Analysis of bank loan issuance for 13 months through January 2011

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

Rate (L+)

	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Below 150 bps	0	0	0	0	0	0	0	0	0	0	1.051	1.000	0
150	0	0	0	0	0	0	0	0	0	0	0.300	0.500	0.100
175	0	0	0	0	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150	0.600
200	0	0	0.725	0	0	0	0	0.670	0	2.713	0.585	2.048	1.000
225	0.130	0	1.130	1.500	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125	0.700
250	0.956	0	0	0	1.600	5.877	0.541	2.010	4.030	2.980	1.158	3.615	2.675
275	1.500	0.550	0.900	0.100	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.502	1.845
300	1.690	1.886	3.225	6.120	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.215	3.875
325	0.075	1.734	1.272	1.975	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669	2.556
350	4.136	0.955	6.492	3.875	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805	2.548
375	3.254	0.325	2.810	1.295	1.070	0	0.675	0.400	1.770	2.345	2.200	6.060	1.404
400	1.250	2.554	2.260	2.241	0.840	1.800	2.035	0.665	3.479	4.775	4.227	1.755	0.830
425	0.100	0.567	1.560	1.360	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410	3.319
450	0.904	0.068	0.127	1.808	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165	4.615
475	1.386	0.750	0.853	0	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816	0.010
500 bps and upward	3.015	2.457	3.697	5.050	8.675	4.199	4.040	2.697	6.804	5.597	6.301	7.948	2.580
Fixed rate	0.515	0	0.135	0	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170	0
NA	2.690	2.690	9.746	3.056	6.350	5.532	7.230	5.547	11.325	14.778	12.106	21.802	27.983
Other	0	0	0	0.078	0.180	0	0	0	0	0	0.220	0.650	0
Prime based	0	0	0	0	0.018	0	0	0	0	0	0	0	0
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0	0	2.051	6	0	0	0	0	2.051	6	2.051	4	0.00%
150	0	0	0	0	0	0	0.800	4	0.100	1	0.100	1	0.900	5	0.900	4	0.18%
175	0	0	0.100	1	1.135	3	2.520	8	0.600	3	0.600	3	4.355	15	4.355	15	1.06%
200	0.725	2	0	0	0.670	3	5.346	17	1.000	2	1.000	1	7.741	24	7.741	18	1.77%
225	1.260	2	4.815	7	1.657	5	3.415	14	0.700	3	0.700	3	11.848	31	11.717	24	1.24%
250	0.956	1	7.477	16	6.581	19	7.753	23	2.675	9	2.675	8	25.442	68	24.486	50	4.72%
275	2.950	7	2.025	9	5.762	14	5.051	20	1.845	5	1.845	3	17.634	55	16.134	29	3.26%
300	6.801	12	15.709	29	8.529	25	6.420	21	3.875	4	3.875	1	41.334	91	39.644	62	6.84%
325	3.081	10	8.205	17	1.033	4	2.698	13	2.556	5	2.556	4	17.573	49	17.498	30	4.51%
350	11.584	25	8.877	22	3.720	12	7.273	16	2.548	4	2.548	3	34.001	79	29.865	46	4.50%
375	6.389	15	2.365	6	2.845	15	10.605	15	1.404	5	1.404	3	23.608	56	20.354	28	2.48%
400	6.064	34	4.881	24	6.179	22	10.757	23	0.830	2	0.830	2	28.710	105	27.460	48	1.47%
425	2.227	7	2.615	13	6.730	14	11.560	19	3.319	5	3.319	2	26.451	58	26.351	32	5.86%
450	1.099	3	7.832	33	13.465	26	7.536	23	4.615	5	4.615	4	34.548	90	33.644	44	8.15%
475	2.989	8	0.475	2	3.895	9	1.972	10	0.010	1	0.010	1	9.341	30	7.955	17	0.02%
500 bps and upward	9.169	38	17.924	54	13.542	58	19.846	100	2.580	12	2.580	4	63.061	262	60.046	132	4.56%
Fixed rate	0.650	5	0.922	7	0.914	5	1.906	10	0	0	0	0	4.393	27	3.877	14	0.00%
NA	15.126	57	14.938	66	24.102	75	48.687	170	27.983	76	27.983	49	130.835	444	128.145	309	49.41%
Other	0	0	0.258	2	0	0	0.870	2	0	0	0	0	1.128	4	1.128	4	0.00%
Prime based	0	0	0.018	1	0	0	0	0	0	0	0	0	0.018	1	0.018	1	0.00%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Upsized?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Yes	4.065	0.405	2.195	6.902	5.604	4.930	3.498	5.277	7.498	5.005	7.667	13.325	9.215
No	15.941	12.942	30.341	19.070	30.630	26.600	22.721	19.982	38.793	50.899	35.534	37.931	45.715
Downsized	1.595	1.189	2.396	2.485	2.410	0.805	1.380	0.780	0.830	2.068	2.488	2.150	1.710
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	6.665	18	17.437	28	16.273	27	25.997	42	9.215	14	9.215	7	75.587	129	71.522	75	16.27%
No	59.224	192	76.300	269	81.497	267	124.363	448	45.715	121	45.715	81	387.099	1297	371.158	794	80.71%
Downsized	5.180	16	5.700	12	2.990	15	6.706	24	1.710	7	1.710	2	22.286	74	20.691	40	3.02%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Flex?
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Down	6.331	1.012	1.235	5.449	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.285	12.114
No	15.270	12.307	31.914	22.599	31.405	27.009	22.742	25.209	34.833	49.362	39.981	49.731	42.495
Up	0	1.217	1.782	0.410	6.670	2.711	1.812	0.355	2.505	1.040	2.043	0.390	2.031
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	8.578	28	8.633	25	13.303	22	14.520	33	12.114	19	12.114	11	57.149	127	50.818	53	21.39%
No	59.491	189	81.013	251	82.785	273	139.073	462	42.495	120	42.495	78	404.858	1295	389.588	822	75.03%
Up	2.999	9	9.790	33	4.671	14	3.473	19	2.031	3	2.031	1	22.965	78	22.965	34	3.59%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Type
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Revolver	8.286	6.469	17.209	9.649	19.828	13.242	12.065	13.167	18.806	26.600	17.018	28.264	17.361
TLA	0.674	0.472	0.800	0.400	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0.060	3.190
Term	10.531	6.214	9.473	11.131	13.202	6.723	10.575	5.652	9.149	20.181	16.859	20.100	20.655
Institutional	1.935	1.156	7.135	6.890	3.724	5.971	3.744	5.690	12.653	7.107	9.447	3.450	13.976
Second/third/junior lien	0.175	0.185	0.315	0.235	0.230	0.145	0	0.140	0.404	0.940	0.670	1.503	0.505
Delayed draw	0	0.040	0	0.152	0.750	0.517	0	0.567	0.125	0	0.420	0.030	0.280
LoC	0	0	0	0	0.350	0.800	0.020	0	0.190	0.822	0.170	0	0.673
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	31.964	122	42.719	163	44.038	162	71.882	278	17.361	72	17.361	61	207.964	797	199.678	618	30.65%
TLA	1.946	6	5.898	15	7.813	19	3.487	13	3.190	8	3.190	4	22.334	61	21.660	13	5.63%
Term	26.218	74	31.055	83	25.375	75	57.139	143	20.655	39	20.655	18	160.443	414	149.912	198	36.47%
Institutional	10.226	18	16.585	33	22.087	40	20.004	47	13.976	15	13.976	7	82.878	153	80.943	64	24.68%
Second/third/junior lien	0.675	5	0.610	5	0.544	5	3.113	20	0.505	4	0.505	1	5.447	39	5.272	8	0.89%
Delayed draw	0.040	1	1.419	7	0.692	6	0.450	5	0.280	2	0.280	1	2.881	21	2.881	4	0.49%
LoC	0	0	1.150	3	0.210	2	0.992	8	0.673	2	0.673	2	3.025	15	3.025	8	1.19%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Moody's Rating
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Baa2	0	0	0.850	0	0	0	0	0	0	0	0	0	0
Baa3	1.100	0.400	0.575	1.525	0.350	2.675	0	0	0	5.000	0.500	0	0
Ba1	0.495	0	2.500	0.450	0.500	3.415	0.800	0.665	0.800	2.075	0	2.200	2.105
Ba2	2.125	1.740	7.390	5.360	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.965	1.375
Ba3	2.975	1.865	1.794	4.585	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230	6.371
B1	2.320	1.939	0.620	5.899	1.575	1.470	2.700	1.140	5.218	3.710	9.400	7.630	5.070
B2	2.366	0.275	0.611	1.915	2.414	0	0.860	0.675	2.120	0.757	2.600	1.538	0.525
B3	0	0	0.375	0.330	0.200	0.260	0.435	0.180	0.135	0.575	0	0.735	0
Caa1	0.175	0	0.150	0	0	0	0	0	0.180	0.365	0.320	0.240	0
NR	10.045	8.317	20.067	8.394	22.810	13.390	16.908	18.585	23.952	34.874	21.624	35.868	41.194
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0.850	2	0	0	0	0	0	0	0	0	0	0	0.850	2	0.850	1	0.00%
Baa3	2.075	5	4.550	8	0	0	5.500	3	0	0	0	0	12.125	16	11.025	8	0.00%
Ba1	2.995	4	4.365	8	2.265	5	4.275	11	2.105	5	2.105	3	16.005	33	15.510	19	3.72%
Ba2	11.255	24	13.783	27	8.883	20	10.345	21	1.375	4	1.375	2	45.640	96	43.515	48	2.43%
Ba3	6.634	19	18.083	46	16.523	34	16.710	52	6.371	8	6.371	6	64.320	159	61.346	76	11.25%
B1	4.879	23	8.944	30	9.058	33	20.740	52	5.070	17	5.070	8	48.691	155	46.370	76	8.95%
B2	3.252	18	4.330	17	3.655	10	4.896	26	0.525	3	0.525	2	16.657	74	14.291	35	0.93%
B3	0.375	3	0.790	5	0.750	7	1.310	5	0	0	0	0	3.225	20	3.225	11	0.00%
Caa1	0.325	2	0	0	0.180	1	0.925	6	0	0	0	0	1.430	9	1.255	5	0.00%
NR	38.428	126	44.593	168	59.446	199	92.366	338	41.194	105	41.194	69	276.028	936	265.983	631	72.73%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Use of Proceeds
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Acquisition	1.090	1.023	7.069	5.548	0.910	5.130	2.385	1.245	8.415	8.497	5.122	1.073	5.900
Capex	1.270	0	0.665	0.165	4.750	0.567	0.472	0.675	1.070	2.935	0.957	0.275	0.790
Dividend/recap	0.575	0.975	2.547	1.980	0.120	0.305	0.904	1.786	1.793	5.895	11.920	2.610	3.100
Exit financing	6.715	0.109	2.250	0.330	2.160	0.772	0.591	1.550	0.600	0.195	0.800	1.075	1.345
GCP	1.971	1.330	1.545	1.128	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.545	5.607
LBO	3.145	0.340	0.720	1.431	5.870	4.396	3.695	3.115	4.905	2.429	3.835	5.340	7.580
Refinance	6.385	10.384	14.307	17.216	15.886	13.431	12.151	8.610	19.019	16.020	11.473	21.226	18.289
Multiple/Other/NA	0.450	0.375	5.828	0.660	6.199	6.562	6.750	5.248	9.954	10.970	9.755	12.262	14.029
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	9.182	13	11.588	16	12.045	18	14.691	29	5.900	9	5.900	9	53.406	84	52.316	80	10.42%
Capex	1.935	5	5.482	9	2.217	10	4.166	8	0.790	2	0.790	2	14.591	34	13.321	32	1.39%
Dividend/recap	4.098	13	2.405	6	4.484	11	20.425	41	3.100	5	3.100	5	34.511	76	33.936	73	5.47%
Exit financing	9.074	9	3.263	12	2.741	7	2.070	7	1.345	2	1.345	2	18.493	37	11.778	30	2.37%
GCP	4.846	16	5.050	15	5.825	18	22.403	39	5.607	10	5.607	10	43.731	98	41.760	91	9.90%
LBO	4.205	7	11.696	25	11.715	18	11.604	26	7.580	8	7.580	8	46.800	84	43.656	81	13.38%
Refinance	31.076	68	46.533	83	39.780	67	48.719	105	18.289	33	18.289	33	184.398	356	178.013	342	32.29%
Multiple/Other/NA	6.653	11	13.420	27	21.952	50	32.987	72	14.029	21	14.029	21	89.042	181	88.592	180	24.77%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	100.00%
Industry Sector (by SIC code)
	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011
Agriculture (0xxx)	0.780	1.200	0	0.475	0	0.865	0	0.950	0.700	0	0.250	0	0
Mining (1xxx)	0	0.350	0	0.723	2.350	2.000	0.950	0.850	0	0.325	0.527	0.965	2.725
Oil and gas (13xx)	0.100	0.900	4.015	2.125	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830	0.600
Construction (15xx)	0	0.550	0.120	0	0.700	0.365	1.100	0.275	0	0.885	0.425	0.475	0
Manufacturing (2xxx, 3xxx)	6.380	2.825	11.120	4.417	13.201	7.639	3.210	9.402	19.793	19.667	13.105	12.035	23.332
Transportation (4xxx)	0.225	0.750	2.360	0.100	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.790	0
Communications (48xx)	1.304	0.745	2.398	1.915	4.269	0	1.028	0.270	3.665	9.977	2.966	8.960	1.515
Electric, gas, sanitary services (49xx)	0.220	0.820	0	1.109	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350	0.525
Wholesale (5xxx)	1.057	1.049	5.358	1.369	4.325	1.240	1.344	5.281	4.675	2.340	7.385	6.201	7.165
Finance, insurance, real estate (6xxx)	3.045	0.623	2.832	3.955	1.865	3.604	6.595	1.580	1.785	3.125	1.545	6.055	6.215
Services (7xxx)	8.000	2.826	5.524	11.945	6.285	5.456	6.211	3.839	1.476	8.212	7.555	8.905	11.624
Health services (8xxx)	0.490	1.898	1.205	0.326	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840	2.939
Total	21.601	14.536	34.932	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.406	56.640
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	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	0	0	0	0	5.220	9	4.440	8	0.00%
Mining (1xxx)	0.350	2	5.072	7	1.800	3	1.817	10	2.725	1	2.725	1	11.764	23	11.764	23	4.81%
Oil and gas (13xx)	5.015	13	6.471	17	13.688	20	10.489	19	0.600	1	0.600	1	36.263	70	36.163	69	1.06%
Construction (15xx)	0.670	2	1.065	3	1.375	2	1.785	6	0	0	0	0	4.895	13	4.895	13	0.00%
Manufacturing (2xxx, 3xxx)	20.325	40	25.257	52	32.404	56	44.808	92	23.332	35	23.332	35	146.126	275	139.746	263	41.19%
Transportation (4xxx)	3.335	6	1.477	5	0.738	4	7.558	13	0	0	0	0	13.108	28	12.883	27	0.00%
Communications (48xx)	4.447	11	6.183	13	4.963	11	21.904	24	1.515	2	1.515	2	39.012	61	37.708	56	2.67%
Electric, gas, sanitary services (49xx)	1.040	3	5.734	7	4.563	6	5.445	9	0.525	1	0.525	1	17.306	26	17.086	25	0.93%
Wholesale (5xxx)	7.464	12	6.934	20	11.300	24	15.926	40	7.165	16	7.165	16	48.790	112	47.732	109	12.65%
Finance, insurance, real estate (6xxx)	6.500	14	9.424	17	9.960	24	10.725	31	6.215	10	6.215	10	42.824	96	39.779	91	10.97%
Services (7xxx)	16.350	26	23.686	37	11.526	33	24.671	60	11.624	16	11.624	16	87.857	172	79.857	162	20.52%
Health services (8xxx)	3.593	10	6.795	13	6.792	12	11.688	22	2.939	8	2.939	8	31.806	65	31.316	63	5.19%
Total	71.069	141	99.437	193	100.760	199	157.066	327	56.640	90	56.640	90	484.972	950	463.371	909	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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