Analysis of bank loan issuance for year to date through October

Total: $309.126 billion in 667 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	10/2005
Less than 200 bps	7.539	10.482	9.665	4.365	1.945	22.025	10.080	6.510	9.162	8.630
200 bps	2.340	3.570	3.657	2.143	5.040	2.145	2.485	1.841	2.587	0.980
225 bps	3.150	3.945	1.366	6.480	3.665	2.575	4.095	1.975	2.930	3.105
250 bps	4.120	2.051	1.620	4.331	1.185	1.722	5.085	0.385	3.975	1.314
275 bps	3.845	4.615	1.972	1.541	0.835	1.808	2.585	1.202	1.445	4.470
300 bps	0.575	1.985	1.383	1.895	1.320	1.102	0.260	0.305	1.754	3.085
325 bps	0.363	0.522	1.387	0.260	0.350	0.550	0.419	0.035	0.115	0.865
350 bps	0.130	0.537	0.492	0.115	0.200	0.835	1.150	0.100	0.025	0
375 bps and upwards	1.602	1.006	3.330	1.190	5.428	4.194	2.199	1.119	3.513	1.675
Other	4.732	2.264	3.500	4.174	4.705	10.693	4.912	7.292	7.083	11.816
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than 200 bps	27.686	68	28.335	80	25.752	65	8.630	26	90.404	239	29.25%
200 bps	9.567	26	9.328	32	6.913	30	0.980	7	26.788	95	8.67%
225 bps	8.461	24	12.720	31	9.000	33	3.105	6	33.285	94	10.77%
250 bps	7.791	44	7.238	29	9.445	24	1.314	11	25.788	108	8.34%
275 bps	10.432	42	4.184	28	5.232	24	4.470	11	24.318	105	7.87%
300 bps	3.942	18	4.317	22	2.319	19	3.085	15	13.664	74	4.42%
325 bps	2.272	16	1.160	10	0.570	9	0.865	4	4.867	39	1.57%
350 bps	1.159	11	1.150	10	1.275	11	0	0	3.584	32	1.16%
375 bps and upwards	5.937	60	10.812	70	6.832	49	1.675	16	25.256	195	8.18%
Other	10.496	61	19.572	79	19.288	83	11.816	52	61.172	275	19.79%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	2.805	1.860	4.572	4.955	1.525	2.685	2.627	0.880	5.824	2.135
No	23.956	26.997	23.348	21.214	22.047	44.839	28.269	19.884	26.117	33.805
Downsized	1.635	2.120	0.453	0.325	1.100	0.125	2.375	0	0.650	0
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	9.238	25	9.165	19	9.330	27	2.135	4	29.867	75	9.66%
No	74.301	334	88.101	366	74.269	315	33.805	144	270.476	1159	87.50%
Downsized	4.207	11	1.550	6	3.025	5	0	0	8.783	22	2.84%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	100.00%
Flex?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Down	6.597	12.608	6.867	0.795	0.430	10.690	14.843	2.292	10.758	2.263
No	21.160	16.369	20.208	23.999	16.732	35.625	18.302	15.691	20.816	32.897
Up	0.640	2.000	1.298	1.700	7.511	1.334	0.125	2.780	1.016	0.780
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Down	26.072	82	11.915	36	27.894	87	2.263	6	68.144	211	22.04%
No	57.737	273	76.356	319	54.809	252	32.897	138	221.799	982	71.75%
Up	3.938	15	10.545	36	3.921	8	0.780	4	19.184	63	6.21%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Revolver	9.980	9.365	8.910	10.050	9.643	23.470	12.232	13.055	12.420	15.575
Term	5.998	5.472	4.628	6.284	5.559	9.185	8.069	3.511	5.536	9.342
TLA	0.689	2.043	0.900	1.022	0.845	4.810	0.740	0.085	2.350	1.625
Institutional	10.057	11.026	11.011	7.731	7.426	8.119	10.264	3.165	9.642	5.503
Second/third/junior lien	0.917	2.271	1.984	0.760	0.988	1.475	1.288	0.448	1.056	2.040
Delayed draw	0.540	0.165	0.315	0.597	0	0.050	0.553	0.500	0.580	1.200
LoC	0.215	0.635	0.625	0.050	0.212	0.540	0.125	0	1.007	0.655
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Revolver	28.255	157	43.163	171	37.707	167	15.575	70	124.700	565	40.34%
Term	16.098	61	21.028	79	17.115	68	9.342	30	63.583	238	20.57%
TLA	3.632	15	6.677	21	3.175	9	1.625	3	15.109	48	4.89%
Institutional	32.094	81	23.276	68	23.070	55	5.503	20	83.943	224	27.15%
Second/third/junior lien	5.172	37	3.223	36	2.792	34	2.040	18	13.227	125	4.28%
Delayed draw	1.020	8	0.647	5	1.633	8	1.200	3	4.500	24	1.46%
LoC	1.475	11	0.802	11	1.132	6	0.655	4	4.064	32	1.31%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Baa3	0	0	0	0	0	0	0	0	0	1.300
Ba1	2.650	0.330	2.500	2.075	0.550	0.475	0.900	0	2.050	3.000
Ba2	0.700	0.880	0.800	0.755	0	2.950	3.035	2.700	0	3.175
Ba3	2.262	4.800	2.550	5.855	0.600	1.475	4.855	2.325	2.262	3.345
B1	6.710	11.195	4.692	4.425	4.450	7.897	2.183	0.550	6.138	1.735
B2	3.152	2.860	3.970	2.603	1.915	3.767	2.999	1.000	3.880	3.650
B3	0.487	0.838	1.735	0.550	0.308	1.245	0.232	0.237	0.798	0.560
Caa1	0.075	0.331	0.140	0.215	0.210	0.115	0.050	0.080	0.075	0.075
Caa2	0.050	0	0.285	0	0.115	0	0	0	0.048	0
NR	12.310	9.743	11.701	10.016	16.524	29.725	19.016	13.871	17.339	19.100
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Baa3	0	0	0	0	0	0	1.300	3	1.300	3	0.42%
Ba1	5.480	8	3.100	7	2.950	8	3.000	5	14.530	28	4.70%
Ba2	2.380	8	3.705	15	5.735	7	3.175	8	14.995	38	4.85%
Ba3	9.612	23	7.930	13	9.442	30	3.345	7	30.329	73	9.81%
B1	22.597	71	16.772	68	8.871	41	1.735	15	49.975	195	16.17%
B2	9.982	48	8.285	45	7.879	43	3.650	14	29.797	150	9.64%
B3	3.060	21	2.103	17	1.268	13	0.560	5	6.991	56	2.26%
Caa1	0.546	5	0.540	8	0.205	3	0.075	1	1.366	17	0.44%
Caa2	0.335	3	0.115	1	0.048	1	0	0	0.498	5	0.16%
NR	33.753	183	56.266	217	50.226	201	19.100	90	159.345	691	51.55%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Acquisition	4.600	1.005	5.302	2.262	7.997	9.797	4.095	4.636	5.795	8.172
Capex	0.185	0.922	0.678	0.725	0	0.583	0.230	0.911	0.851	1.315
Dividend/recap	0.583	0.962	2.789	6.485	1.125	1.383	1.307	1.183	1.708	2.910
Exit financing	0.635	0.075	0	0.786	0.300	0	0	0	0	0.285
GCP	0.875	1.615	2.135	3.020	1.190	9.500	4.342	7.574	6.065	8.285
LBO	6.150	8.289	2.950	3.845	1.351	5.652	9.732	0.670	7.087	2.228
Refinance	10.184	15.486	12.288	8.136	11.879	17.159	10.746	3.865	10.110	7.135
Multiple/Other/NA	5.185	2.623	2.230	1.235	0.830	3.575	2.818	1.925	0.975	5.610
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	10.907	18	20.057	29	14.526	26	8.172	14	53.662	87	17.36%
Capex	1.785	5	1.308	4	1.992	6	1.315	5	6.401	20	2.07%
Dividend/recap	4.334	17	8.993	14	4.197	16	2.910	5	20.434	52	6.61%
Exit financing	0.710	3	1.086	4	0	0	0.285	1	2.081	8	0.67%
GCP	4.625	16	13.710	42	17.981	56	8.285	22	44.601	136	14.43%
LBO	17.389	24	10.848	24	17.489	23	2.228	9	47.954	80	15.51%
Refinance	37.959	77	37.174	77	24.721	38	7.135	15	106.989	207	34.61%
Multiple/Other/NA	10.037	27	5.640	17	5.718	25	5.610	8	27.005	77	8.74%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	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	10/2005
Agriculture (0xxx)	0.150	0	0.700	0.500	0	0.600	0	0	0.520	0
Mining (1xxx)	0.735	1.170	0.830	0	1.035	0.607	0	0.480	0	1.050
Oil and gas (13xx)	1.615	0.822	0.825	6.000	1.050	1.615	1.900	2.255	1.200	1.575
Construction (15xx)	0	0	0	1.325	0	1.200	0.125	1.675	3.185	1.505
Manufacturing (2xxx, 3xxx)	9.522	7.386	8.909	7.307	7.531	12.157	9.577	6.002	5.728	12.198
Transportation (4xxx)	0.700	0.470	0.893	0.262	0.320	1.580	4.600	0.850	2.325	1.466
Communications (48xx)	6.202	3.205	3.257	2.835	2.892	4.728	1.436	0.675	1.365	4.165
Electric, gas, sanitary services (49xx)	0.200	4.230	2.593	1.115	0.845	4.688	1.370	1.320	2.536	4.199
Wholesale (5xxx)	3.188	1.427	2.485	3.237	0.960	10.615	0.470	3.760	7.870	5.640
Finance, insurance, real estate (6xxx)	1.255	1.445	0.953	0.350	0.600	1.601	4.535	0.831	0	1.700
Services (7xxx)	2.648	10.107	5.305	2.838	4.650	2.590	8.068	1.740	6.252	1.110
Health services (8xxx)	2.181	0.715	1.622	0.725	4.790	5.667	1.190	1.175	1.610	1.332
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.764	32.590	35.940
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.850	2	1.100	2	0.520	1	0	0	2.470	5	0.80%
Mining (1xxx)	2.735	7	1.642	6	0.480	2	1.050	3	5.907	18	1.91%
Oil and gas (13xx)	3.262	7	8.665	10	5.355	10	1.575	5	18.857	32	6.10%
Construction (15xx)	0	0	2.525	4	4.985	7	1.505	4	9.015	15	2.92%
Manufacturing (2xxx, 3xxx)	25.818	60	26.995	63	21.307	60	12.198	23	86.317	206	27.92%
Transportation (4xxx)	2.063	11	2.162	6	7.775	10	1.466	3	13.466	30	4.36%
Communications (48xx)	12.665	20	10.454	23	3.476	11	4.165	7	30.761	61	9.95%
Electric, gas, sanitary services (49xx)	7.023	10	6.648	18	5.226	15	4.199	4	23.096	47	7.47%
Wholesale (5xxx)	7.100	22	14.812	28	12.100	16	5.640	16	39.652	82	12.83%
Finance, insurance, real estate (6xxx)	3.653	12	2.551	10	5.366	12	1.700	5	13.271	39	4.29%
Services (7xxx)	18.060	28	10.078	24	16.059	31	1.110	3	45.307	86	14.66%
Health services (8xxx)	4.518	8	11.182	17	3.975	15	1.332	6	21.007	46	6.80%
Total	87.746	187	98.816	211	86.624	190	35.940	79	309.126	667	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).

© 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.