Analysis of bank loan issuance for 13 months through January 2012

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

Rate (L+)

	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Below 150 bps	0	0	0	0	0	0	0	0	0.200	0	0	0	0
150	0.675	0	0.350	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275
175	0.600	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722	1.240
200	1.000	4.620	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.075
225	0.950	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125	2.640
250	3.620	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640
275	2.545	3.915	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643	0.625
300	8.175	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570	2.570
325	7.006	7.226	6.667	1.910	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.481	1.273
350	4.995	12.807	2.893	4.400	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0	2.200
375	1.479	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310	0.620
400	1.580	5.398	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660
425	3.119	0.718	2.785	5.293	2.200	1.315	1.850	0	0	0	1.775	0	0
450	4.924	1.275	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025	0.392
475	0.132	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0	0.640	0	0.125	1.565
500 bps and upward	4.638	5.899	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.459	5.600	5.973	5.906
Fixed rate	0	0.888	0	0.087	0	0	0	0.050	0.672	0.030	0.161	0.310	0.200
NA	15.610	13.982	18.810	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.322	14.248	15.004
Other	0.150	0	0	0	0	0	0.250	0	0	0	0	0	0
Prime based	0	0	0	0.215	0	0	0	0	0	0	0	0	0
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0.200	1	0	0	0	0	0	0	0.200	1	0	0	0.00%
150	1.025	4	1.660	3	8.280	16	10.297	18	0.275	1	0.275	1	21.537	42	0.275	1	0.65%
175	7.335	14	13.870	37	7.855	19	7.057	15	1.240	5	1.240	5	37.357	90	1.240	5	2.94%
200	6.645	14	12.617	16	7.128	15	1.485	9	1.075	5	1.075	4	28.949	59	1.075	4	2.55%
225	7.475	20	13.565	23	3.090	13	3.658	12	2.640	8	2.640	6	30.427	76	2.640	6	6.26%
250	11.094	24	8.990	24	5.175	14	2.474	12	2.140	4	2.140	3	29.873	78	2.140	3	5.07%
275	13.180	36	11.221	24	4.367	9	5.948	16	0.625	3	0.625	2	35.341	88	0.625	2	1.48%
300	36.821	54	8.492	22	2.988	6	3.228	15	2.570	5	2.570	2	54.099	102	2.570	2	6.09%
325	20.898	30	7.567	21	1.110	6	2.876	7	3.473	5	3.473	5	35.924	69	3.473	5	8.23%
350	20.695	43	8.295	18	1.335	12	3.705	9	2.200	1	2.200	1	36.230	83	2.200	1	5.21%
375	8.556	25	13.884	25	1.065	3	1.285	5	0.620	3	0.620	2	25.410	61	0.620	2	1.47%
400	8.768	32	7.852	29	2.110	6	0.584	5	0.660	1	0.660	1	19.973	73	0.660	1	1.56%
425	6.622	15	8.808	21	1.850	5	1.775	5	0	0	0	0	19.054	46	0	0	0.00%
450	7.113	20	6.009	29	3.120	10	1.427	7	0.392	3	0.392	2	18.062	69	0.392	2	0.93%
475	2.886	22	7.566	18	0.870	7	0.765	4	1.565	4	1.565	2	13.653	55	1.565	2	3.71%
500 bps and upward	14.735	82	20.125	85	19.060	84	17.032	74	6.406	28	6.406	11	77.358	353	6.406	11	15.18%
Fixed rate	0.888	4	0.087	1	0.722	6	0.501	5	0.200	1	0.200	1	2.398	17	0.200	1	0.47%
NA	48.402	153	76.969	192	41.377	119	40.398	138	16.109	72	16.109	48	223.255	674	16.109	48	38.18%
Other	0.150	1	0	0	0.250	1	0	0	0	0	0	0	0.400	2	0	0	0.00%
Prime based	0	0	0.215	2	0	0	0	0	0	0	0	0	0.215	2	0	0	0.00%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Upsized?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Yes	12.541	7.535	3.902	8.665	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.575	1.940
No	46.686	76.989	69.481	59.598	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.364	35.945
Downsized	1.970	3.283	0.900	0.943	5.668	3.555	0.225	0	1.581	0.134	1.013	2.286	0
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	23.979	46	17.610	25	4.685	12	15.354	26	1.940	4	1.940	1	63.568	113	1.940	1	4.60%
No	193.156	521	200.017	540	105.461	334	85.709	317	40.250	145	40.250	91	624.593	1857	40.250	91	95.40%
Downsized	6.152	26	10.165	25	1.806	6	3.433	13	0	0	0	0	21.556	70	0	0	0.00%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Flex?
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Down	22.829	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212	3.307
No	36.021	69.299	67.656	65.812	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.642	34.578
Up	2.347	3.685	2.304	1.058	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370	0
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.975	78	10.733	26	3.330	10	5.847	16	3.307	6	3.307	2	65.193	136	3.307	2	7.84%
No	172.976	491	207.351	523	105.007	326	97.269	332	38.883	143	38.883	90	621.486	1815	38.883	90	92.16%
Up	8.336	24	9.707	41	3.614	16	1.380	8	0	0	0	0	23.038	89	0	0	0.00%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Type
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Revolver	19.770	22.700	33.798	36.568	38.172	42.660	18.590	18.247	25.292	22.140	14.723	22.739	13.500
TLA	3.530	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.857	3.115	3.175
Term	22.474	22.511	13.907	15.609	12.289	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.015
Institutional	13.655	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356	10.120
Second/third/junior lien	0.440	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.375
Delayed draw	0.655	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800	0.065	0	0.700
LoC	0.673	0.250	0	0	0	1.800	0.437	0.350	0	0	0	0	0
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	76.269	287	117.400	327	62.129	203	59.602	214	14.280	72	14.280	61	329.679	1103	14.280	61	33.85%
TLA	17.686	38	15.575	25	4.625	8	6.372	20	3.475	9	3.475	4	47.733	100	3.475	4	8.24%
Term	58.892	138	37.196	115	31.057	93	18.572	72	10.670	43	10.670	24	156.387	461	10.670	24	25.29%
Institutional	66.413	103	49.559	91	11.337	24	18.372	35	12.690	18	12.690	4	158.371	271	12.690	4	30.08%
Second/third/junior lien	1.360	12	5.446	23	1.896	20	0.712	11	0.375	4	0.375	1	9.789	70	0.375	1	0.89%
Delayed draw	1.745	10	0.815	6	0.121	2	0.865	4	0.700	3	0.700	1	4.246	25	0.700	1	1.66%
LoC	0.923	5	1.800	3	0.787	2	0	0	0	0	0	0	3.510	10	0	0	0.00%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Moody's Rating
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Baa2	0	0	0	2.000	0	0	0	0	0	0	0	0	0
Baa3	0	0.340	1.625	2.400	0	3.900	0	0	0	0	0	0	0
Ba1	1.780	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0	0.500
Ba2	2.720	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100	0	0
Ba3	14.400	3.973	6.062	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.110
B1	9.820	13.725	3.495	6.028	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315	0.550
B2	1.382	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060	1.905	0.775	0.215
B3	1.015	3.713	1.015	0.425	0.610	0.655	0	0	0.200	0	0.175	0.100	0
Caa1	0	0.382	0.230	0.580	0.352	0	0.150	0	0.350	0.075	0.075	0.062	0
Caa2	0	0	0	0.290	0.145	0.080	0	0	0.100	0	0	0	0
NR	30.080	49.481	49.150	39.482	51.121	55.745	24.685	25.390	37.709	25.841	19.860	31.558	31.510
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	2.000	2	0	0	0	0	0	0	0	0	2.000	2	0	0	0.00%
Baa3	1.965	6	6.300	5	0	0	0	0	0	0	0	0	8.265	11	0	0	0.00%
Ba1	6.280	12	7.090	12	6.285	10	2.130	6	0.500	1	0.500	1	22.285	41	0.500	1	1.19%
Ba2	19.618	34	18.120	41	0.300	2	4.955	9	3.620	5	3.620	2	46.613	91	3.620	2	8.58%
Ba3	24.435	46	15.025	45	5.595	16	10.648	27	5.110	9	5.110	3	60.813	143	5.110	3	12.11%
B1	27.040	66	18.442	56	6.702	28	5.276	20	1.050	3	1.050	2	58.509	173	1.050	2	2.49%
B2	8.883	31	11.330	24	4.484	18	3.740	17	0.215	2	0.215	1	28.652	92	0.215	1	0.51%
B3	5.743	17	1.690	10	0.200	1	0.275	2	0	0	0	0	7.908	30	0	0	0.00%
Caa1	0.612	5	0.932	10	0.500	2	0.212	3	0	0	0	0	2.256	20	0	0	0.00%
Caa2	0	0	0.515	4	0.100	1	0	0	0	0	0	0	0.615	5	0	0	0.00%
NR	128.711	376	146.348	381	87.785	274	77.260	272	31.695	129	31.695	82	471.800	1432	31.695	82	75.12%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Use of Proceeds
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Acquisition	6.665	5.766	2.397	6.100	13.307	9.035	8.600	1.760	8.335	4.258	4.970	3.229	0.865
Capex	1.009	0.575	0	0	0.650	0.146	0.150	0.150	0	0	0	0	0
Dividend/recap	3.255	7.343	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430
Exit financing	1.345	0.080	0.090	0	0	0	0	0	0	0	0	0	0
GCP	7.057	1.451	6.625	9.290	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.464	3.610
LBO	7.867	3.220	5.260	0	3.285	5.648	5.314	0.865	8.681	4.949	4.897	5.187	4.607
Refinance	21.259	61.958	42.012	38.120	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710	15.210
Multiple/Other/NA	12.740	7.413	16.214	11.260	20.314	31.078	15.373	11.608	18.166	15.605	11.127	16.654	13.163
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	14.829	21	28.442	37	18.695	28	12.457	28	0.865	4	0.865	4	75.288	117	0.865	4	2.05%
Capex	1.584	5	0.796	3	0.300	2	0	0	0	0	0	0	2.680	10	0	0	0.00%
Dividend/recap	12.283	25	8.706	25	1.071	6	1.264	4	3.130	2	3.130	2	26.453	62	3.130	2	7.42%
Exit financing	1.515	3	0	0	0	0	0	0	0	0	0	0	1.515	3	0	0	0.00%
GCP	15.133	44	13.355	32	11.940	31	12.851	40	3.610	9	3.610	9	56.889	156	3.610	9	8.56%
LBO	16.347	26	8.933	22	14.860	24	15.034	27	4.792	16	4.792	16	59.965	115	4.792	16	11.36%
Refinance	125.230	181	104.909	134	19.940	41	19.503	38	15.710	24	15.710	24	285.290	418	15.710	24	37.24%
Multiple/Other/NA	36.367	76	62.652	127	45.146	89	43.387	122	14.083	36	14.083	36	201.635	450	14.083	36	33.38%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	100.00%
Industry Sector (by SIC code)
	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012
Agriculture (0xxx)	0	0.885	0.225	0	1.250	1.650	0	0.100	0	0	0.100	0	0
Mining (1xxx)	2.725	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0	1.100	0	1.000	0.525
Oil and gas (13xx)	1.934	3.600	4.465	8.248	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100
Construction (15xx)	0	1.015	0.460	0	0	0.100	0	1.500	0.500	0	0.750	0	0
Manufacturing (2xxx, 3xxx)	23.643	27.551	17.343	18.649	16.887	26.110	14.440	8.365	13.972	12.120	7.950	9.053	15.237
Transportation (4xxx)	0.575	0.375	12.685	0	3.395	2.796	2.769	0.325	0.425	0	1.210	1.351	0.763
Communications (48xx)	1.765	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313	3.600
Electric, gas, sanitary services (49xx)	0.525	1.670	3.600	1.500	4.810	5.285	3.574	0	0	2.695	0	0.922	2.095
Wholesale (5xxx)	7.455	14.301	10.338	14.802	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.542
Finance, insurance, real estate (6xxx)	7.865	10.806	1.990	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.485
Services (7xxx)	11.724	14.891	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.130	6.297
Health services (8xxx)	2.986	6.679	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.241
Total	61.197	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.224	37.885
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	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	0	0	0	0	4.210	8	0	0	0.00%
Mining (1xxx)	5.325	3	10.913	11	1.100	4	2.100	6	0.525	3	0.525	3	19.963	27	0.525	3	1.24%
Oil and gas (13xx)	9.999	18	26.008	35	6.843	14	8.275	16	2.100	5	2.100	5	53.224	88	2.100	5	4.98%
Construction (15xx)	1.475	3	0.100	1	2.000	4	0.750	1	0	0	0	0	4.325	9	0	0	0.00%
Manufacturing (2xxx, 3xxx)	68.537	114	61.647	103	36.776	61	29.123	73	18.122	31	18.122	31	214.206	382	18.122	31	42.95%
Transportation (4xxx)	13.635	11	6.191	13	3.519	8	2.561	8	0.763	3	0.763	3	26.669	43	0.763	3	1.81%
Communications (48xx)	11.130	26	11.498	22	2.623	8	8.638	23	3.600	2	3.600	2	37.489	81	3.600	2	8.53%
Electric, gas, sanitary services (49xx)	5.795	11	11.595	15	3.574	5	3.617	5	2.095	4	2.095	4	26.676	40	2.095	4	4.97%
Wholesale (5xxx)	32.094	62	25.937	40	15.816	31	12.338	33	4.462	11	4.462	11	90.647	177	4.462	11	10.58%
Finance, insurance, real estate (6xxx)	20.661	36	17.446	40	11.120	27	12.190	34	3.485	13	3.485	13	64.901	150	3.485	13	8.26%
Services (7xxx)	39.359	60	37.945	63	21.677	43	16.345	46	6.797	18	6.797	18	122.123	230	6.797	18	16.11%
Health services (8xxx)	14.166	33	15.613	34	6.803	15	8.460	13	0.241	1	0.241	1	45.283	96	0.241	1	0.57%
Total	223.287	380	227.792	380	111.951	221	104.496	259	42.190	91	42.190	91	709.716	1331	42.190	91	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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