Analysis of bank loan issuance for 13 months through November 2011

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

Rate (L+)

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Below 150 bps	0	0	0	0	0	0	0	0	0	0	0.200	0	0
150	0.300	0.500	0.675	0	0.350	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250
175	0.450	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0
200	0.585	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.610
225	0.450	0.125	0.950	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.200
250	1.158	3.615	3.620	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998
275	0.915	0.502	2.545	3.915	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.275
300	2.335	1.215	8.175	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200	0.735	1.830
325	1.483	0.669	7.006	7.226	6.667	1.910	4.262	1.320	0.510	0.250	0.350	0.235	1.000
350	4.525	0.805	4.995	12.807	2.893	4.400	2.220	1.675	0.205	0.790	0.340	0.730	3.100
375	2.200	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075
400	4.227	1.755	1.580	5.398	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.312
425	2.930	1.410	3.119	0.718	2.785	5.293	2.200	1.315	1.850	0	0	0	1.600
450	3.590	1.165	4.924	1.275	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203	0.050
475	0.806	0.816	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0	0.640	0
500 bps and upward	6.301	8.083	4.638	5.899	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.459	6.835
Fixed rate	0.057	0.170	0	0.888	0	0.087	0	0	0	0.050	0.672	0.030	0.161
NA	12.106	22.142	15.610	13.982	18.810	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.062
Other	0.220	0	0.150	0	0	0	0	0	0.250	0	0	0	0
Prime based	0	0	0	0	0	0.215	0	0	0	0	0	0	0
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	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	0.200	1	0	0	0.200	1	0.200	1	0.200	1	0.03%
150	1.025	4	1.660	3	8.280	16	8.812	15	19.777	34	20.577	42	20.277	35	3.13%
175	7.335	14	13.870	37	7.855	19	0.335	3	29.395	56	30.995	78	30.545	59	4.66%
200	6.645	14	12.617	16	7.128	15	1.105	6	27.494	37	30.128	59	29.543	43	4.36%
225	7.475	20	13.565	23	3.090	13	2.700	8	26.830	49	27.405	67	26.955	50	4.25%
250	11.094	24	8.990	24	5.175	14	1.948	8	27.206	52	31.979	84	30.821	59	4.31%
275	13.180	36	11.221	24	4.367	9	3.155	10	31.923	47	33.340	89	32.425	48	5.06%
300	36.821	54	8.492	22	2.988	6	2.565	11	50.866	49	54.416	109	52.081	53	8.06%
325	20.898	30	7.492	20	1.110	6	1.235	5	30.735	44	32.887	69	31.404	45	4.87%
350	20.695	43	8.295	18	1.335	12	3.830	11	34.155	44	39.485	92	34.960	46	5.41%
375	8.556	25	13.884	25	1.065	3	0.975	3	24.480	29	32.740	66	30.540	32	3.88%
400	8.768	32	7.852	29	2.110	6	0.446	4	19.175	44	25.157	85	20.930	46	3.04%
425	6.622	15	8.808	21	1.850	5	1.600	3	18.879	26	23.219	57	20.289	27	2.99%
450	7.113	20	6.009	29	3.120	10	0.253	4	16.495	35	21.250	77	17.660	37	2.61%
475	2.886	22	7.566	18	0.870	7	0.640	3	11.963	28	13.585	58	12.779	30	1.90%
500 bps and upward	14.735	82	20.125	85	19.060	84	12.294	46	66.214	106	80.598	367	74.297	125	10.49%
Fixed rate	0.888	4	0.087	1	0.722	6	0.191	2	1.888	8	2.115	18	2.058	10	0.30%
NA	48.402	153	76.969	192	41.377	119	25.890	94	192.638	454	226.887	691	214.780	505	30.53%
Other	0.150	1	0	0	0.250	1	0	0	0.400	2	0.620	3	0.400	2	0.06%
Prime based	0	0	0.215	2	0	0	0	0	0.215	2	0.215	2	0.215	2	0.03%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Upsized?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	7.667	13.325	12.541	7.535	3.902	8.665	4.465	4.480	0.670	1.465	2.550	6.964	4.440
No	34.483	36.756	46.686	76.989	69.481	59.598	67.059	73.285	37.507	25.160	42.794	27.518	28.192
Downsized	2.488	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.225	0	1.581	0.134	0.725
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.979	46	17.610	25	4.685	12	11.404	20	57.678	48	78.669	134	71.002	58	9.14%
No	193.156	521	199.942	539	105.461	334	55.710	212	554.269	1074	625.508	1900	591.025	1167	87.85%
Downsized	6.152	26	10.165	25	1.806	6	0.859	4	18.982	23	23.620	80	21.132	28	3.01%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Flex?
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Down	3.665	3.290	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.120
No	38.930	48.551	36.021	69.299	67.656	65.812	70.789	70.675	35.408	26.055	43.544	33.466	28.912
Up	2.043	0.390	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0	2.341	0.510	0.325
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.975	78	10.733	26	3.330	10	4.760	8	60.799	47	67.754	142	64.089	53	9.64%
No	172.976	491	207.276	522	105.007	326	62.378	223	547.637	1069	635.118	1870	596.188	1169	86.80%
Up	8.336	24	9.707	41	3.614	16	0.835	5	22.492	29	24.925	102	22.883	31	3.56%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Type
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Revolver	16.338	27.284	19.770	22.700	33.798	36.568	38.172	42.585	18.590	18.247	25.292	22.140	14.655
TLA	1.105	0.060	3.530	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.925
Term	16.763	19.905	22.474	22.511	13.907	15.609	12.289	9.298	11.227	6.618	13.211	5.552	8.522
Institutional	9.447	3.450	13.655	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.090
Second/third/junior lien	0.670	1.503	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.150
Delayed draw	0.145	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800	0.015
LoC	0.170	0	0.673	0.250	0	0	0	1.800	0.437	0.350	0	0	0
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	76.269	287	117.325	326	62.129	203	36.795	140	292.517	869	336.139	1144	319.801	942	46.36%
TLA	17.686	38	15.575	25	4.625	8	3.325	11	41.211	21	42.376	87	41.271	21	6.53%
Term	58.892	138	37.196	115	31.057	93	14.074	54	141.219	167	177.886	502	161.124	195	22.38%
Institutional	66.413	103	49.559	91	11.337	24	12.514	21	139.823	78	152.719	269	143.273	83	22.16%
Second/third/junior lien	1.360	12	5.446	23	1.896	20	0.450	7	9.152	5	11.325	76	10.655	7	1.45%
Delayed draw	1.745	10	0.815	6	0.121	2	0.815	3	3.496	4	3.671	24	3.526	4	0.55%
LoC	0.923	5	1.800	3	0.787	2	0	0	3.510	4	3.680	12	3.510	4	0.56%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Moody's Rating
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Baa2	0	0	0	0	0	2.000	0	0	0	0	0	0	0
Baa3	0.500	0	0	0.340	1.625	2.400	0	3.900	0	0	0	0	0
Ba1	0	2.200	1.780	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0
Ba2	6.065	0.965	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100
Ba3	5.180	4.230	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.225
B1	9.400	7.630	9.820	13.725	3.495	6.028	8.429	3.985	3.987	0	2.715	0.895	1.430
B2	2.600	1.543	1.382	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060	1.745
B3	0	0.865	1.015	3.713	1.015	0.425	0.610	0.655	0	0	0.200	0	0.175
Caa1	0.320	0.240	0	0.382	0.230	0.580	0.352	0	0.150	0	0.350	0.075	0.075
Caa2	0	0	0	0	0	0.290	0.145	0.080	0	0	0.100	0	0
NR	20.573	34.558	30.080	49.481	49.150	39.482	51.121	55.670	24.685	25.390	37.709	25.841	22.607
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	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	2.000	2	0	0	0	0	2.000	1	2.000	2	2.000	1	0.32%
Baa3	1.965	6	6.300	5	0	0	0	0	8.265	6	8.765	13	8.265	6	1.31%
Ba1	6.280	12	7.090	12	6.285	10	1.600	4	21.255	17	23.455	42	23.455	19	3.37%
Ba2	19.618	34	18.120	41	0.300	2	4.955	9	42.993	41	50.023	102	43.958	43	6.81%
Ba3	24.435	46	15.025	45	5.595	16	7.514	13	52.569	64	61.979	156	56.799	71	8.33%
B1	27.040	66	18.442	56	6.702	28	2.325	11	54.509	84	71.539	199	62.139	91	8.64%
B2	8.883	31	11.330	24	4.484	18	2.805	13	27.502	41	31.645	107	29.045	46	4.36%
B3	5.743	17	1.690	10	0.200	1	0.175	1	7.808	15	8.673	33	8.673	17	1.24%
Caa1	0.612	5	0.932	10	0.500	2	0.150	2	2.194	2	2.754	23	2.434	3	0.35%
Caa2	0	0	0.515	4	0.100	1	0	0	0.615	1	0.615	5	0.615	1	0.10%
NR	128.711	376	146.273	380	87.785	274	48.449	183	411.218	875	466.349	1432	445.776	957	65.18%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	5.122	1.073	6.665	5.766	2.397	6.100	13.307	9.035	8.600	1.760	8.335	4.258	4.832
Capex	0.957	0.275	1.009	0.575	0	0	0.650	0.146	0.150	0.150	0	0	0
Dividend/recap	11.824	2.615	3.255	7.343	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150
Exit financing	0.800	1.110	1.345	0.080	0.090	0	0	0	0	0	0	0	0
GCP	1.828	9.570	7.057	1.451	6.625	9.290	0.650	3.270	2.795	6.270	2.875	6.237	3.000
LBO	3.835	5.340	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865	8.681	4.949	5.567
Redeem notes	0	0	0	0	0	0	0	0	0	0	0	0	0.150
Refinance	10.793	19.986	21.259	61.958	42.012	38.470	37.685	30.599	5.195	5.973	8.772	1.958	6.525
Repay bank debt	0	0	0	0	0	0	0	0	0	0	0	1.475	1.650
Multiple/Other/NA	9.479	12.262	12.740	7.413	16.214	10.910	19.314	30.653	15.373	11.608	18.166	15.605	11.482
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.829	21	28.442	37	18.695	28	9.090	20	71.056	105	77.251	120	72.129	110	11.26%
Capex	1.584	5	0.796	3	0.300	2	0	0	2.680	10	3.911	14	2.955	11	0.42%
Dividend/recap	12.283	25	8.706	25	1.071	6	0.284	2	22.343	58	36.782	91	24.958	66	3.54%
Exit financing	1.515	3	0	0	0	0	0	0	1.515	3	3.425	8	2.625	6	0.24%
GCP	15.133	44	13.210	31	11.940	31	9.238	24	49.520	130	60.918	154	59.090	146	7.85%
LBO	16.347	26	8.933	22	14.860	24	10.517	21	50.656	93	59.831	110	55.996	101	8.03%
Redeem notes	0	0	0	0	0	0	0.150	1	0.150	1	0.150	1	0.150	1	0.02%
Refinance	125.230	181	106.754	138	19.940	41	8.483	16	260.405	376	291.184	442	280.391	415	41.27%
Repay bank debt	0	0	0	0	0	0	3.125	8	3.125	8	3.125	8	3.125	8	0.50%
Multiple/Other/NA	36.367	76	60.877	123	45.146	89	27.087	72	169.478	360	191.219	417	181.740	388	26.86%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Agriculture (0xxx)	0.250	0	0	0.885	0.225	0	1.250	1.650	0	0.100	0	0	0.100
Mining (1xxx)	0.431	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0	1.100	0
Oil and gas (13xx)	3.457	4.830	1.934	3.600	4.465	8.248	11.595	5.815	0.850	2.725	3.268	3.325	1.375
Construction (15xx)	0.150	0.510	0	1.015	0.460	0	0	0.100	0	1.500	0.500	0	0.750
Manufacturing (2xxx, 3xxx)	12.425	11.060	23.643	27.551	17.343	18.649	16.887	26.035	14.440	8.365	13.972	12.120	7.772
Transportation (4xxx)	3.501	0.550	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325	0.425	0	1.060
Communications (48xx)	2.966	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641
Electric, gas, sanitary services (49xx)	0.950	1.350	0.525	1.670	3.600	1.500	4.810	5.635	3.574	0	0	2.695	0
Wholesale (5xxx)	7.385	6.201	7.455	14.301	10.338	14.802	4.330	6.806	4.620	2.545	8.650	3.110	3.038
Finance, insurance, real estate (6xxx)	1.545	6.055	7.865	10.806	1.990	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247
Services (7xxx)	7.555	8.910	11.724	14.891	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.625
Health services (8xxx)	4.023	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750
Total	44.638	52.231	61.197	87.806	74.284	69.205	77.192	81.320	38.402	26.625	46.925	34.616	33.357
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.110	3	2.900	3	0.100	1	0.100	1	4.210	8	4.460	9	4.210	8	0.67%
Mining (1xxx)	5.325	3	10.913	11	1.100	4	1.100	2	18.438	20	19.834	28	19.403	24	2.92%
Oil and gas (13xx)	9.999	18	25.657	34	6.843	14	4.700	10	47.199	76	55.486	90	52.029	82	7.48%
Construction (15xx)	1.475	3	0.100	1	2.000	4	0.750	1	4.325	9	4.985	13	4.835	12	0.69%
Manufacturing (2xxx, 3xxx)	68.537	114	61.572	102	36.776	61	19.892	46	186.778	323	210.263	377	197.838	349	29.60%
Transportation (4xxx)	13.635	11	6.191	13	3.519	8	1.060	3	24.405	35	28.456	43	24.955	37	3.87%
Communications (48xx)	11.130	26	11.498	22	2.623	8	7.325	19	32.576	75	44.502	91	41.536	81	5.16%
Electric, gas, sanitary services (49xx)	5.795	11	11.945	16	3.574	5	2.695	2	24.009	34	26.309	39	25.359	36	3.81%
Wholesale (5xxx)	32.094	62	25.937	40	15.816	31	6.147	17	79.995	150	93.581	180	86.196	168	12.68%
Finance, insurance, real estate (6xxx)	20.661	36	17.446	40	11.120	27	6.609	24	55.836	127	63.436	151	61.891	143	8.85%
Services (7xxx)	39.359	60	37.945	63	21.677	43	11.585	33	110.566	199	127.031	241	119.476	218	17.52%
Health services (8xxx)	14.166	33	15.613	34	6.803	15	6.010	6	42.592	88	49.455	103	45.432	94	6.75%
Total	223.287	380	227.717	379	111.951	221	67.973	164	630.929	1144	727.797	1365	683.160	1252	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.