Analysis of bank loan issuance for 13 months through December 2011

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

Rate (L+)

	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Below 150 bps	0	0	0	0	0	0	0	0	0	0.200	0	0	0
150	0.500	0.675	0	0.350	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250	1.450
175	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722
200	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.480
225	0.125	0.950	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125
250	3.615	3.620	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527
275	0.502	2.545	3.915	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643
300	1.215	8.175	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570
325	0.669	7.006	7.226	6.667	1.910	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.481
350	0.805	4.995	12.807	2.893	4.400	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0
375	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310
400	1.755	1.580	5.398	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150
425	1.410	3.119	0.718	2.785	5.293	2.200	1.315	1.850	0	0	0	1.775	0
450	1.165	4.924	1.275	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025
475	0.816	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0	0.640	0	0.125
500 bps and upward	8.083	4.638	5.899	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.459	5.555	6.154
Fixed rate	0.170	0	0.888	0	0.087	0	0	0	0.050	0.672	0.030	0.161	0.160
NA	22.142	15.610	13.982	18.810	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.367	13.678
Other	0	0.150	0	0	0	0	0	0.250	0	0	0	0	0
Prime based	0	0	0	0	0.215	0	0	0	0	0	0	0	0
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0.200	1	0	0	0.200	1	0.200	1	0.200	1	0.03%
150	1.025	4	1.660	3	8.280	16	10.262	18	21.227	37	21.727	43	21.227	37	3.18%
175	7.335	14	13.870	37	7.855	19	7.057	15	36.117	67	37.267	88	36.117	67	5.42%
200	6.645	14	12.617	16	7.128	15	1.435	8	27.824	39	29.873	60	27.824	39	4.17%
225	7.475	20	13.565	23	3.090	13	3.658	12	27.788	53	27.913	69	27.788	53	4.17%
250	11.094	24	8.990	24	5.175	14	2.474	12	27.733	56	31.348	82	27.733	56	4.16%
275	13.180	36	11.221	24	4.367	9	5.948	16	34.716	52	35.218	90	34.716	52	5.21%
300	36.821	54	8.492	22	2.988	6	3.228	15	51.529	51	52.743	103	51.529	51	7.73%
325	20.898	30	7.567	21	1.110	6	2.876	7	32.451	45	33.120	66	32.451	45	4.87%
350	20.695	43	8.295	18	1.335	12	3.705	9	34.030	43	34.835	84	34.030	43	5.10%
375	8.556	25	13.884	25	1.065	3	1.285	5	24.790	31	30.850	64	24.790	31	3.72%
400	8.768	32	7.852	29	2.110	6	0.584	5	19.313	45	21.068	77	19.313	45	2.90%
425	6.622	15	8.808	21	1.850	5	1.775	5	19.054	27	20.464	48	19.054	27	2.86%
450	7.113	20	6.009	29	3.120	10	1.427	7	17.670	38	18.835	70	17.670	38	2.65%
475	2.886	22	7.566	18	0.870	7	0.765	4	12.088	29	12.904	54	12.088	29	1.81%
500 bps and upward	14.735	82	20.125	85	19.060	84	17.168	73	71.087	121	79.170	360	71.087	121	10.66%
Fixed rate	0.888	4	0.087	1	0.722	6	0.351	4	2.048	9	2.218	18	2.048	9	0.31%
NA	48.402	153	76.969	192	41.377	119	39.873	140	206.621	491	228.763	674	206.621	491	30.98%
Other	0.150	1	0	0	0.250	1	0	0	0.400	2	0.400	2	0.400	2	0.06%
Prime based	0	0	0.215	2	0	0	0	0	0.215	2	0.215	2	0.215	2	0.03%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Upsized?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Yes	13.325	12.541	7.535	3.902	8.665	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.075
No	36.756	46.686	76.989	69.481	59.598	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.288
Downsized	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.225	0	1.581	0.134	1.013	2.236
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.979	46	17.610	25	4.685	12	14.854	25	61.127	50	74.453	121	61.127	50	9.17%
No	193.156	521	200.017	540	105.461	334	85.633	318	584.268	1164	621.024	1858	584.268	1164	87.61%
Downsized	6.152	26	10.165	25	1.806	6	3.383	12	21.506	25	23.656	76	21.506	25	3.22%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Flex?
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Down	3.290	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212
No	48.551	36.021	69.299	67.656	65.812	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.017
Up	0.390	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.975	78	10.733	26	3.330	10	5.847	16	61.886	51	65.176	140	61.886	51	9.28%
No	172.976	491	207.351	523	105.007	326	96.644	331	581.978	1157	630.529	1822	581.978	1157	87.27%
Up	8.336	24	9.707	41	3.614	16	1.380	8	23.038	30	23.427	93	23.038	30	3.45%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Type
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Revolver	27.284	19.770	22.700	33.798	36.568	38.172	42.660	18.590	18.247	25.292	22.140	14.723	21.914
TLA	0.060	3.530	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.857	3.115
Term	19.905	22.474	22.511	13.907	15.609	12.289	9.298	11.227	6.618	13.211	5.552	7.182	6.038
Institutional	3.450	13.655	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356
Second/third/junior lien	1.503	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177
Delayed draw	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800	0.065	0
LoC	0	0.673	0.250	0	0	0	1.800	0.437	0.350	0	0	0	0
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	76.269	287	117.400	327	62.129	203	58.777	212	314.574	937	341.858	1122	314.574	937	47.17%
TLA	17.686	38	15.575	25	4.625	8	6.372	20	44.258	27	44.319	92	44.258	27	6.64%
Term	58.892	138	37.196	115	31.057	93	18.772	73	145.917	179	165.821	470	145.917	179	21.88%
Institutional	66.413	103	49.559	91	11.337	24	18.372	35	145.681	85	149.131	263	145.681	85	21.85%
Second/third/junior lien	1.360	12	5.446	23	1.896	20	0.712	11	9.414	6	10.917	75	9.414	6	1.41%
Delayed draw	1.745	10	0.815	6	0.121	2	0.865	4	3.546	4	3.576	23	3.546	4	0.53%
LoC	0.923	5	1.800	3	0.787	2	0	0	3.510	4	3.510	10	3.510	4	0.53%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Moody's Rating
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Baa2	0	0	0	0	2.000	0	0	0	0	0	0	0	0
Baa3	0	0	0.340	1.625	2.400	0	3.900	0	0	0	0	0	0
Ba1	2.200	1.780	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0
Ba2	0.965	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100	0
Ba3	4.230	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.700	1.964
B1	7.630	9.820	13.725	3.495	6.028	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315
B2	1.543	1.382	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060	1.905	0.250
B3	0.865	1.015	3.713	1.015	0.425	0.610	0.655	0	0	0.200	0	0.175	0.100
Caa1	0.240	0	0.382	0.230	0.580	0.352	0	0.150	0	0.350	0.075	0.075	0.062
Caa2	0	0	0	0	0.290	0.145	0.080	0	0	0.100	0	0	0
NR	34.558	30.080	49.481	49.150	39.482	51.121	55.745	24.685	25.390	37.709	25.841	20.105	31.909
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	2.000	2	0	0	0	0	2.000	1	2.000	2	2.000	1	0.30%
Baa3	1.965	6	6.300	5	0	0	0	0	8.265	6	8.265	11	8.265	6	1.24%
Ba1	6.280	12	7.090	12	6.285	10	2.130	6	21.785	18	23.985	44	21.785	18	3.27%
Ba2	19.618	34	18.120	41	0.300	2	4.955	9	42.993	41	43.958	89	42.993	41	6.45%
Ba3	24.435	46	15.025	45	5.595	16	9.953	22	55.008	69	59.238	143	55.008	69	8.25%
B1	27.040	66	18.442	56	6.702	28	5.276	20	57.459	89	65.089	183	57.459	89	8.62%
B2	8.883	31	11.330	24	4.484	18	3.215	16	27.912	43	29.455	99	27.912	43	4.19%
B3	5.743	17	1.690	10	0.200	1	0.275	2	7.908	15	8.773	34	7.908	15	1.19%
Caa1	0.612	5	0.932	10	0.500	2	0.212	3	2.256	2	2.496	22	2.256	2	0.34%
Caa2	0	0	0.515	4	0.100	1	0	0	0.615	1	0.615	5	0.615	1	0.09%
NR	128.711	376	146.348	381	87.785	274	77.855	277	440.700	955	475.258	1423	440.700	955	66.08%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Use of Proceeds
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Acquisition	1.073	6.665	5.766	2.397	6.100	13.307	9.035	8.600	1.760	8.335	4.258	4.970	4.429
Capex	0.275	1.009	0.575	0	0	0.650	0.146	0.150	0.150	0	0	0	0
Dividend/recap	2.615	3.255	7.343	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980
Exit financing	1.110	1.345	0.080	0.090	0	0	0	0	0	0	0	0	0
GCP	9.570	7.057	1.451	6.625	9.290	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.184
LBO	5.340	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865	8.681	4.949	4.897	3.987
Refinance	19.986	21.259	61.958	42.012	38.120	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710
Multiple/Other/NA	12.262	12.740	7.413	16.214	11.260	20.314	31.078	15.373	11.608	18.166	15.605	11.127	16.309
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.829	21	28.442	37	18.695	28	13.657	29	75.623	114	76.696	119	75.623	114	11.34%
Capex	1.584	5	0.796	3	0.300	2	0	0	2.680	10	2.955	11	2.680	10	0.40%
Dividend/recap	12.283	25	8.706	25	1.071	6	1.264	4	23.323	60	25.938	68	23.323	60	3.50%
Exit financing	1.515	3	0	0	0	0	0	0	1.515	3	2.625	6	1.515	3	0.23%
GCP	15.133	44	13.355	32	11.940	31	12.572	38	52.999	145	62.569	161	52.999	145	7.95%
LBO	16.347	26	8.933	22	14.860	24	13.834	26	53.973	98	59.313	106	53.973	98	8.09%
Refinance	125.230	181	104.909	134	19.940	41	19.503	38	269.580	394	289.566	433	269.580	394	40.42%
Multiple/Other/NA	36.367	76	62.652	127	45.146	89	43.042	122	187.207	414	199.469	442	187.207	414	28.07%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	100.00%
Industry Sector (by SIC code)
	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011
Agriculture (0xxx)	0	0	0.885	0.225	0	1.250	1.650	0	0.100	0	0	0.100	0
Mining (1xxx)	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0	1.100	0	1.000
Oil and gas (13xx)	4.830	1.934	3.600	4.465	8.248	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575
Construction (15xx)	0.510	0	1.015	0.460	0	0	0.100	0	1.500	0.500	0	0.750	0.175
Manufacturing (2xxx, 3xxx)	11.060	23.643	27.551	17.343	18.649	16.887	26.110	14.440	8.365	13.972	12.120	7.950	8.753
Transportation (4xxx)	0.550	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325	0.425	0	1.210	1.351
Communications (48xx)	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313
Electric, gas, sanitary services (49xx)	1.350	0.525	1.670	3.600	1.500	4.810	5.285	3.574	0	0	2.695	0	0.922
Wholesale (5xxx)	6.201	7.455	14.301	10.338	14.802	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.515
Finance, insurance, real estate (6xxx)	6.055	7.865	10.806	1.990	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580
Services (7xxx)	8.910	11.724	14.891	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.000
Health services (8xxx)	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.415
Total	52.231	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	36.599
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.110	3	2.900	3	0.100	1	0.100	1	4.210	8	4.210	8	4.210	8	0.63%
Mining (1xxx)	5.325	3	10.913	11	1.100	4	2.100	6	19.438	24	20.403	28	19.438	24	2.91%
Oil and gas (13xx)	9.999	18	26.008	35	6.843	14	8.275	16	51.124	83	55.954	89	51.124	83	7.67%
Construction (15xx)	1.475	3	0.100	1	2.000	4	0.925	2	4.500	10	5.010	13	4.500	10	0.67%
Manufacturing (2xxx, 3xxx)	68.537	114	61.647	103	36.776	61	28.823	72	195.784	350	206.844	376	195.784	350	29.36%
Transportation (4xxx)	13.635	11	6.191	13	3.519	8	2.561	8	25.906	40	26.456	42	25.906	40	3.88%
Communications (48xx)	11.130	26	11.498	22	2.623	8	8.638	23	33.889	79	42.849	85	33.889	79	5.08%
Electric, gas, sanitary services (49xx)	5.795	11	11.595	15	3.574	5	3.617	5	24.581	36	25.931	38	24.581	36	3.69%
Wholesale (5xxx)	32.094	62	25.937	40	15.816	31	12.002	32	85.850	165	92.051	183	85.850	165	12.87%
Finance, insurance, real estate (6xxx)	20.661	36	17.446	40	11.120	27	12.190	34	61.416	137	67.472	153	61.416	137	9.21%
Services (7xxx)	39.359	60	37.945	63	21.677	43	16.215	45	115.196	211	124.106	230	115.196	211	17.27%
Health services (8xxx)	14.166	33	15.613	34	6.803	15	8.425	13	45.007	95	47.847	101	45.007	95	6.75%
Total	223.287	380	227.792	380	111.951	221	103.871	257	666.901	1238	719.132	1346	666.901	1238	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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