Analysis of bank loan issuance for 13 months through May 2011

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

Rate (L+)

	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Below 150 bps	0	0	0	0	0	0	1.051	1.000	0	0	0	0	1.250
150	0	0	0	0	0	0	0.300	0.500	0.675	0	0.350	0.210	0
175	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150	0.600	2.425	4.310	4.700	2.850
200	0	0	0	0.670	0	2.713	0.585	2.048	1.000	4.620	1.025	1.000	3.347
225	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125	0.950	0.315	6.210	6.560	0.800
250	1.600	5.877	0.541	2.010	4.030	2.980	1.158	3.615	3.620	1.640	6.434	3.650	3.350
275	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.502	2.545	3.915	6.069	1.800	1.175
300	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.215	8.175	22.324	6.247	2.217	1.975
325	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669	7.331	7.226	6.667	1.910	5.112
350	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805	4.995	12.807	2.712	4.400	1.125
375	1.070	0	0.675	0.400	1.770	2.345	2.200	6.060	1.479	2.445	4.632	6.320	5.445
400	0.840	1.800	2.035	0.565	3.479	4.775	4.227	1.755	1.580	5.397	1.790	0.913	5.854
425	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410	3.354	0.718	2.785	5.783	2.195
450	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165	4.924	1.275	0.914	1.685	0.630
475	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816	0.132	1.930	0.825	2.070	4.675
500 bps and upward	8.675	4.199	4.040	2.697	6.804	5.597	6.301	8.083	4.638	5.899	4.413	2.970	8.145
Fixed rate	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170	0	0.888	0	0.087	0
NA	6.350	5.532	7.230	5.547	11.325	14.778	12.106	22.142	15.610	13.982	19.065	21.720	25.555
Other	0.180	0	0	0	0	0	0.220	0	0.150	0	0	0	1.700
Prime based	0.018	0	0	0	0	0	0	0	0	0	0	0.215	0
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	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	2.051	6	0	0	1.250	1	1.250	1	3.301	7	3.301	5	0.34%
150	0	0	0.800	4	1.025	4	0.210	1	1.235	4	2.035	9	2.035	7	0.34%
175	1.135	3	2.520	8	7.335	14	7.550	18	14.885	27	18.640	44	18.540	38	4.05%
200	0.670	3	5.346	17	6.645	14	4.347	8	10.992	15	17.008	42	17.008	31	2.99%
225	1.657	5	3.415	14	7.475	20	7.360	11	14.835	24	23.223	56	21.323	41	4.04%
250	6.581	19	7.753	23	11.694	25	7.000	15	18.694	31	40.504	98	38.904	70	5.09%
275	5.762	14	5.051	20	12.530	35	2.975	10	15.505	25	28.243	86	26.443	43	4.22%
300	8.529	25	6.420	21	36.746	53	4.192	12	40.938	35	65.476	127	60.126	76	11.14%
325	1.033	4	2.698	13	21.223	31	7.022	15	28.245	32	38.206	76	37.676	47	7.69%
350	3.720	12	7.273	16	20.515	42	5.525	12	26.040	28	42.035	92	38.116	49	7.09%
375	2.845	15	10.605	15	8.556	25	11.765	17	20.321	22	34.841	74	33.771	40	5.53%
400	6.079	22	10.757	23	8.767	32	6.767	22	15.534	33	35.010	111	34.170	53	4.23%
425	6.730	14	11.560	19	6.856	16	7.978	14	14.834	17	34.380	71	33.124	36	4.04%
450	13.465	26	7.536	23	7.113	20	2.315	9	9.428	17	36.455	98	32.300	44	2.57%
475	3.895	9	1.972	10	2.886	22	6.745	9	9.632	17	15.973	52	15.498	30	2.62%
500 bps and upward	13.542	58	19.981	101	14.950	85	11.115	47	26.065	51	72.462	334	63.786	146	7.09%
Fixed rate	0.914	5	1.906	10	0.888	4	0.087	1	0.976	5	4.718	27	4.290	17	0.27%
NA	24.102	75	49.027	170	48.657	155	47.275	135	95.932	229	180.942	580	174.592	423	26.11%
Other	0	0	0.220	1	0.150	1	1.700	2	1.850	3	2.250	5	2.070	4	0.50%
Prime based	0	0	0	0	0	0	0.215	2	0.215	2	0.233	3	0.215	2	0.06%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Upsized?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Yes	5.604	4.930	3.498	5.277	7.498	5.005	7.667	13.325	12.776	7.535	3.902	8.665	4.425
No	30.630	26.600	22.721	19.982	38.793	50.899	35.534	37.756	47.011	76.988	69.646	58.613	67.814
Downsized	2.410	0.805	1.380	0.680	0.830	2.068	2.488	2.150	1.970	3.283	0.900	0.932	2.942
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	16.273	27	25.997	42	24.213	47	13.090	16	37.303	28	90.108	150	84.504	77	10.15%
No	81.497	267	124.188	448	193.646	525	126.427	338	320.072	577	582.988	1763	552.358	1086	87.12%
Downsized	2.890	15	6.706	24	6.152	26	3.875	7	10.027	14	22.838	79	20.428	40	2.73%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Flex?
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Down	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.290	22.829	14.822	4.324	2.336	0.983
No	31.405	27.009	22.742	25.109	34.833	49.362	39.981	49.551	36.581	69.298	67.821	64.812	72.239
Up	6.670	2.711	1.812	0.355	2.505	1.040	2.043	0.390	2.347	3.685	2.304	1.062	1.960
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	13.303	22	14.525	33	41.975	78	3.318	15	45.294	40	76.307	157	75.737	68	12.33%
No	82.685	273	138.893	462	173.700	496	137.051	337	310.751	565	590.744	1738	559.339	1100	84.58%
Up	4.671	14	3.473	19	8.336	24	3.022	9	11.358	13	28.884	97	22.214	34	3.09%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Type
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Revolver	19.828	13.242	12.065	13.167	18.806	26.600	17.018	28.284	20.095	22.700	33.694	35.363	35.367
TLA	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0.060	3.530	7.375	6.780	2.986	2.300
Term	13.202	6.723	10.575	5.652	9.149	20.181	16.859	19.905	22.474	22.511	13.907	16.034	13.119
Institutional	3.724	5.971	3.744	5.590	12.653	7.107	9.447	3.450	13.890	33.519	19.414	12.830	20.919
Second/third/junior lien	0.230	0.145	0	0.140	0.404	0.940	0.670	1.503	0.440	0.461	0.534	0.797	3.302
Delayed draw	0.750	0.517	0	0.567	0.125	0	0.420	0.030	0.655	0.990	0.120	0.200	0.175
LoC	0.350	0.800	0.020	0	0.190	0.822	0.170	0	0.673	0.250	0	0	0
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	44.038	162	71.902	278	76.489	288	70.730	193	147.219	432	296.229	1032	276.401	825	40.07%
TLA	7.813	19	3.487	13	17.686	38	5.285	12	22.971	14	39.769	95	39.209	22	6.25%
Term	25.375	75	56.944	143	58.892	138	29.153	83	88.045	104	190.289	491	177.087	234	23.96%
Institutional	21.987	40	20.004	47	66.823	105	33.748	53	100.571	62	152.257	268	148.533	104	27.37%
Second/third/junior lien	0.544	5	3.113	20	1.435	13	4.099	17	5.535	4	9.566	59	9.336	9	1.51%
Delayed draw	0.692	6	0.450	5	1.765	11	0.375	3	2.140	3	4.549	29	3.799	5	0.58%
LoC	0.210	2	0.992	8	0.923	5	0	0	0.923	2	3.275	18	2.925	6	0.25%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Moody's Rating
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Baa2	0	0	0	0	0	0	0	0	0	0	0	2.000	0
Baa3	0.350	2.675	0	0	0	5.000	0.500	0	0	0.340	1.625	2.400	0
Ba1	0.500	3.415	0.800	0.565	0.800	2.075	0	2.200	2.105	1.600	2.900	0.540	1.050
Ba2	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.965	2.720	9.088	7.810	2.180	5.750
Ba3	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230	14.400	3.973	5.577	5.680	4.650
B1	1.575	1.470	2.700	1.140	5.218	3.710	9.400	7.630	10.055	13.725	3.495	6.028	5.739
B2	2.414	0	0.860	0.675	2.120	0.757	2.600	1.543	1.382	5.505	1.996	8.470	1.340
B3	0.200	0.260	0.435	0.180	0.135	0.575	0	0.865	1.015	3.713	1.015	0.425	0.375
Caa1	0	0	0	0	0.180	0.365	0.320	0.240	0	0.382	0.230	0.585	0.227
Caa2	0	0	0	0	0	0	0	0	0	0	0	0.290	0.150
NR	22.810	13.390	16.908	18.585	23.952	34.874	21.624	35.558	30.080	49.480	49.800	39.612	55.901
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	2.000	2	2.000	1	2.000	2	2.000	1	0.54%
Baa3	0	0	5.500	3	1.965	6	2.400	3	4.365	5	12.890	16	12.540	8	1.19%
Ba1	2.165	5	4.275	11	6.605	13	1.590	3	8.195	8	18.550	38	18.050	21	2.23%
Ba2	8.883	20	10.345	21	19.618	34	7.930	16	27.548	25	55.198	108	51.618	50	7.50%
Ba3	16.523	34	16.710	52	23.950	48	10.330	28	34.280	42	81.010	195	73.796	88	9.33%
B1	9.058	33	20.740	52	27.275	67	11.767	35	39.042	54	71.885	200	70.310	101	10.62%
B2	3.655	10	4.901	26	8.883	31	9.810	19	18.693	23	29.663	95	27.248	44	5.09%
B3	0.750	7	1.440	6	5.743	17	0.800	4	6.543	14	9.194	37	8.993	23	1.78%
Caa1	0.180	1	0.925	6	0.612	5	0.812	9	1.424	2	2.529	21	2.529	5	0.39%
Caa2	0	0	0	0	0	0	0.440	3	0.440	1	0.440	3	0.440	1	0.12%
NR	59.446	199	92.056	337	129.361	377	95.513	239	224.874	446	412.576	1277	389.765	863	61.21%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Use of Proceeds
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Acquisition	0.910	5.130	2.385	1.245	8.415	8.497	5.122	1.073	6.665	5.766	2.348	5.785	12.892
Capex	4.750	0.567	0.472	0.675	1.070	2.935	0.957	0.275	1.009	0.575	0	0	0.650
Dividend/recap	0.120	0.305	0.904	1.786	1.793	5.895	11.920	2.615	3.255	7.343	1.685	4.435	2.496
Exit financing	2.160	0.772	0.591	1.450	0.600	0.195	0.800	1.110	1.345	0.080	0.090	0	0
GCP	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.570	7.057	1.451	6.625	8.040	1.900
LBO	5.870	4.396	3.695	3.115	4.905	2.429	3.835	5.340	7.867	3.220	5.550	0.315	3.285
Refinance	15.886	13.431	12.151	8.610	19.019	16.020	11.473	20.986	21.819	61.958	42.587	40.350	42.157
Multiple/Other/NA	6.199	6.562	6.750	5.248	9.954	10.970	9.755	12.262	12.740	7.413	15.564	9.285	11.802
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	12.045	18	14.691	29	14.778	21	18.677	24	33.455	44	66.232	100	65.322	96	9.11%
Capex	2.217	10	4.166	8	1.584	5	0.650	1	2.234	6	13.935	31	9.185	27	0.61%
Dividend/recap	4.484	11	20.430	41	12.283	25	6.931	18	19.213	43	44.552	97	44.432	96	5.23%
Exit financing	2.641	7	2.105	7	1.515	3	0	0	1.515	3	9.194	27	7.034	19	0.41%
GCP	5.825	18	22.428	40	15.133	44	9.940	19	25.073	63	57.248	131	54.498	127	6.82%
LBO	11.715	18	11.604	26	16.637	27	3.600	10	20.237	37	53.822	100	47.953	89	5.51%
Refinance	39.780	67	48.479	104	126.365	184	82.507	116	208.872	300	326.448	525	310.562	496	56.85%
Multiple/Other/NA	21.952	50	32.987	72	35.717	73	21.087	49	56.804	122	124.504	265	118.305	252	15.46%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	100.00%
Industry Sector (by SIC code)
	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011
Agriculture (0xxx)	0	0.865	0	0.950	0.700	0	0.250	0	0	0.885	0.225	0	1.250
Mining (1xxx)	2.350	2.000	0.950	0.850	0	0.325	0.527	0.965	2.725	1.000	1.600	4.003	6.310
Oil and gas (13xx)	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830	1.934	3.600	4.465	8.252	9.620
Construction (15xx)	0.700	0.365	1.100	0.275	0	0.885	0.425	0.510	0	1.015	0.460	0	0
Manufacturing (2xxx, 3xxx)	13.201	7.639	3.210	9.302	19.793	19.667	13.105	12.060	23.643	27.551	17.558	18.899	17.277
Transportation (4xxx)	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.550	0.575	0.375	12.685	0	3.480
Communications (48xx)	4.269	0	1.028	0.270	3.665	9.977	2.966	8.960	1.765	5.032	4.332	0.460	3.110
Electric, gas, sanitary services (49xx)	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350	0.525	1.670	3.600	1.500	4.610
Wholesale (5xxx)	4.325	1.240	1.344	5.281	4.675	2.340	7.385	6.201	7.455	14.301	10.338	13.552	4.859
Finance, insurance, real estate (6xxx)	1.865	3.604	6.595	1.580	1.785	3.125	1.545	6.055	7.865	10.806	1.990	6.095	5.551
Services (7xxx)	6.285	5.456	6.211	3.839	1.476	8.212	7.555	8.910	12.284	14.891	12.745	9.908	12.037
Health services (8xxx)	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840	2.986	6.679	4.451	5.540	7.077
Total	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.805	74.449	68.210	75.182
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.650	4	0.250	1	1.110	3	1.250	1	2.360	4	5.125	10	5.125	10	0.64%
Mining (1xxx)	1.800	3	1.817	10	5.325	3	10.313	9	15.638	12	23.605	29	21.255	26	4.26%
Oil and gas (13xx)	13.688	20	10.489	19	9.999	18	17.872	23	27.872	41	56.395	91	53.909	86	7.59%
Construction (15xx)	1.375	2	1.820	6	1.475	3	0	0	1.475	3	5.735	14	5.035	13	0.40%
Manufacturing (2xxx, 3xxx)	32.304	56	44.833	93	68.752	114	36.177	59	104.929	173	202.907	361	189.706	335	28.56%
Transportation (4xxx)	0.738	4	7.318	12	13.635	11	3.480	8	17.115	19	26.548	39	26.018	38	4.66%
Communications (48xx)	4.963	11	21.904	24	11.129	26	3.570	10	14.699	36	45.834	77	41.566	71	4.00%
Electric, gas, sanitary services (49xx)	4.563	6	5.445	9	5.795	11	6.110	10	11.905	21	26.538	41	24.828	38	3.24%
Wholesale (5xxx)	11.300	24	15.926	40	32.094	62	18.412	26	50.506	88	83.297	167	78.972	158	13.75%
Finance, insurance, real estate (6xxx)	9.960	24	10.725	31	20.661	36	11.646	21	32.307	57	58.461	125	56.596	119	8.79%
Services (7xxx)	11.526	33	24.676	60	39.919	61	21.945	46	61.865	107	109.808	221	103.523	211	16.84%
Health services (8xxx)	6.792	12	11.688	22	14.116	33	12.617	24	26.733	57	51.682	101	50.757	97	7.28%
Total	100.660	199	156.891	327	224.012	381	143.392	237	367.403	618	695.934	1276	657.290	1202	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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