Analysis of leveraged loan issuance for 13 months through October 2012

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

Rate (L+)

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Below 150 bps	0	0	0	0	0.275	0	0	0	0.100	0	0	0	0
150	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150
175	0.335	0	6.722	2.240	1.375	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.470
200	0.495	0.460	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650	0.080	1.760	4.230
225	0.500	2.033	1.125	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.100	1.680	0
250	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.135	2.680	4.175	5.100	0.225
275	0.880	2.425	2.644	1.530	0.550	1.075	1.345	0.425	0.150	1.225	0.230	5.363	2.239
300	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650	2.885	2.150	3.751	0.985
325	0.235	1.160	1.505	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.165	9.333	2.786
350	0.730	2.975	0	1.970	0	1.344	1.275	0	0.300	6.875	1.754	5.360	2.911
375	0.900	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675	10.197	1.260
400	0.134	0.300	0.150	0.660	4.598	4.470	1.125	1.410	0.416	0.630	0.745	7.033	5.055
425	0	1.775	0	1.150	1.123	0.600	4.275	3.869	1.794	2.065	0	1.595	10.893
3/1901	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942	6.995	1.548
475	0.640	0	0.125	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025	3.015	1.970
500 bps and upward	5.459	5.800	5.784	6.509	5.681	12.486	10.139	14.783	8.812	8.669	6.160	10.279	12.448
Fixed rate	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250	0
NA	16.828	11.122	14.248	13.599	16.104	9.813	13.806	17.929	12.312	14.418	15.675	22.988	33.707
Other	0	0	0	0	0	0.675	0	0	0.250	0	0.080	0.500	0
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0.275	1	0.100	1	0	0	0	0	0.375	2	0.375	2	0.375	2	0.07%
150	10.297	18	3.630	10	6.095	16	5.235	10	0.150	1	15.110	35	25.407	55	17.845	43	2.67%
175	7.057	15	6.723	17	6.665	19	5.890	19	3.470	9	22.748	51	29.805	79	29.470	62	4.01%
200	1.485	9	8.300	25	7.250	13	2.490	11	4.230	10	22.270	42	23.756	68	23.261	49	3.93%
225	3.658	12	11.627	28	5.835	14	2.565	9	0	0	20.027	36	23.685	63	23.185	43	3.53%
250	2.474	12	4.625	8	2.743	15	11.955	15	0.225	2	19.548	26	22.023	52	21.073	34	3.45%
275	5.949	16	3.155	16	1.920	7	6.818	13	2.239	5	14.132	24	20.081	57	19.201	34	2.49%
300	3.228	15	15.380	31	0.975	6	8.786	21	0.985	5	26.126	37	29.354	78	28.619	42	4.61%
325	2.900	8	6.269	15	1.755	8	12.893	18	2.786	8	23.703	30	26.604	57	26.369	33	4.18%
350	3.705	9	3.314	7	1.575	3	13.989	21	2.911	7	21.789	26	25.494	47	24.764	28	3.85%
375	1.285	5	4.829	12	7.001	15	12.037	26	1.260	6	25.127	35	26.412	64	25.512	38	4.43%
400	0.584	5	9.727	23	2.951	14	8.408	16	5.055	11	26.142	42	26.726	69	26.591	44	4.61%
425	1.775	5	2.873	6	9.938	21	3.660	10	10.893	11	27.364	24	29.139	53	29.139	28	4.83%
450	1.427	7	2.847	11	2.400	6	13.267	31	1.548	7	20.062	31	21.490	62	21.288	35	3.54%
475	0.765	4	3.510	14	2.610	6	3.458	11	1.970	7	11.548	23	12.313	42	11.673	24	2.04%
500 bps and upward	17.043	74	24.676	106	33.734	114	25.107	108	12.448	45	95.966	158	113.009	447	107.550	186	16.94%
Fixed rate	0.641	6	0.983	5	0.993	3	0.759	6	0	0	2.735	10	3.376	20	3.346	14	0.48%
NA	42.198	137	39.517	148	44.047	150	53.081	196	33.707	129	170.351	476	212.550	760	195.721	551	30.06%
Other	0	0	0.675	2	0.250	2	0.580	2	0	0	1.505	2	1.505	6	1.505	2	0.27%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Upsized?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	6.964	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.752	3.370	6.170	19.522	15.142
No	29.518	25.827	32.337	33.585	52.497	54.162	40.711	48.390	31.808	43.010	36.825	74.487	66.876
Downsized	0.134	1.013	2.288	1.595	0.250	0.835	3.397	2.045	0	3.470	0.335	3.790	1.860
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.354	26	10.012	23	12.488	27	29.062	44	15.142	16	66.704	48	82.058	136	75.094	54	11.77%
No	87.681	318	140.244	453	120.909	389	154.321	481	66.876	241	482.350	1037	570.031	1882	540.513	1210	85.13%
Downsized	3.435	13	2.680	9	5.441	17	7.595	18	1.860	6	17.576	24	21.012	63	20.878	27	3.10%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Flex?
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Down	0.640	4.995	0.212	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815	14.594	6.970
No	35.466	27.160	36.617	33.203	48.392	53.548	41.828	49.685	30.738	43.217	40.740	82.425	75.416
Up	0.510	0.500	0.370	0	0	2.400	6.989	4.700	0.667	1.933	0.775	0.780	1.492
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	5.847	16	15.393	33	4.230	15	21.109	39	6.970	6	47.703	39	53.550	109	52.910	44	8.42%
No	99.243	333	135.143	449	122.251	388	166.381	490	75.416	252	499.191	1052	598.435	1912	562.969	1227	88.10%
Up	1.380	8	2.400	3	12.357	30	3.488	14	1.492	5	19.736	18	21.116	60	20.607	20	3.48%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Type
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Revolver	24.140	14.723	22.882	15.310	20.567	22.119	19.120	23.620	14.738	17.200	20.967	21.429	21.589
TLA	1.400	1.857	2.946	3.372	3.975	3.390	4.275	2.325	0.700	7.445	1.397	4.859	5.234
Term	5.552	7.182	5.838	10.409	12.786	9.205	9.614	16.530	12.012	13.675	13.745	40.894	35.503
Institutional	4.424	8.592	5.357	9.755	15.114	21.090	15.930	10.005	4.715	11.020	6.881	28.397	15.400
Second/third/junior lien	0.300	0.235	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.350
Delayed draw	0.800	0.065	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.801
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	61.745	216	57.996	222	57.478	224	59.595	237	21.589	102	196.658	700	258.403	1001	234.263	838	34.71%
TLA	6.204	19	10.738	24	7.300	20	13.701	25	5.234	9	36.974	23	43.177	97	41.777	30	6.53%
Term	18.572	72	32.401	121	38.157	99	68.314	182	35.503	87	174.375	255	192.947	561	187.395	280	30.77%
Institutional	18.373	35	45.959	94	30.649	58	46.298	77	15.400	37	138.307	117	156.681	301	152.257	128	24.41%
Second/third/junior lien	0.712	11	3.555	15	3.108	21	2.860	17	4.350	21	13.873	7	14.585	85	14.285	8	2.45%
Delayed draw	0.865	4	2.287	9	2.145	11	0.210	5	1.801	7	6.443	9	7.308	36	6.508	9	1.14%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Moody's Rating
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Baa2	0	0	0	0	0	0	0	0	0	0	1.000	0	0
Baa3	0	0	0	0.350	0	0	0	0	0.400	0.900	0.750	0	3.200
Ba1	1.600	0.530	0	1.250	1.450	6.375	1.960	1.087	0	0	0	7.300	8.955
Ba2	2.855	2.100	0	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.541
Ba3	2.289	5.945	2.416	5.710	4.817	10.120	3.042	5.980	1.850	5.135	6.615	6.854	3.315
B1	0.895	2.065	2.315	4.304	6.254	7.608	11.735	1.160	6.912	8.305	1.215	14.802	4.242
B2	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0	7.955	7.929
B3	0	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200	0	1.987	0.785
Caa1	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0	1.265	0.310
Caa2	0	0	0	0	0	0	0	0.115	0	0	0	0.745	0.640
NR	27.841	19.860	31.532	23.268	27.691	26.989	32.098	38.597	19.563	28.605	28.385	55.991	50.961
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.000	1	0.18%
Baa3	0	0	0.350	2	0.400	1	1.650	3	3.200	2	5.600	5	5.600	8	5.600	5	0.99%
Ba1	2.130	6	9.075	18	3.047	7	7.300	5	8.955	10	28.377	24	30.507	46	28.907	25	5.01%
Ba2	4.955	9	16.377	31	6.570	17	11.280	22	3.541	9	37.768	47	42.723	88	39.868	48	6.67%
Ba3	10.650	27	20.648	36	10.873	39	18.604	46	3.315	11	53.439	66	64.089	159	61.800	77	9.43%
B1	5.276	20	18.166	64	19.808	53	24.322	67	4.242	18	66.537	116	71.813	222	70.917	123	11.74%
B2	3.740	17	5.945	21	3.950	15	9.280	32	7.929	28	27.105	52	30.845	113	29.785	59	4.78%
B3	0.275	2	2.507	13	1.685	5	2.187	5	0.785	3	7.165	14	7.440	28	7.440	15	1.26%
Caa1	0.212	3	1.920	10	2.132	15	1.630	9	0.310	2	5.992	6	6.204	39	6.129	6	1.06%
Caa2	0	0	0	0	0.115	1	0.745	5	0.640	3	1.500	1	1.500	9	1.500	1	0.26%
NR	79.233	273	77.948	290	90.258	280	112.981	348	50.961	177	332.148	778	411.381	1368	383.539	932	58.62%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	4.258	4.970	3.231	1.170	1.570	3.829	9.078	6.462	8.535	6.490	7.973	12.645	7.955
Capex	0	0	0	0	0	0	0	0	0	0.330	0	0	0
Dividend/recap	0.134	0.150	0.980	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.100	9.277
Exit financing	0	0	0	0.904	0	0	0	0	0	0	0	0	0
GCP	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.422	1.512
LBO	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900	7.105	7.512
Refinance	3.433	8.360	7.710	15.440	20.515	34.732	19.748	16.169	4.960	14.405	7.098	40.594	35.761
Multiple/Other/NA	17.605	11.127	16.628	12.425	22.648	11.383	11.643	21.232	12.593	13.912	17.574	27.933	21.861
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	12.459	28	6.569	25	24.075	32	27.108	32	7.955	12	65.707	100	78.165	128	73.907	119	11.60%
Capex	0	0	0	0	0	0	0.330	1	0	0	0.330	1	0.330	1	0.330	1	0.06%
Dividend/recap	1.264	4	10.777	27	6.463	15	14.989	25	9.277	24	41.505	91	42.769	95	42.635	94	7.32%
Exit financing	0	0	0.904	1	0	0	0	0	0	0	0.904	1	0.904	1	0.904	1	0.16%
GCP	12.851	40	12.135	32	9.281	22	13.812	32	1.512	9	36.741	95	49.593	135	43.355	119	6.48%
LBO	15.034	27	5.408	20	12.672	23	13.223	25	7.512	15	38.815	83	53.849	110	48.900	102	6.85%
Refinance	19.503	38	70.687	108	40.878	72	62.098	98	35.761	50	209.424	328	228.926	366	225.494	355	36.95%
Multiple/Other/NA	45.360	124	46.456	110	45.468	120	59.419	131	21.861	47	173.204	408	218.564	532	200.959	498	30.57%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Agriculture (0xxx)	0	0.100	0	0	0	0	0	0.539	0.480	0	0	0	0
Mining (1xxx)	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260	0.170	1.000
Oil and gas (13xx)	5.325	1.375	3.575	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118	10.572	3.310
Construction (15xx)	0	0.750	0	0.140	0	0.075	0	0.410	0.175	0	1.160	1.050	1.690
Manufacturing (2xxx, 3xxx)	12.120	7.950	8.865	17.297	16.390	15.163	13.716	19.005	10.716	6.561	13.994	22.907	27.588
Transportation (4xxx)	0	1.210	1.374	0.740	3.077	0	0.175	0.150	1.640	2.035	3.664	2.211	3.000
Communications (48xx)	1.684	5.641	1.313	3.850	1.080	7.769	4.791	2.356	4.325	5.275	2.072	11.234	2.974
Electric, gas, sanitary services (49xx)	2.695	0	0.922	2.145	3.085	2.700	1.840	3.865	2.675	4.189	1.400	6.465	6.669
Wholesale (5xxx)	3.110	2.377	6.850	3.289	7.260	8.075	11.425	2.780	4.455	9.864	2.487	13.273	8.676
Finance, insurance, real estate (6xxx)	4.362	2.247	5.580	3.820	3.740	4.275	2.925	7.193	1.630	3.550	3.204	11.692	5.222
Services (7xxx)	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913	2.205	9.709	8.403	15.501	22.197
Health services (8xxx)	1.260	4.750	2.450	0.277	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.723	1.552
Total	36.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	49.850	43.330	97.799	83.878
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.100	1	0	0	1.019	2	0	0	0	0	1.019	2	1.119	3	1.119	3	0.18%
Mining (1xxx)	2.100	6	1.255	7	3.837	6	1.232	3	1.000	1	7.324	17	9.424	23	8.324	21	1.29%
Oil and gas (13xx)	10.275	17	7.193	15	12.911	16	15.630	15	3.310	10	39.044	56	49.319	73	43.994	66	6.89%
Construction (15xx)	0.750	1	0.215	2	0.585	2	2.210	7	1.690	3	4.700	14	5.450	15	5.450	15	0.83%
Manufacturing (2xxx, 3xxx)	28.935	72	48.849	100	43.437	97	43.463	80	27.588	39	163.337	316	192.272	388	180.152	365	28.83%
Transportation (4xxx)	2.584	9	3.817	7	1.965	7	7.911	16	3.000	4	16.693	34	19.277	43	19.277	43	2.95%
Communications (48xx)	8.638	23	12.699	13	11.472	17	18.581	25	2.974	7	45.726	62	54.364	85	52.680	80	8.07%
Electric, gas, sanitary services (49xx)	3.617	5	7.930	12	8.380	14	12.054	12	6.669	9	35.033	47	38.650	52	35.955	50	6.18%
Wholesale (5xxx)	12.338	33	18.625	37	18.660	30	25.624	46	8.676	23	71.584	136	83.921	169	80.811	162	12.63%
Finance, insurance, real estate (6xxx)	12.190	34	11.835	41	11.748	26	18.446	49	5.222	15	47.251	131	59.441	165	55.078	150	8.34%
Services (7xxx)	16.485	47	33.734	66	17.543	47	33.613	71	22.197	40	107.087	223	123.571	270	118.612	255	18.90%
Health services (8xxx)	8.460	13	6.785	23	7.282	20	12.215	20	1.552	6	27.834	69	36.294	82	35.034	79	4.91%
Total	106.471	261	152.936	323	138.838	283	190.978	344	83.878	157	566.630	1107	673.101	1368	636.485	1289	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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