Analysis of bank loan issuance for 13 months through April 2011

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

Rate (L+)

	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Below 150 bps	0	0	0	0	0	0	0	1.051	1.000	0	0	0	0
150	0	0	0	0	0	0	0	0.300	0.500	0.675	0	0.350	0.210
175	0	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150	0.600	2.425	4.310	2.600
200	0	0	0	0	0.670	0	2.713	0.585	2.048	1.000	4.620	1.025	1.000
225	1.500	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125	0.950	0.315	6.210	5.775
250	0	1.600	5.877	0.541	2.010	4.030	2.980	1.158	3.615	3.620	1.640	4.833	5.485
275	0.100	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.502	2.545	3.915	6.069	0.350
300	6.120	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.215	8.175	22.324	6.247	0.742
325	1.975	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669	7.331	7.226	6.667	6.165
350	3.875	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805	4.995	12.807	2.712	2.440
375	1.295	1.070	0	0.675	0.400	1.770	2.345	2.200	6.060	1.479	2.445	4.567	3.750
400	2.241	0.840	1.800	2.035	0.565	3.479	4.775	4.227	1.755	1.580	5.397	1.790	0.828
425	1.360	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410	3.354	0.718	2.785	4.165
450	1.808	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165	4.924	1.275	0.914	0.768
475	0	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816	0.132	1.930	0.740	2.220
500 bps and upward	5.050	8.675	4.199	4.040	2.697	6.804	5.597	6.301	8.083	4.638	5.899	6.985	3.118
Fixed rate	0	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170	0	0.888	0	0.087
NA	3.056	6.350	5.532	7.230	5.547	11.325	14.778	12.106	22.142	15.610	13.982	19.250	31.420
Other	0.078	0.180	0	0	0	0	0	0.220	0	0.150	0	0	0
Prime based	0	0.018	0	0	0	0	0	0	0	0	0	0	0.215
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	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	0	0	2.051	6	2.051	4	0.00%
150	0	0	0	0	0.800	4	1.025	4	0.210	1	1.235	4	2.035	9	2.035	7	0.42%
175	0.100	1	1.135	3	2.520	8	7.335	14	2.600	7	9.935	18	13.690	33	13.690	30	3.35%
200	0	0	0.670	3	5.346	17	6.645	14	1.000	1	7.645	9	13.661	35	13.661	25	2.58%
225	4.815	7	1.657	5	3.415	14	7.475	20	5.775	4	13.250	19	23.137	50	21.637	38	4.47%
250	7.477	16	6.581	19	7.753	23	10.094	23	5.485	12	15.579	28	37.389	93	37.389	70	5.26%
275	2.025	9	5.762	14	5.051	20	12.530	35	0.350	2	12.880	21	25.718	80	25.618	43	4.35%
300	15.709	29	8.529	25	6.420	21	36.746	53	0.742	3	37.488	30	68.146	131	62.026	76	12.65%
325	8.205	17	1.033	4	2.698	13	21.223	31	6.165	10	27.388	29	39.324	75	37.349	47	9.24%
350	8.877	22	3.720	12	7.273	16	20.515	42	2.440	7	22.955	26	42.824	99	38.950	52	7.75%
375	2.365	6	2.845	15	10.605	15	8.491	25	3.750	4	12.241	16	28.056	65	26.761	36	4.13%
400	4.881	24	6.079	22	10.757	23	8.767	32	0.828	4	9.595	23	31.312	105	29.071	47	3.24%
425	2.615	13	6.730	14	11.560	19	6.856	16	4.165	4	11.021	11	31.927	66	30.567	34	3.72%
450	7.832	33	13.465	26	7.536	23	7.113	20	0.768	3	7.881	15	36.715	105	34.908	49	2.66%
475	0.475	2	3.895	9	1.972	10	2.801	20	2.220	6	5.021	14	11.364	47	11.364	28	1.69%
500 bps and upward	17.924	54	13.542	58	19.981	101	17.521	88	3.118	19	20.639	40	72.086	320	67.036	148	6.96%
Fixed rate	0.922	7	0.914	5	1.906	10	0.888	4	0.087	1	0.976	5	4.718	27	4.718	19	0.33%
NA	14.938	66	24.102	75	49.027	170	48.842	159	31.420	79	80.262	186	168.328	549	165.272	396	27.08%
Other	0.258	2	0	0	0.220	1	0.150	1	0	0	0.150	1	0.628	4	0.550	3	0.05%
Prime based	0.018	1	0	0	0	0	0	0	0.215	2	0.215	2	0.233	3	0.233	3	0.07%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Upsized?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Yes	6.902	5.604	4.930	3.498	5.277	7.498	5.005	7.667	13.325	12.776	7.535	3.905	2.375
No	19.070	30.630	26.600	22.721	19.982	38.793	50.899	35.534	37.756	47.011	76.988	70.705	68.963
Downsized	2.485	2.410	0.805	1.380	0.680	0.830	2.068	2.488	2.150	1.970	3.283	0.845	0
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	17.437	28	16.273	27	25.997	42	24.216	47	2.375	4	26.591	21	86.298	148	79.395	75	8.97%
No	76.300	269	81.497	267	124.188	448	194.705	530	68.963	165	263.667	464	545.653	1679	526.583	1039	88.97%
Downsized	5.700	12	2.890	15	6.706	24	6.098	24	0	0	6.098	10	21.393	75	18.909	39	2.06%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Flex?
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Down	5.449	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.290	22.829	14.822	4.118	1.390
No	22.599	31.405	27.009	22.742	25.109	34.833	49.362	39.981	49.551	36.581	69.298	69.087	69.398
Up	0.410	6.670	2.711	1.812	0.355	2.505	1.040	2.043	0.390	2.347	3.685	2.250	0.550
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	8.633	25	13.303	22	14.525	33	41.770	75	1.390	5	43.160	35	79.621	160	74.173	65	14.56%
No	81.013	251	82.685	273	138.893	462	174.966	503	69.398	162	244.364	449	546.956	1651	524.357	1048	82.46%
Up	9.790	33	4.671	14	3.473	19	8.282	23	0.550	2	8.832	11	26.767	91	26.357	40	2.98%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Type
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Revolver	9.649	19.828	13.242	12.065	13.167	18.806	26.600	17.018	28.284	20.095	22.700	34.441	33.783
TLA	0.400	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0.060	3.530	7.375	6.125	4.185
Term	11.131	13.202	6.723	10.575	5.652	9.149	20.181	16.859	19.905	22.474	22.511	14.567	17.232
Institutional	6.890	3.724	5.971	3.744	5.590	12.653	7.107	9.447	3.450	13.890	33.519	19.403	15.145
Second/third/junior lien	0.235	0.230	0.145	0	0.140	0.404	0.940	0.670	1.503	0.440	0.461	0.799	0.792
Delayed draw	0.152	0.750	0.517	0	0.567	0.125	0	0.420	0.030	0.655	0.990	0.120	0.200
LoC	0	0.350	0.800	0.020	0	0.190	0.822	0.170	0	0.673	0.250	0	0
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	42.719	163	44.038	162	71.902	278	77.237	290	33.783	94	111.020	347	269.679	987	260.030	792	37.46%
TLA	5.898	15	7.813	19	3.487	13	17.030	36	4.185	7	21.215	13	38.413	90	38.014	21	7.16%
Term	31.055	83	25.375	75	56.944	143	59.551	140	17.232	36	76.783	79	190.158	477	179.028	224	25.91%
Institutional	16.585	33	21.987	40	20.004	47	66.812	105	15.145	24	81.957	49	140.533	249	133.643	96	27.65%
Second/third/junior lien	0.610	5	0.544	5	3.113	20	1.700	14	0.792	7	2.493	3	6.759	51	6.524	8	0.84%
Delayed draw	1.419	7	0.692	6	0.450	5	1.765	11	0.200	1	1.965	3	4.526	30	4.374	5	0.66%
LoC	1.150	3	0.210	2	0.992	8	0.923	5	0	0	0.923	2	3.275	18	3.275	8	0.31%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Moody's Rating
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Baa3	1.525	0.350	2.675	0	0	0	5.000	0.500	0	0	0.340	1.625	0
Ba1	0.450	0.500	3.415	0.800	0.565	0.800	2.075	0	2.200	2.105	1.600	2.900	0.540
Ba2	5.360	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.965	2.720	9.088	7.810	0.815
Ba3	4.585	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230	14.400	3.973	5.320	2.625
B1	5.899	1.575	1.470	2.700	1.140	5.218	3.710	9.400	7.630	10.055	13.725	3.430	4.908
B2	1.915	2.414	0	0.860	0.675	2.120	0.757	2.600	1.543	1.382	5.505	1.996	2.430
B3	0.330	0.200	0.260	0.435	0.180	0.135	0.575	0	0.865	1.015	3.713	1.015	0
Caa1	0	0	0	0	0	0.180	0.365	0.320	0.240	0	0.382	0.230	0.343
Caa2	0	0	0	0	0	0	0	0	0	0	0	0	0.200
NR	8.394	22.810	13.390	16.908	18.585	23.952	34.874	21.624	35.558	30.080	49.480	51.129	59.477
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa3	4.550	8	0	0	5.500	3	1.965	6	0	0	1.965	4	12.015	17	10.490	8	0.66%
Ba1	4.365	8	2.165	5	4.275	11	6.605	13	0.540	2	7.145	7	17.950	39	17.500	21	2.41%
Ba2	13.783	27	8.883	20	10.345	21	19.618	34	0.815	4	20.433	19	53.443	106	48.083	50	6.89%
Ba3	18.083	46	16.523	34	16.710	52	23.692	46	2.625	8	26.317	30	77.633	186	73.048	85	8.88%
B1	8.944	30	9.058	33	20.740	52	27.210	67	4.908	14	32.118	42	70.859	196	64.961	93	10.84%
B2	4.330	17	3.655	10	4.901	26	8.883	31	2.430	7	11.313	18	24.198	91	22.283	43	3.82%
B3	0.790	5	0.750	7	1.440	6	5.743	17	0	0	5.743	11	8.723	35	8.393	20	1.94%
Caa1	0	0	0.180	1	0.925	6	0.612	5	0.343	4	0.955	2	2.059	16	2.059	5	0.32%
Caa2	0	0	0	0	0	0	0	0	0.200	1	0.200	1	0.200	1	0.200	1	0.07%
NR	44.593	168	59.446	199	92.056	337	130.690	382	59.477	129	190.167	361	386.263	1215	377.869	827	64.17%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Use of Proceeds
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Acquisition	5.548	0.910	5.130	2.385	1.245	8.415	8.497	5.122	1.073	6.665	5.766	3.145	12.425
Capex	0.165	4.750	0.567	0.472	0.675	1.070	2.935	0.957	0.275	1.009	0.575	0	0
Dividend/recap	1.980	0.120	0.305	0.904	1.786	1.793	5.895	11.920	2.615	3.255	7.343	1.805	4.615
Exit financing	0.330	2.160	0.772	0.591	1.450	0.600	0.195	0.800	1.110	1.345	0.080	0.090	0
GCP	1.128	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.570	7.057	1.451	6.655	7.985
LBO	1.431	5.870	4.396	3.695	3.115	4.905	2.429	3.835	5.340	7.867	3.220	5.510	1.700
Refinance	17.216	15.886	13.431	12.151	8.610	19.019	16.020	11.473	20.986	21.819	61.958	42.586	35.520
Multiple/Other/NA	0.660	6.199	6.562	6.750	5.248	9.954	10.970	9.755	12.262	12.740	7.413	15.664	9.092
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.588	16	12.045	18	14.691	29	15.576	22	12.425	12	28.001	33	66.325	96	60.777	89	9.45%
Capex	5.482	9	2.217	10	4.166	8	1.584	5	0	0	1.584	5	13.450	32	13.285	30	0.53%
Dividend/recap	2.405	6	4.484	11	20.430	41	12.402	26	4.615	9	17.017	35	44.336	93	42.356	89	5.74%
Exit financing	3.263	12	2.641	7	2.105	7	1.515	3	0	0	1.515	3	9.524	29	9.194	27	0.51%
GCP	5.050	15	5.825	18	22.428	40	15.163	44	7.985	15	23.148	59	56.451	132	55.323	127	7.81%
LBO	11.696	25	11.715	18	11.604	26	16.597	27	1.700	3	18.297	30	53.312	99	51.882	93	6.17%
Refinance	46.533	83	39.780	67	48.479	104	126.364	184	35.520	47	161.884	231	296.676	485	279.460	456	54.63%
Multiple/Other/NA	13.420	27	21.952	50	32.987	72	35.817	73	9.092	24	44.909	97	113.269	246	112.609	240	15.15%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	100.00%
Industry Sector (by SIC code)
	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011
Agriculture (0xxx)	0.475	0	0.865	0	0.950	0.700	0	0.250	0	0	0.885	0.225	0
Mining (1xxx)	0.723	2.350	2.000	0.950	0.850	0	0.325	0.527	0.965	2.725	1.000	1.700	4.003
Oil and gas (13xx)	2.125	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830	1.934	3.600	4.465	8.260
Construction (15xx)	0	0.700	0.365	1.100	0.275	0	0.885	0.425	0.510	0	1.015	0.460	0
Manufacturing (2xxx, 3xxx)	4.417	13.201	7.639	3.210	9.302	19.793	19.667	13.105	12.060	23.643	27.551	17.558	22.840
Transportation (4xxx)	0.100	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.550	0.575	0.375	12.620	0.415
Communications (48xx)	1.915	4.269	0	1.028	0.270	3.665	9.977	2.966	8.960	1.765	5.032	4.332	0.640
Electric, gas, sanitary services (49xx)	1.109	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350	0.525	1.670	3.599	1.500
Wholesale (5xxx)	1.369	4.325	1.240	1.344	5.281	4.675	2.340	7.385	6.201	7.455	14.301	10.338	12.167
Finance, insurance, real estate (6xxx)	3.955	1.865	3.604	6.595	1.580	1.785	3.125	1.545	6.055	7.865	10.806	2.785	4.965
Services (7xxx)	11.945	6.285	5.456	6.211	3.839	1.476	8.212	7.555	8.910	12.284	14.891	12.919	10.658
Health services (8xxx)	0.326	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840	2.986	6.679	4.453	5.890
Total	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	75.455	71.338
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.340	2	1.650	4	0.250	1	1.110	3	0	0	1.110	3	4.350	10	3.875	9	0.37%
Mining (1xxx)	5.072	7	1.800	3	1.817	10	5.425	3	4.003	6	9.428	9	18.117	29	17.395	26	3.18%
Oil and gas (13xx)	6.471	17	13.688	20	10.489	19	9.999	18	8.260	11	18.259	29	48.907	85	46.782	79	6.16%
Construction (15xx)	1.065	3	1.375	2	1.820	6	1.475	3	0	0	1.475	3	5.735	14	5.735	14	0.50%
Manufacturing (2xxx, 3xxx)	25.257	52	32.304	56	44.833	93	68.752	114	22.840	31	91.592	145	193.987	346	189.570	333	30.91%
Transportation (4xxx)	1.477	5	0.738	4	7.318	12	13.570	11	0.415	1	13.985	12	23.518	33	23.418	32	4.72%
Communications (48xx)	6.183	13	4.963	11	21.904	24	11.129	26	0.640	4	11.769	30	44.819	78	42.904	71	3.97%
Electric, gas, sanitary services (49xx)	5.734	7	4.563	6	5.445	9	5.794	11	1.500	2	7.294	13	23.035	35	21.927	33	2.46%
Wholesale (5xxx)	6.934	20	11.300	24	15.926	40	32.094	62	12.167	12	44.261	74	78.422	158	77.053	153	14.94%
Finance, insurance, real estate (6xxx)	9.424	17	9.960	24	10.725	31	21.456	37	4.965	9	26.421	46	56.530	118	52.575	114	8.92%
Services (7xxx)	23.686	37	11.526	33	24.676	60	40.094	62	10.658	27	50.753	89	110.641	219	98.696	203	17.13%
Health services (8xxx)	6.795	13	6.792	12	11.688	22	14.119	33	5.890	7	20.009	40	45.283	87	44.958	84	6.75%
Total	99.437	193	100.660	199	156.891	327	225.018	383	71.338	110	296.356	493	653.344	1212	624.887	1151	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.