Mining (1xxx)	1.721	10	5.325	3	10.913	11	1.100	4	0.100	1	17.438	19	19.159	29	18.834	27	2.95%
Oil and gas (13xx)	10.489	19	9.999	18	25.657	34	6.843	14	3.325	6	45.824	72	56.313	91	54.111	86	7.74%
Construction (15xx)	1.545	5	1.475	3	0.100	1	2.000	4	0	0	3.575	8	5.120	13	4.235	12	0.60%
Manufacturing (2xxx, 3xxx)	43.153	90	68.537	114	61.572	102	36.776	61	10.790	20	177.676	297	220.829	387	201.161	351	30.03%
Transportation (4xxx)	7.318	12	13.635	11	6.191	13	3.519	8	0	0	23.345	32	30.663	44	27.396	40	3.95%
Communications (48xx)	21.904	24	11.130	26	11.498	22	2.623	8	1.684	5	26.935	61	48.838	85	38.861	77	4.55%
Electric, gas, sanitary services (49xx)	5.445	9	5.795	11	11.945	16	3.574	5	0.195	1	21.509	33	26.954	42	23.809	38	3.64%
Wholesale (5xxx)	15.926	40	32.094	62	25.937	40	15.816	31	2.480	5	76.327	138	92.254	178	89.914	168	12.90%
Finance, insurance, real estate (6xxx)	10.725	31	20.661	36	17.446	40	11.120	27	3.977	14	53.204	117	63.929	148	60.804	141	8.99%
Services (7xxx)	24.676	60	39.359	60	37.945	63	21.677	43	4.910	15	103.891	181	128.568	241	120.356	223	17.56%
Health services (8xxx)	11.688	22	14.166	33	15.613	34	6.803	15	1.285	3	37.867	85	49.555	107	44.73	100	6.40%
Total	154.840	323	223.287	380	227.717	379	111.951	221	28.745	70	591.701	1050	746.542	1373	688.57	1271	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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