Analysis of bank loan issuance for year to date through September

Total: $270.700 billion in 588 deals

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

Rate (L+)

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Less than 200 bps	7.539	10.482	9.665	4.365	1.945	22.025	10.080	6.210	7.228
200 bps	2.340	3.570	3.657	2.143	4.540	2.145	2.485	2.041	1.830
225 bps	3.150	3.945	1.366	6.480	4.165	2.575	4.095	1.775	2.590
250 bps	4.120	2.051	1.620	4.331	1.185	1.722	5.085	0.385	3.775
275 bps	3.845	4.615	1.972	1.541	0.835	1.808	2.585	1.202	1.082
300 bps	0.575	1.985	1.383	1.895	1.320	1.102	0.260	0.305	1.464
325 bps	0.363	0.522	1.387	0.260	0.350	0.550	0.419	0.035	0.201
350 bps	0.130	0.537	0.492	0.115	0.200	0.835	1.150	0.100	0.110
375 bps and upwards	1.602	1.006	3.330	1.190	5.428	4.194	2.199	1.119	3.076
Other	4.732	2.264	3.500	4.174	4.705	10.693	4.912	7.542	8.799
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than 200 bps	27.686	68	28.335	80	23.518	61	79.540	209	29.39%
200 bps	9.567	26	8.828	30	6.356	26	24.751	82	9.14%
225 bps	8.461	24	13.220	33	8.460	30	30.140	87	11.13%
250 bps	7.791	44	7.238	29	9.245	21	24.274	94	8.97%
275 bps	10.432	42	4.184	28	4.869	27	19.485	97	7.20%
300 bps	3.942	18	4.317	22	2.029	15	10.289	55	3.80%
325 bps	2.272	16	1.160	10	0.655	10	4.088	36	1.51%
350 bps	1.159	11	1.150	10	1.360	13	3.670	34	1.36%
375 bps and upwards	5.937	60	10.812	70	6.393	45	23.144	175	8.55%
Other	10.496	61	19.572	79	21.253	97	51.321	237	18.96%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Yes	2.805	1.860	4.572	4.955	1.525	2.685	2.627	0.580	3.241
No	23.956	26.997	23.348	21.214	22.047	44.839	28.269	20.134	26.263
Downsized	1.635	2.120	0.453	0.325	1.100	0.125	2.375	0	0.650
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	9.238	25	9.165	19	6.448	22	24.851	66	9.18%
No	74.301	334	88.101	366	74.665	318	237.067	1018	87.58%
Downsized	4.207	11	1.550	6	3.025	5	8.783	22	3.24%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Flex?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Down	6.597	12.608	6.867	0.795	0.430	10.690	14.843	2.292	8.412
No	21.160	16.369	20.208	23.999	16.732	35.625	18.302	15.641	21.667
Up	0.640	2.000	1.298	1.700	7.511	1.334	0.125	2.780	0.076
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Down	26.072	82	11.915	36	25.547	75	63.534	193	23.47%
No	57.737	273	76.356	319	55.610	264	189.702	856	70.08%
Up	3.938	15	10.545	36	2.981	6	17.464	57	6.45%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Revolver	9.980	9.365	8.910	10.050	9.643	23.470	12.232	13.205	11.845
Term	5.998	5.472	4.628	6.284	5.559	9.185	8.069	3.511	5.814
TLA	0.689	2.043	0.900	1.022	0.845	4.810	0.740	0.085	0.791
Institutional	10.057	11.026	11.011	7.731	7.426	8.119	10.264	2.965	9.076
Second/third/junior lien	0.917	2.271	1.984	0.760	0.988	1.475	1.288	0.448	1.041
Delayed draw	0.540	0.165	0.315	0.597	0	0.050	0.553	0.500	0.580
LoC	0.215	0.635	0.625	0.050	0.212	0.540	0.125	0	1.007
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Revolver	28.255	157	43.163	171	37.282	167	108.700	495	40.16%
Term	16.098	61	21.028	79	17.393	69	54.519	209	20.14%
TLA	3.632	15	6.677	21	1.616	8	11.925	44	4.41%
Institutional	32.094	81	23.276	68	22.305	54	77.675	203	28.69%
Second/third/junior lien	5.172	37	3.223	36	2.777	33	11.172	106	4.13%
Delayed draw	1.020	8	0.647	5	1.633	8	3.300	21	1.22%
LoC	1.475	11	0.802	11	1.132	6	3.409	28	1.26%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Ba1	2.650	0.330	2.500	2.075	0.550	0.475	0.900	0	1.550
Ba2	0.700	0.880	0.800	0.755	0	2.550	3.035	2.700	0
Ba3	2.262	4.800	2.550	5.855	0.600	1.475	4.855	2.325	2.262
B1	6.710	11.195	4.692	4.425	4.450	7.897	2.183	0.550	4.195
B2	3.152	2.860	3.970	2.603	1.915	1.767	2.999	1.000	3.790
B3	0.487	0.838	1.735	0.550	0.308	1.245	0.232	0.237	0.697
Caa1	0.075	0.331	0.140	0.215	0.210	0.115	0.050	0.080	0.085
Caa2	0.050	0	0.285	0	0.115	0	0	0	0.058
NR	12.310	9.743	11.701	10.016	16.524	32.125	19.016	13.821	17.518
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Ba1	5.480	8	3.100	7	2.450	6	11.030	21	4.07%
Ba2	2.380	8	3.305	12	5.735	7	11.420	27	4.22%
Ba3	9.612	23	7.930	13	9.442	30	26.984	66	9.97%
B1	22.597	71	16.772	68	6.928	30	46.297	169	17.10%
B2	9.982	48	6.285	44	7.789	43	24.057	135	8.89%
B3	3.060	21	2.103	17	1.166	12	6.329	50	2.34%
Caa1	0.546	5	0.540	8	0.215	3	1.301	16	0.48%
Caa2	0.335	3	0.115	1	0.058	1	0.508	5	0.19%
NR	33.753	183	58.666	221	50.355	213	142.774	617	52.74%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Acquisition	4.600	1.005	5.302	2.262	7.997	9.797	4.095	4.636	4.341
Capex	0.185	0.922	0.678	0.725	0	0.583	0.230	0.911	0.849
Dividend/recap	0.583	0.962	2.789	6.485	1.125	1.383	1.307	1.133	1.708
Exit financing	0.635	0.075	0	0.786	0.300	0	0	0	0
GCP	0.875	1.615	2.135	3.020	1.190	9.500	4.342	7.774	5.415
LBO	6.150	8.289	2.950	3.845	1.351	5.652	9.732	0.670	6.982
Refinance	10.184	15.486	12.288	8.136	11.879	17.159	10.746	3.665	9.884
Multiple/Other/NA	5.185	2.623	2.230	1.235	0.830	3.575	2.818	1.925	0.975
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	10.907	18	20.057	29	13.072	26	44.036	73	16.27%
Capex	1.785	5	1.308	4	1.990	6	5.084	15	1.88%
Dividend/recap	4.334	17	8.993	14	4.147	16	17.474	47	6.46%
Exit financing	0.710	3	1.086	4	0	0	1.796	7	0.66%
GCP	4.625	16	13.710	42	17.531	55	35.866	113	13.25%
LBO	17.389	24	10.848	24	17.384	23	45.621	71	16.85%
Refinance	37.959	77	37.174	77	24.296	39	99.429	193	36.73%
Multiple/Other/NA	10.037	27	5.640	17	5.718	25	21.395	69	7.90%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005
Agriculture (0xxx)	0.150	0	0.700	0.500	0	0.600	0	0	0.520
Mining (1xxx)	0.735	1.170	0.830	0	1.035	0.607	0	0.480	0
Oil and gas (13xx)	1.615	0.822	0.825	6.000	1.050	1.615	1.900	2.255	1.200
Construction (15xx)	0	0	0	1.325	0	1.200	0.125	1.675	3.165
Manufacturing (2xxx, 3xxx)	9.522	7.386	8.909	7.307	7.531	12.157	9.577	6.002	5.621
Transportation (4xxx)	0.700	0.470	0.893	0.262	0.320	1.580	4.600	0.800	2.125
Communications (48xx)	6.202	3.205	3.257	2.835	2.892	4.728	1.436	0.675	1.365
Electric, gas, sanitary services (49xx)	0.200	4.230	2.593	1.115	0.845	4.688	1.370	1.320	1.876
Wholesale (5xxx)	3.188	1.427	2.485	3.237	0.960	10.615	0.470	3.760	6.436
Finance, insurance, real estate (6xxx)	1.255	1.445	0.953	0.350	0.600	1.601	4.535	0.831	0
Services (7xxx)	2.648	10.107	5.305	2.838	4.650	2.590	8.068	1.740	5.436
Health services (8xxx)	2.181	0.715	1.622	0.725	4.790	5.667	1.190	1.175	1.610
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.714	30.154
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.850	2	1.100	2	0.520	1	2.470	5	0.91%
Mining (1xxx)	2.735	7	1.642	6	0.480	2	4.857	15	1.79%
Oil and gas (13xx)	3.262	7	8.665	10	5.355	10	17.282	27	6.38%
Construction (15xx)	0	0	2.525	4	4.965	7	7.490	11	2.77%
Manufacturing (2xxx, 3xxx)	25.818	60	26.995	63	21.200	60	74.012	183	27.34%
Transportation (4xxx)	2.063	11	2.162	6	7.525	10	11.750	27	4.34%
Communications (48xx)	12.665	20	10.454	23	3.476	11	26.595	54	9.82%
Electric, gas, sanitary services (49xx)	7.023	10	6.648	18	4.566	14	18.237	42	6.74%
Wholesale (5xxx)	7.100	22	14.812	28	10.666	16	32.578	66	12.03%
Finance, insurance, real estate (6xxx)	3.653	12	2.551	10	5.366	12	11.571	34	4.27%
Services (7xxx)	18.060	28	10.078	24	15.244	31	43.382	83	16.03%
Health services (8xxx)	4.518	8	11.182	17	3.975	15	19.675	40	7.27%
Total	87.746	370	98.816	391	84.138	345	270.700	1106	100.00%

Criteria

* The tables include dollar-denominated deals offered in the United States reported to Prospect News.

* Deals must be $75 million or bigger for inclusion.

* 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).

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