Analysis of bank loan issuance for 13 months through September 2011

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

Rate (L+)

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Below 150 bps	0	0	0	1.051	1.000	0	0	0	0	1.250	0.950	0	0.105
150	0	0	0	0.300	0.500	0.675	0	0.350	0.210	1.450	0.439	2.725	2.350
175	0.285	0.100	0.920	0.450	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000
200	0.670	0	2.713	0.585	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178
225	1.133	0.525	2.840	0.450	0.125	0.950	0.315	6.210	6.560	1.450	5.555	2.180	1.825
250	2.010	4.030	2.980	1.158	3.615	3.620	1.640	5.833	3.650	3.350	1.990	2.950	1.275
275	4.492	0.350	3.634	0.915	0.502	2.545	3.915	6.720	1.800	2.075	7.346	2.312	0.375
300	1.290	4.716	2.870	2.335	1.215	8.175	22.324	6.322	2.217	2.675	3.600	2.688	0.500
325	0.558	0	0.546	1.483	0.669	7.331	7.226	6.667	1.910	4.262	1.320	0.510	0.250
350	1.175	1.950	1.943	4.525	0.805	4.995	12.807	2.712	4.400	2.220	1.675	0.205	1.190
375	0.400	1.770	2.345	2.200	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0
400	0.565	3.479	4.775	4.227	1.755	1.580	5.398	1.790	0.913	5.654	1.285	1.670	0.030
425	2.442	4.113	7.220	2.930	1.410	3.354	0.718	2.785	5.293	2.200	1.315	1.200	0
450	2.475	6.090	2.781	3.590	1.165	4.924	1.275	0.914	1.760	1.515	2.734	2.020	0
475	0.050	1.870	0.350	0.806	0.816	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415
500 bps and upward	2.697	6.804	5.597	6.301	8.083	4.638	5.899	4.199	3.205	9.115	7.805	10.151	0.705
Fixed rate	0.150	0	1.679	0.057	0.170	0	0.888	0	0.087	0	0	0	0.050
NA	5.547	11.325	14.778	12.106	22.142	15.610	13.982	18.990	21.335	24.370	30.015	8.740	14.128
Other	0	0	0	0.220	0	0.150	0	0	0	0	0	0.250	0.250
Prime based	0	0	0	0	0	0	0	0	0.215	0	0	0	0
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	2.051	6	0	0	2.200	3	0.105	1	2.305	4	4.356	10	4.356	8	0.44%
150	0.800	4	1.025	4	2.099	6	5.075	11	8.199	17	8.999	25	8.999	20	1.57%
175	2.520	8	7.335	14	13.870	37	5.980	14	27.185	48	30.090	75	29.805	57	5.19%
200	5.346	17	6.645	14	12.617	16	3.053	8	22.314	25	28.331	58	27.661	38	4.26%
225	3.415	14	7.475	20	13.565	23	4.005	13	25.045	41	30.117	75	28.985	53	4.78%
250	7.753	23	11.094	24	8.990	24	4.225	12	24.308	45	38.101	99	36.091	69	4.64%
275	5.051	20	13.180	36	11.221	24	2.688	5	27.088	37	36.982	94	32.489	47	5.17%
300	6.420	21	36.821	54	8.492	22	3.188	5	48.501	42	60.927	118	59.637	65	9.26%
325	2.698	13	21.223	31	7.492	20	0.760	5	29.475	40	32.731	71	32.173	47	5.63%
350	7.273	16	20.515	42	8.295	18	1.395	11	30.205	36	40.602	92	39.427	49	5.77%
375	10.605	15	8.556	25	13.884	25	0.275	2	22.715	28	35.490	75	35.090	38	4.34%
400	10.757	23	8.768	32	7.852	29	1.700	4	18.319	42	33.120	105	32.555	57	3.50%
425	11.560	19	6.856	16	8.808	21	1.200	4	16.864	22	34.980	72	32.537	37	3.22%
450	7.536	23	7.113	20	6.009	29	2.020	8	15.142	31	31.244	97	28.769	47	2.89%
475	1.972	10	2.886	22	7.566	18	0.870	7	11.323	25	15.215	62	15.165	34	2.16%
500 bps and upward	19.981	101	14.735	82	20.125	85	10.856	43	45.716	77	75.199	357	72.501	143	8.73%
Fixed rate	1.906	10	0.888	4	0.087	1	0.050	1	1.026	6	3.081	17	2.931	12	0.20%
NA	49.027	170	48.582	154	75.719	191	22.868	72	147.169	339	213.067	635	207.521	484	28.10%
Other	0.220	1	0.150	1	0	0	0.500	2	0.650	2	0.870	4	0.870	3	0.12%
Prime based	0	0	0	0	0.215	2	0	0	0.215	2	0.215	2	0.215	2	0.04%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Upsized?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	5.277	7.498	5.005	7.667	13.325	12.776	7.535	3.902	8.665	4.465	4.480	1.205	1.045
No	19.982	38.793	50.899	35.534	37.756	47.011	76.989	69.481	58.348	68.309	74.674	41.507	26.580
Downsized	0.680	0.830	2.068	2.488	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.475	0
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	25.997	42	24.213	47	17.610	25	2.250	7	44.074	34	82.846	139	77.569	64	8.41%
No	124.188	448	193.481	522	201.331	544	68.087	218	462.899	853	645.863	1916	625.881	1205	88.38%
Downsized	6.706	24	6.152	26	10.165	25	0.475	3	16.793	21	25.009	88	24.328	40	3.21%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Flex?
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Down	0.475	9.783	7.570	3.665	3.290	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.150
No	25.109	34.833	49.362	39.981	49.551	36.581	69.299	67.656	64.562	72.039	72.064	40.193	27.475
Up	0.355	2.505	1.040	2.043	0.390	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	14.525	33	41.975	78	10.733	26	1.870	7	54.579	45	79.362	160	78.887	64	10.42%
No	138.893	462	173.536	493	208.665	527	67.668	213	449.869	836	648.706	1882	623.596	1203	85.89%
Up	3.473	19	8.336	24	9.707	41	1.274	8	19.317	27	25.650	101	25.295	42	3.69%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Type
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Revolver	13.167	18.806	26.600	17.018	28.284	20.095	22.700	33.798	35.318	39.422	43.935	18.989	18.637
TLA	0.823	5.795	2.322	1.105	0.060	3.530	7.375	6.780	2.986	2.725	9.865	2.335	0.380
Term	5.652	9.149	20.181	16.859	19.905	22.474	22.511	13.907	15.609	12.289	9.337	14.827	7.068
Institutional	5.590	12.653	7.107	9.447	3.450	13.890	33.519	19.239	13.045	20.564	15.951	5.927	1.015
Second/third/junior lien	0.140	0.404	0.940	0.670	1.503	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175
Delayed draw	0.567	0.125	0	0.420	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0
LoC	0	0.190	0.822	0.170	0	0.673	0.250	0	0	0	1.800	0.437	0.350
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	71.902	278	76.594	288	118.675	330	37.627	128	232.895	675	336.771	1133	323.603	947	44.47%
TLA	3.487	13	17.686	38	15.575	25	2.715	6	35.976	18	46.081	94	45.258	22	6.87%
Term	56.944	143	58.892	138	37.235	116	21.895	66	118.023	136	189.767	510	184.115	222	22.53%
Institutional	20.004	47	66.648	104	49.559	91	6.942	16	123.149	73	161.395	290	155.805	102	23.52%
Second/third/junior lien	3.113	20	1.360	12	5.446	23	0.771	9	7.577	4	11.234	69	11.094	9	1.45%
Delayed draw	0.450	5	1.745	10	0.815	6	0.075	1	2.635	3	3.777	28	3.210	4	0.50%
LoC	0.992	8	0.923	5	1.800	3	0.787	2	3.510	4	4.692	19	4.692	8	0.67%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Moody's Rating
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Baa2	0	0	0	0	0	0	0	0	2.000	0	0	3.600	0
Baa3	0	0	5.000	0.500	0	0	0.340	1.625	2.400	0	3.900	1.185	0.750
Ba1	0.565	0.800	2.075	0	2.200	2.105	1.600	2.900	0.540	3.750	2.800	3.000	0
Ba2	0.777	4.735	3.315	6.065	0.965	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100
Ba3	4.016	9.981	7.300	5.180	4.230	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715
B1	1.140	5.218	3.710	9.400	7.630	10.055	13.725	3.495	6.028	8.429	3.985	3.987	0
B2	0.675	2.120	0.757	2.600	1.543	1.382	5.505	1.996	8.450	1.525	1.355	3.404	0
B3	0.180	0.135	0.575	0	0.865	1.015	3.713	1.015	0.425	0.610	0.655	0	0
Caa1	0	0.180	0.365	0.320	0.240	0	0.382	0.230	0.580	0.352	0	0.150	0
Caa2	0	0	0	0	0	0	0	0	0.290	0.145	0.080	0	0
NR	18.585	23.952	34.874	21.624	35.558	30.080	49.481	49.150	38.232	52.371	57.059	24.920	26.060
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	2.000	2	3.600	3	5.600	2	5.600	5	5.600	2	1.07%
Baa3	5.500	3	1.965	6	6.300	5	1.935	5	10.200	8	15.700	19	15.700	10	1.95%
Ba1	4.275	11	6.605	13	7.090	12	3.000	3	16.695	13	22.335	43	21.770	20	3.19%
Ba2	10.345	21	19.618	34	18.120	41	0.300	2	38.038	38	53.895	111	53.118	54	7.26%
Ba3	16.710	52	24.435	46	15.025	45	3.455	9	42.915	53	73.623	178	69.606	86	8.19%
B1	20.740	52	27.275	67	18.442	56	3.987	18	49.704	75	76.802	216	75.662	112	9.49%
B2	4.901	26	8.883	31	11.330	24	3.404	10	23.617	30	31.313	99	30.638	47	4.51%
B3	1.440	6	5.743	17	1.690	10	0	0	7.433	15	9.188	36	9.008	19	1.42%
Caa1	0.925	6	0.612	5	0.932	10	0.150	1	1.694	2	2.799	23	2.799	5	0.32%
Caa2	0	0	0	0	0.515	4	0	0	0.515	1	0.515	4	0.515	1	0.10%
NR	92.056	337	128.711	376	147.662	385	50.981	177	327.354	674	461.948	1409	443.363	956	62.50%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Acquisition	1.245	8.415	8.497	5.122	1.073	6.665	5.766	2.397	6.100	13.307	9.035	8.600	2.020
Capex	0.675	1.070	2.935	0.957	0.275	1.009	0.575	0	0	0.650	0.146	0.150	0.150
Dividend/recap	1.786	1.793	5.895	11.920	2.615	3.255	7.343	1.685	4.435	2.301	1.970	4.575	0
Exit financing	1.450	0.600	0.195	0.800	1.110	1.345	0.080	0.090	0	0	0	0	0
GCP	3.810	1.365	11.030	1.828	9.570	7.057	1.451	6.625	8.040	1.900	3.470	2.795	6.270
LBO	3.115	4.905	2.429	3.835	5.340	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865
Refinance	8.610	19.019	16.020	11.473	20.986	21.819	61.958	42.662	38.470	37.685	31.663	6.380	6.828
Multiple/Other/NA	5.248	9.954	10.970	9.755	12.262	12.740	7.413	15.564	10.910	19.314	30.778	15.373	11.493
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.691	29	14.829	21	28.442	37	10.620	19	53.891	76	78.242	118	76.997	115	10.29%
Capex	4.166	8	1.584	5	0.796	3	0.300	2	2.680	10	8.591	25	7.916	21	0.51%
Dividend/recap	20.430	41	12.283	25	8.706	25	4.575	6	25.563	56	49.573	105	47.787	102	4.88%
Exit financing	2.105	7	1.515	3	0	0	0	0	1.515	3	5.670	14	4.220	11	0.29%
GCP	22.428	40	15.133	44	13.410	32	9.065	22	37.608	98	65.211	154	61.401	144	7.18%
LBO	11.604	26	16.347	26	8.933	22	6.178	13	31.458	61	51.083	99	47.968	93	6.01%
Refinance	48.479	104	126.440	185	107.818	140	13.208	28	247.465	353	323.573	500	314.964	486	47.25%
Multiple/Other/NA	32.987	72	35.717	73	61.002	124	26.866	53	123.585	250	171.774	352	166.526	336	23.60%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Agriculture (0xxx)	0.950	0.700	0	0.250	0	0	0.885	0.225	0	1.250	1.650	0	0.100
Mining (1xxx)	0.850	0	0.325	0.527	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800
Oil and gas (13xx)	2.500	8.093	2.203	3.457	4.830	1.934	3.600	4.465	8.248	11.595	5.815	0.850	2.725
Construction (15xx)	0.275	0	0.885	0.425	0.510	0	1.015	0.460	0	0	0.100	0	1.500
Manufacturing (2xxx, 3xxx)	9.302	19.793	19.667	13.105	12.060	23.643	27.551	17.343	18.649	16.887	26.235	14.440	8.365
Transportation (4xxx)	0.185	0.300	3.267	3.501	0.550	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325
Communications (48xx)	0.270	3.665	9.977	2.966	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0
Electric, gas, sanitary services (49xx)	0	1.900	3.145	0.950	1.350	0.525	1.670	3.600	1.500	4.810	5.635	3.574	0
Wholesale (5xxx)	5.281	4.675	2.340	7.385	6.201	7.455	14.301	10.338	13.552	5.580	7.120	4.620	3.295
Finance, insurance, real estate (6xxx)	1.580	1.785	3.125	1.545	6.055	7.865	10.806	1.990	6.095	6.001	6.100	3.210	4.995
Services (7xxx)	3.839	1.476	8.212	7.555	8.910	12.284	14.891	12.745	9.908	12.547	15.615	9.175	4.715
Health services (8xxx)	0.907	4.734	4.825	4.023	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805
Total	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.709	43.187	27.625
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.250	1	1.110	3	2.900	3	0.100	1	4.110	7	6.010	12	5.060	10	0.78%
Mining (1xxx)	1.817	10	5.325	3	10.913	11	1.100	4	17.338	18	20.005	29	19.155	28	3.31%
Oil and gas (13xx)	10.489	19	9.999	18	25.657	34	3.575	7	39.231	59	60.314	90	57.814	87	7.49%
Construction (15xx)	1.820	6	1.475	3	0.100	1	1.500	3	3.075	7	5.170	14	4.895	13	0.59%
Manufacturing (2xxx, 3xxx)	44.833	93	68.537	114	61.772	103	22.805	39	153.114	256	227.042	391	217.740	371	29.23%
Transportation (4xxx)	7.318	12	13.635	11	6.191	13	3.094	6	22.920	30	30.723	45	30.538	43	4.38%
Communications (48xx)	21.904	24	11.130	26	11.498	22	1.615	5	24.243	53	50.081	85	49.811	84	4.63%
Electric, gas, sanitary services (49xx)	5.445	9	5.795	11	11.945	16	3.574	5	21.314	32	28.659	43	28.659	43	4.07%
Wholesale (5xxx)	15.926	40	32.094	62	26.251	41	7.915	19	66.261	122	92.143	181	86.862	171	12.65%
Finance, insurance, real estate (6xxx)	10.725	31	20.661	36	18.196	41	8.205	18	47.062	95	61.152	140	59.572	133	8.99%
Services (7xxx)	24.676	60	39.919	61	38.070	64	13.890	24	91.880	149	121.872	225	118.032	216	17.54%
Health services (8xxx)	11.688	22	14.166	33	15.613	34	3.438	12	33.217	79	50.546	112	49.639	109	6.34%
Total	156.891	327	223.847	381	229.106	383	70.812	143	523.765	907	753.717	1367	727.778	1308	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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