Analysis of bank loan issuance for 13 months through February 2011

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

Rate (L+)

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Below 150 bps	0	0	0	0	0	0	0	0	0	1.051	1.000	0	0
150	0	0	0	0	0	0	0	0	0	0.300	0.500	0.675	0
175	0	0	0	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150	0.600	0.500
200	0	0.725	0	0	0	0	0.670	0	2.713	0.585	2.048	1.000	5.970
225	0	1.130	1.500	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125	0.950	0.300
250	0	0	0	1.600	5.877	0.541	2.010	4.030	2.980	1.158	3.615	3.620	1.640
275	0.550	0.900	0.100	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.502	2.545	2.815
300	1.886	3.225	6.120	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.215	8.175	21.960
325	1.734	2.122	1.975	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669	7.331	11.341
350	0.955	6.192	3.875	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805	4.995	11.432
375	0.325	2.810	1.295	1.070	0	0.675	0.400	1.770	2.345	2.200	6.060	1.479	1.205
400	2.554	2.260	2.241	0.840	1.800	2.035	0.665	3.479	4.775	4.227	1.755	1.580	4.205
425	0.567	1.560	1.360	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410	3.354	0.660
450	0.068	0.127	1.808	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165	4.924	1.080
475	0.750	0.853	0	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816	0.132	3.555
500 bps and upward	2.457	3.697	5.050	8.675	4.199	4.040	2.697	6.804	5.597	6.301	8.083	4.638	4.095
Fixed rate	0	0.135	0	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170	0	0.888
NA	2.690	9.746	3.056	6.350	5.532	7.230	5.547	11.325	14.778	12.106	22.382	15.860	14.998
Other	0	0	0.078	0.180	0	0	0	0	0	0.220	0	0.150	0
Prime based	0	0	0	0.018	0	0	0	0	0	0	0	0	0
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	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	2.051	6	0	0	0	0	2.051	6	2.051	4	0.00%
150	0	0	0	0	0.800	4	0.675	3	0.675	2	1.475	7	1.475	5	0.45%
175	0.100	1	1.135	3	2.520	8	1.100	4	1.100	4	4.855	16	4.855	16	0.74%
200	0	0	0.670	3	5.346	17	6.970	10	6.970	6	13.711	32	13.711	23	4.69%
225	4.815	7	1.657	5	3.415	14	1.250	6	1.250	6	12.268	33	12.268	27	0.84%
250	7.477	16	6.581	19	7.753	23	5.260	14	5.260	10	27.071	72	27.071	52	3.54%
275	2.025	9	5.762	14	5.051	20	5.360	17	5.360	10	19.649	64	19.099	35	3.61%
300	15.709	29	8.529	25	6.420	21	30.135	34	30.135	16	65.904	119	64.018	74	20.27%
325	8.205	17	1.033	4	2.698	13	18.672	27	18.672	21	34.464	71	32.730	45	12.56%
350	8.877	22	3.720	12	7.273	16	16.427	28	16.427	14	43.444	94	42.489	53	11.05%
375	2.365	6	2.845	15	10.605	15	2.684	12	2.684	7	21.634	55	21.309	32	1.81%
400	4.881	24	6.179	22	10.757	23	5.785	17	5.785	10	32.416	111	29.862	48	3.89%
425	2.615	13	6.730	14	11.560	19	4.014	10	4.014	6	27.046	62	26.479	33	2.70%
450	7.832	33	13.465	26	7.536	23	6.004	15	6.004	9	35.033	99	34.965	49	4.04%
475	0.475	2	3.895	9	1.972	10	3.687	14	3.687	7	11.631	40	10.881	23	2.48%
500 bps and upward	17.924	54	13.542	58	19.981	101	8.732	46	8.732	16	66.333	290	63.876	139	5.87%
Fixed rate	0.922	7	0.914	5	1.906	10	0.888	4	0.888	4	4.766	28	4.766	18	0.60%
NA	14.938	66	24.102	75	49.267	172	30.858	103	30.858	80	131.600	456	128.910	329	20.76%
Other	0.258	2	0	0	0.220	1	0.150	1	0.150	1	0.628	4	0.628	4	0.10%
Prime based	0.018	1	0	0	0	0	0	0	0	0	0.018	1	0.018	1	0.00%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Upsized?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.405	2.195	6.902	5.604	4.930	3.498	5.277	7.498	5.005	7.667	13.325	12.776	4.405
No	12.942	30.891	19.070	30.630	26.600	22.721	19.982	38.793	50.899	35.534	37.996	47.261	81.459
Downsized	1.189	2.396	2.485	2.410	0.805	1.380	0.780	0.830	2.068	2.488	2.150	1.970	0.780
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	17.437	28	16.273	27	25.997	42	17.181	33	17.181	14	79.488	140	79.083	81	11.56%
No	76.300	269	81.497	267	124.428	450	128.721	322	128.721	210	454.778	1448	441.836	889	86.59%
Downsized	5.700	12	2.990	15	6.706	24	2.750	10	2.750	5	21.731	72	20.542	40	1.85%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Flex?
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Down	1.012	1.235	5.449	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.290	22.829	9.158
No	12.307	32.464	22.599	31.405	27.009	22.742	25.209	34.833	49.362	39.981	49.791	36.831	77.012
Up	1.217	1.782	0.410	6.670	2.711	1.812	0.355	2.505	1.040	2.043	0.390	2.347	0.475
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	8.633	25	13.303	22	14.525	33	31.987	52	31.987	25	70.695	144	69.683	64	21.52%
No	81.013	251	82.785	273	139.133	464	113.843	305	113.843	199	461.546	1433	449.239	910	76.58%
Up	9.790	33	4.671	14	3.473	19	2.822	8	2.822	4	23.756	83	22.540	35	1.90%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Type
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Revolver	6.469	16.909	9.649	19.828	13.242	12.065	13.167	18.806	26.600	17.018	28.294	20.345	19.550
TLA	0.472	0.800	0.400	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0.060	3.530	7.208
Term	6.214	10.323	11.131	13.202	6.723	10.575	5.652	9.149	20.181	16.859	20.135	22.474	24.147
Institutional	1.156	7.135	6.890	3.724	5.971	3.744	5.690	12.653	7.107	9.447	3.450	13.890	33.558
Second/third/junior lien	0.185	0.315	0.235	0.230	0.145	0	0.140	0.404	0.940	0.670	1.503	0.440	0.831
Delayed draw	0.040	0	0.152	0.750	0.517	0	0.567	0.125	0	0.420	0.030	0.655	1.040
LoC	0	0	0	0.350	0.800	0.020	0	0.190	0.822	0.170	0	0.673	0.310
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	42.719	163	44.038	162	71.912	279	39.895	159	39.895	140	221.942	848	215.473	670	26.84%
TLA	5.898	15	7.813	19	3.487	13	10.738	22	10.738	7	29.208	73	28.736	15	7.22%
Term	31.055	83	25.375	75	57.174	144	46.621	98	46.621	49	176.763	454	170.549	221	31.36%
Institutional	16.585	33	22.087	40	20.004	47	47.449	62	47.449	27	114.416	195	113.260	83	31.92%
Second/third/junior lien	0.610	5	0.544	5	3.113	20	1.271	9	1.271	3	6.038	43	5.853	9	0.86%
Delayed draw	1.419	7	0.692	6	0.450	5	1.695	10	1.695	1	4.296	29	4.256	4	1.14%
LoC	1.150	3	0.210	2	0.992	8	0.983	5	0.983	2	3.335	18	3.335	8	0.66%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Moody's Rating
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Baa2	0	0.850	0	0	0	0	0	0	0	0	0	0	0
Baa3	0.400	0.575	1.525	0.350	2.675	0	0	0	5.000	0.500	0	0	0.340
Ba1	0	2.500	0.450	0.500	3.415	0.800	0.665	0.800	2.075	0	2.200	2.105	0
Ba2	1.740	7.940	5.360	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.965	2.720	8.838
Ba3	1.865	1.794	4.585	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230	11.700	3.947
B1	1.939	0.620	5.899	1.575	1.470	2.700	1.140	5.218	3.710	9.400	7.630	10.055	11.370
B2	0.275	0.611	1.915	2.414	0	0.860	0.675	2.120	0.757	2.600	1.543	1.382	5.520
B3	0	0.375	0.330	0.200	0.260	0.435	0.180	0.135	0.575	0	0.865	1.015	2.920
Caa1	0	0.150	0	0	0	0	0	0.180	0.365	0.320	0.240	0	0.192
NR	8.317	20.067	8.394	22.810	13.390	16.908	18.585	23.952	34.874	21.624	35.798	33.030	53.517
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	0	0	0	0	0.850	2	0.850	1	0.00%
Baa3	4.550	8	0	0	5.500	3	0.340	2	0.340	1	11.365	16	10.965	8	0.23%
Ba1	4.365	8	2.265	5	4.275	11	2.105	5	2.105	3	15.510	31	15.510	19	1.42%
Ba2	13.783	27	8.883	20	10.345	21	11.558	21	11.558	10	54.248	109	52.508	54	7.78%
Ba3	18.083	46	16.523	34	16.710	52	15.648	28	15.648	19	70.622	175	68.757	86	10.53%
B1	8.944	30	9.058	33	20.740	52	21.425	50	21.425	24	62.725	179	60.786	86	14.41%
B2	4.330	17	3.655	10	4.901	26	6.902	21	6.902	11	20.673	81	20.398	43	4.64%
B3	0.790	5	0.750	7	1.440	6	3.935	10	3.935	6	7.290	31	7.290	18	2.65%
Caa1	0	0	0.180	1	0.925	6	0.192	2	0.192	1	1.447	10	1.447	5	0.13%
NR	44.593	168	59.446	199	92.296	339	86.547	226	86.547	154	311.266	1026	302.949	690	58.22%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	1.023	7.069	5.548	0.910	5.130	2.385	1.245	8.415	8.497	5.122	1.073	6.665	4.976
Capex	0	0.665	0.165	4.750	0.567	0.472	0.675	1.070	2.935	0.957	0.275	1.009	0.525
Dividend/recap	0.975	2.547	1.980	0.120	0.305	0.904	1.786	1.793	5.895	11.920	2.615	3.255	7.385
Exit financing	0.109	2.250	0.330	2.160	0.772	0.591	1.550	0.600	0.195	0.800	1.110	1.345	0.080
GCP	1.330	1.545	1.128	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.570	7.057	1.421
LBO	0.340	0.720	1.431	5.870	4.396	3.695	3.115	4.905	2.429	3.835	5.340	7.867	3.220
Refinance	10.384	14.857	17.216	15.886	13.431	12.151	8.610	19.019	16.020	11.473	21.226	21.819	61.824
Multiple/Other/NA	0.375	5.828	0.660	6.199	6.562	6.750	5.248	9.954	10.970	9.755	12.262	12.990	7.213
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.588	16	12.045	18	14.691	29	11.641	12	11.641	12	58.057	83	57.034	80	7.83%
Capex	5.482	9	2.217	10	4.166	8	1.534	5	1.534	5	14.065	35	14.065	35	1.03%
Dividend/recap	2.405	6	4.484	11	20.430	41	10.640	18	10.640	18	41.481	86	40.506	83	7.16%
Exit financing	3.263	12	2.741	7	2.105	7	1.425	3	1.425	3	11.893	31	11.784	30	0.96%
GCP	5.050	15	5.825	18	22.428	40	8.478	20	8.478	20	44.656	102	43.326	96	5.70%
LBO	11.696	25	11.715	18	11.604	26	11.087	16	11.087	16	47.163	89	46.822	87	7.46%
Refinance	46.533	83	39.780	67	48.719	105	83.644	110	83.644	110	243.917	419	233.533	398	56.27%
Multiple/Other/NA	13.420	27	21.952	50	32.987	72	20.203	44	20.203	44	94.766	203	94.391	200	13.59%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	1.200	0	0.475	0	0.865	0	0.950	0.700	0	0.250	0	0	0.885
Mining (1xxx)	0.350	0	0.723	2.350	2.000	0.950	0.850	0	0.325	0.527	0.965	2.725	1.000
Oil and gas (13xx)	0.900	4.015	2.125	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830	1.934	3.720
Construction (15xx)	0.550	0.120	0	0.700	0.365	1.100	0.275	0	0.885	0.425	0.510	0	0.700
Manufacturing (2xxx, 3xxx)	2.825	11.669	4.417	13.201	7.639	3.210	9.402	19.793	19.667	13.105	12.060	23.643	27.431
Transportation (4xxx)	0.750	2.360	0.100	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.790	0.825	0.375
Communications (48xx)	0.745	2.398	1.915	4.269	0	1.028	0.270	3.665	9.977	2.966	8.960	1.765	5.011
Electric, gas, sanitary services (49xx)	0.820	0	1.109	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350	0.525	1.620
Wholesale (5xxx)	1.049	5.358	1.369	4.325	1.240	1.344	5.281	4.675	2.340	7.385	6.201	7.455	14.306
Finance, insurance, real estate (6xxx)	0.623	2.832	3.955	1.865	3.604	6.595	1.580	1.785	3.125	1.545	6.055	7.865	9.891
Services (7xxx)	2.826	5.524	11.945	6.285	5.456	6.211	3.839	1.476	8.212	7.555	8.910	12.284	15.526
Health services (8xxx)	1.898	1.205	0.326	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840	2.986	6.179
Total	14.536	35.482	28.457	38.645	32.335	27.599	26.039	47.121	57.972	45.689	53.471	62.007	86.644
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.340	2	1.650	4	0.250	1	0.885	2	0.885	2	5.325	10	4.125	9	0.60%
Mining (1xxx)	5.072	7	1.800	3	1.817	10	3.725	2	3.725	2	12.764	24	12.415	22	2.51%
Oil and gas (13xx)	6.471	17	13.688	20	10.489	19	5.654	12	5.654	12	41.217	80	40.317	75	3.80%
Construction (15xx)	1.065	3	1.375	2	1.820	6	0.700	1	0.700	1	5.630	14	5.080	13	0.47%
Manufacturing (2xxx, 3xxx)	25.257	52	32.404	56	44.833	93	51.074	69	51.074	69	168.063	298	165.238	289	34.36%
Transportation (4xxx)	1.477	5	0.738	4	7.558	13	1.200	4	1.200	4	14.083	31	13.333	30	0.81%
Communications (48xx)	6.183	13	4.963	11	21.904	24	6.776	14	6.776	14	42.969	68	42.224	66	4.56%
Electric, gas, sanitary services (49xx)	5.734	7	4.563	6	5.445	9	2.145	4	2.145	4	18.706	28	17.886	26	1.44%
Wholesale (5xxx)	6.934	20	11.300	24	15.926	40	21.761	39	21.761	39	62.329	132	61.280	129	14.64%
Finance, insurance, real estate (6xxx)	9.424	17	9.960	24	10.725	31	17.756	25	17.756	25	51.320	106	50.697	104	11.94%
Services (7xxx)	23.686	37	11.526	33	24.676	60	27.810	37	27.810	37	96.048	183	93.222	177	18.71%
Health services (8xxx)	6.795	13	6.792	12	11.688	22	9.165	18	9.165	18	37.543	73	35.645	68	6.17%
Total	99.437	193	100.760	199	157.131	328	148.652	227	148.652	227	555.997	1047	541.461	1008	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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