Analysis of bank loan issuance for 13 months through February 2012

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

Rate (L+)

	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Below 150 bps	0	0	0	0	0	0	0	0.200	0	0	0	0	0
150	0	0.350	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725
175	2.425	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375
200	4.620	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875
225	0.315	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125	2.915	5.395
250	1.640	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640	1.700
275	3.915	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.200
300	22.324	6.322	2.217	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570	2.520	6.520
325	7.226	6.667	1.910	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.481	1.723	1.863
350	12.807	2.893	4.400	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0	1.970	2.250
375	2.445	4.632	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310	0.295	1.335
400	5.398	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660	2.522
425	0.718	2.785	5.293	2.200	1.315	1.850	0	0	0	1.775	0	1.150	1.878
450	1.275	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025	0.817	0.693
475	1.930	0.825	2.080	4.895	0.592	0.455	0.415	0	0.640	0	0.125	0.515	1.855
500 bps and upward	5.899	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.459	5.800	5.784	6.714	5.556
Fixed rate	0.888	0	0.087	0	0	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300
NA	13.982	18.810	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.122	14.248	14.299	18.225
Other	0	0	0	0	0	0.250	0	0	0	0	0	0	0
Prime based	0	0	0.215	0	0	0	0	0	0	0	0	0	0
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	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	0.200	1	0	0	0	0	0	0	0.200	1	0.200	1	0.00%
150	1.660	3	8.280	16	10.297	18	1.000	4	1.000	4	21.587	42	21.587	39	1.06%
175	13.870	37	7.855	19	7.057	15	3.615	12	3.615	9	39.132	94	36.707	70	3.84%
200	12.617	16	7.128	15	1.485	9	2.020	12	2.020	10	28.894	64	24.274	45	2.15%
225	13.565	23	3.090	13	3.658	12	8.310	20	8.310	13	35.148	84	34.833	60	8.84%
250	8.990	24	5.175	14	2.474	12	3.340	6	3.340	4	27.453	68	25.813	50	3.55%
275	11.221	24	4.367	9	5.948	16	1.730	7	1.730	5	33.901	83	29.986	48	1.84%
300	8.492	22	2.988	6	3.228	15	9.040	22	9.040	12	52.394	110	30.070	43	9.61%
325	7.567	21	1.110	6	2.876	7	3.586	10	3.586	8	29.030	64	21.805	37	3.81%
350	8.295	18	1.335	12	3.705	9	4.220	2	4.220	1	33.255	76	20.448	27	4.49%
375	13.884	25	1.065	3	1.285	5	1.630	6	1.630	4	24.941	58	22.496	28	1.73%
400	7.852	29	2.110	6	0.584	5	3.183	6	3.183	3	20.916	74	15.518	36	3.38%
425	8.808	21	1.850	5	1.775	5	3.028	4	3.028	2	18.963	46	18.246	23	3.22%
450	6.009	29	3.120	10	1.427	7	1.510	6	1.510	4	14.256	65	12.981	34	1.61%
475	7.566	18	0.870	7	0.765	4	2.370	6	2.370	5	14.326	53	12.396	27	2.52%
500 bps and upward	20.125	85	19.060	84	17.043	74	12.270	64	12.270	31	78.594	366	72.696	134	13.05%
Fixed rate	0.087	1	0.722	6	0.641	6	0.675	3	0.675	2	3.013	20	2.125	9	0.72%
NA	76.969	192	41.377	119	40.198	136	32.524	108	32.524	82	223.861	659	209.879	496	34.58%
Other	0	0	0.250	1	0	0	0	0	0	0	0.250	1	0.250	1	0.00%
Prime based	0.215	2	0	0	0	0	0	0	0	0	0.215	2	0.215	2	0.00%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Upsized?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Yes	7.535	3.902	8.665	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.275
No	76.989	69.481	59.598	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.313	34.316	51.993
Downsized	3.283	0.900	0.943	5.668	3.555	0.225	0	1.581	0.134	1.013	2.286	1.595	0
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	17.610	25	4.685	12	15.354	26	6.147	14	6.147	4	55.234	103	47.699	38	6.54%
No	200.017	540	105.461	334	85.659	316	86.308	279	86.308	192	623.915	1859	546.926	1151	91.77%
Downsized	10.165	25	1.806	6	3.433	13	1.595	5	1.595	3	21.181	68	17.898	20	1.70%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Flex?
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Down	14.822	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212	6.849	4.935
No	69.299	67.656	65.812	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.593	33.934	48.333
Up	3.685	2.304	1.058	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370	0	0
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	10.733	26	3.330	10	5.847	16	11.784	22	11.784	8	50.841	119	36.019	30	12.53%
No	207.351	523	105.007	326	97.219	331	82.266	276	82.266	191	628.798	1828	559.500	1155	87.47%
Up	9.707	41	3.614	16	1.380	8	0	0	0	0	20.691	83	17.006	24	0.00%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Type
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Revolver	22.700	33.798	36.568	38.172	42.660	18.590	18.247	25.292	22.140	14.723	22.859	15.323	17.463
TLA	7.375	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.857	2.945	3.400	6.000
Term	22.511	13.907	15.609	12.289	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.600	11.934
Institutional	33.519	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356	10.255	16.140
Second/third/junior lien	0.461	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.615
Delayed draw	0.990	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800	0.065	0	0.710	1.115
LoC	0.250	0	0	0	1.800	0.437	0.350	0	0	0	0	0	0
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	117.400	327	62.129	203	59.722	214	32.787	137	32.787	117	328.536	1083	305.836	911	34.86%
TLA	15.575	25	4.625	8	6.202	19	9.400	18	9.400	9	49.959	100	42.583	28	9.99%
Term	37.196	115	31.057	93	18.572	72	22.534	80	22.534	49	145.776	456	123.265	181	23.96%
Institutional	49.559	91	11.337	24	18.372	35	26.395	49	26.395	21	158.421	287	124.903	80	28.06%
Second/third/junior lien	5.446	23	1.896	20	0.712	11	1.110	7	1.110	1	10.084	71	9.623	4	1.18%
Delayed draw	0.815	6	0.121	2	0.865	4	1.825	7	1.825	3	4.716	25	3.726	5	1.94%
LoC	1.800	3	0.787	2	0	0	0	0	0	0	2.837	8	2.587	2	0.00%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Moody's Rating
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Baa2	0	0	2.000	0	0	0	0	0	0	0	0	0	0
Baa3	0.340	1.625	2.400	0	3.900	0	0	0	0	0	0	0.350	0
Ba1	1.600	2.900	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0	1.250	0
Ba2	9.088	7.810	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100	0	1.200	5.950
Ba3	3.973	6.062	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.710	3.230
B1	13.725	3.495	6.028	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315	4.304	3.455
B2	5.505	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060	1.905	0.775	0.845	1.360
B3	3.713	1.015	0.425	0.610	0.655	0	0	0.200	0	0.175	0.100	1.208	0.300
Caa1	0.382	0.230	0.580	0.352	0	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615
Caa2	0	0	0.290	0.145	0.080	0	0	0.100	0	0	0	0	0
NR	49.481	49.150	39.482	51.121	55.745	24.685	25.390	37.709	25.841	19.860	31.509	25.596	38.358
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	2.000	2	0	0	0	0	0	0	0	0	2.000	2	2.000	1	0.00%
Baa3	6.300	5	0	0	0	0	0.350	2	0.350	1	8.615	13	8.275	6	0.37%
Ba1	7.090	12	6.285	10	2.130	6	1.250	4	1.250	3	21.255	40	19.655	19	1.33%
Ba2	18.120	41	0.300	2	4.955	9	7.150	11	7.150	7	47.423	89	38.335	37	7.60%
Ba3	15.025	45	5.595	16	10.648	27	8.940	14	8.940	6	50.243	130	46.270	58	9.51%
B1	18.442	56	6.702	28	5.276	20	7.759	26	7.759	17	55.398	172	41.673	78	8.25%
B2	11.330	24	4.484	18	3.740	17	2.205	11	2.205	5	29.260	90	23.755	38	2.34%
B3	1.690	10	0.200	1	0.275	2	1.508	9	1.508	4	8.400	37	4.688	11	1.60%
Caa1	0.932	10	0.500	2	0.212	3	0.935	6	0.935	1	3.191	26	2.809	2	0.99%
Caa2	0.515	4	0.100	1	0	0	0	0	0	0	0.615	5	0.615	1	0.00%
NR	146.348	381	87.785	274	77.210	271	63.954	215	63.954	155	473.929	1426	424.448	959	68.00%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Use of Proceeds
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Acquisition	5.766	2.397	6.100	13.307	9.035	8.600	1.760	8.335	4.258	4.970	3.229	0.945	1.603
Capex	0.575	0	0	0.650	0.146	0.150	0.150	0	0	0	0	0	0
Dividend/recap	7.343	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430	5.094
Exit financing	0.080	0.090	0	0	0	0	0	0	0	0	0	0.904	0
GCP	1.451	6.625	9.290	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.312
LBO	3.220	5.260	0	3.285	5.648	5.314	0.865	8.681	4.949	4.897	5.187	4.178	0.840
Refinance	61.958	42.012	38.120	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710	15.268	21.110
Multiple/Other/NA	7.413	16.214	11.260	20.314	31.078	15.373	11.608	18.166	15.605	11.127	16.605	13.348	21.308
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	28.442	37	18.695	28	12.457	28	2.548	11	2.548	11	70.306	115	64.540	110	2.71%
Capex	0.796	3	0.300	2	0	0	0	0	0	0	1.671	7	1.096	5	0.00%
Dividend/recap	8.706	25	1.071	6	1.264	4	5.524	14	5.524	14	25.592	68	18.250	57	5.87%
Exit financing	0	0	0	0	0	0	0.904	1	0.904	1	1.075	2	0.995	2	0.96%
GCP	13.355	32	11.940	31	12.851	40	9.022	21	9.022	21	55.245	154	53.794	147	9.59%
LBO	8.933	22	14.860	24	15.034	27	5.018	18	5.018	18	52.324	109	49.104	101	5.34%
Refinance	104.909	134	19.940	41	19.503	38	36.378	55	36.378	55	284.699	413	222.741	338	38.68%
Multiple/Other/NA	62.652	127	45.146	89	43.337	122	34.656	79	34.656	79	209.418	471	202.005	449	36.85%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	100.00%
Industry Sector (by SIC code)
	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012
Agriculture (0xxx)	0.885	0.225	0	1.250	1.650	0	0.100	0	0	0.100	0	0	0
Mining (1xxx)	1.000	1.600	4.003	6.310	0.600	0.300	0.800	0	1.100	0	1.000	0.525	0
Oil and gas (13xx)	3.600	4.465	8.248	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100	1.890
Construction (15xx)	1.015	0.460	0	0	0.100	0	1.500	0.500	0	0.750	0	0.140	0
Manufacturing (2xxx, 3xxx)	27.551	17.343	18.649	16.887	26.110	14.440	8.365	13.972	12.120	7.950	8.863	17.797	15.899
Transportation (4xxx)	0.375	12.685	0	3.395	2.796	2.769	0.325	0.425	0	1.210	1.351	0.763	2.802
Communications (48xx)	5.032	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080
Electric, gas, sanitary services (49xx)	1.670	3.600	1.500	4.810	5.285	3.574	0	0	2.695	0	0.922	2.145	3.368
Wholesale (5xxx)	14.301	10.338	14.802	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.494	7.160
Finance, insurance, real estate (6xxx)	10.806	1.990	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.795	3.070
Services (7xxx)	14.891	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.270	5.897	16.144
Health services (8xxx)	6.679	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.277	1.854
Total	87.806	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.175	40.783	53.268
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	2.900	3	0.100	1	0.100	1	0	0	0	0	4.210	8	3.325	6	0.00%
Mining (1xxx)	10.913	11	1.100	4	2.100	6	0.525	3	0.525	3	17.238	26	16.238	25	0.56%
Oil and gas (13xx)	26.008	35	6.843	14	8.275	16	3.990	10	3.990	10	53.180	89	49.580	82	4.24%
Construction (15xx)	0.100	1	2.000	4	0.750	1	0.140	1	0.140	1	4.465	10	3.450	8	0.15%
Manufacturing (2xxx, 3xxx)	61.647	103	36.776	61	28.933	72	33.696	60	33.696	60	205.947	373	178.396	340	35.83%
Transportation (4xxx)	6.191	13	3.519	8	2.561	8	3.565	7	3.565	7	28.896	46	28.521	44	3.79%
Communications (48xx)	11.498	22	2.623	8	8.638	23	4.930	7	4.930	7	37.054	83	32.021	71	5.24%
Electric, gas, sanitary services (49xx)	11.595	15	3.574	5	3.617	5	5.513	8	5.513	8	29.569	43	27.899	40	5.86%
Wholesale (5xxx)	25.937	40	15.816	31	12.338	33	10.655	23	10.655	23	89.384	173	75.083	150	11.33%
Finance, insurance, real estate (6xxx)	17.446	40	11.120	27	12.190	34	6.865	27	6.865	27	60.416	152	49.611	137	7.30%
Services (7xxx)	37.945	63	21.677	43	16.485	47	22.041	46	22.041	46	125.783	242	110.892	223	23.44%
Health services (8xxx)	15.613	34	6.803	15	8.460	13	2.131	7	2.131	7	44.187	94	37.508	83	2.27%
Total	227.792	380	111.951	221	104.445	259	94.051	199	94.051	199	700.330	1339	612.524	1209	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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