Analysis of bank loan issuance for year to date through November

Total: $351.214 billion in 769 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	11/2005
Less than 200 bps	7.539	10.482	9.665	4.365	1.945	22.025	10.080	6.670	9.052	11.010	8.783
200 bps	2.340	3.570	3.657	2.143	5.040	2.145	2.485	1.841	2.587	1.515	0.400
225 bps	3.150	3.945	1.366	6.480	3.665	2.575	4.095	1.975	2.930	3.105	6.718
250 bps	4.120	2.051	1.620	4.331	1.185	1.722	5.085	0.385	3.910	1.039	3.884
275 bps	3.845	4.615	1.972	1.541	0.835	1.808	2.585	1.202	1.510	3.805	1.958
300 bps	0.575	1.985	1.383	1.895	1.320	1.102	0.260	0.305	1.754	3.860	0.465
325 bps	0.363	0.522	1.387	0.260	0.350	0.550	0.419	0.035	0.115	0.955	1.235
350 bps	0.130	0.537	0.492	0.115	0.200	0.835	1.150	0.100	0.025	0	0.330
375 bps and upwards	1.602	1.006	3.330	1.190	5.428	4.194	2.199	1.119	3.513	2.519	1.838
Other	4.732	2.264	3.500	4.174	4.705	10.693	4.912	7.347	7.253	9.961	14.372
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	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	25.802	65	19.793	56	101.617	269	0.289
200 bps	9.567	26	9.328	32	6.913	30	1.915	10	27.723	98	0.079
225 bps	8.461	24	12.720	31	9.000	33	9.823	32	40.004	120	0.114
250 bps	7.791	44	7.238	29	9.380	23	4.923	30	29.333	126	0.084
275 bps	10.432	42	4.184	28	5.297	25	5.763	26	25.676	121	0.073
300 bps	3.942	18	4.317	22	2.319	19	4.324	20	14.903	79	0.042
325 bps	2.272	16	1.160	10	0.570	9	2.190	15	6.192	50	0.018
350 bps	1.159	11	1.150	10	1.275	11	0.330	3	3.914	35	0.011
375 bps and upwards	5.937	60	10.812	70	6.832	49	4.356	47	27.939	226	0.080
Other	10.496	61	19.572	79	19.513	84	24.333	101	73.914	325	0.211
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Yes	2.805	1.860	4.572	4.955	1.525	2.685	2.627	0.880	6.373	2.514	0.825
No	23.956	26.997	23.348	21.214	22.047	44.839	28.269	20.099	25.627	34.230	39.159
Downsized	1.635	2.120	0.453	0.325	1.100	0.125	2.375	0	0.650	1.024	0
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	9.238	25	9.165	19	9.880	29	3.340	9	31.622	82	0.090
No	74.301	334	88.101	366	73.994	314	73.389	326	309.785	1340	0.882
Downsized	4.207	11	1.550	6	3.025	5	1.024	5	9.807	27	0.028
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
Flex?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Down	6.597	12.608	6.867	0.795	0.430	10.690	14.843	2.292	10.758	3.458	0.675
No	21.160	16.369	20.208	23.999	16.732	35.625	18.302	15.906	20.811	30.237	38.117
Up	0.640	2.000	1.298	1.700	7.511	1.334	0.125	2.780	1.081	4.074	1.192
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	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	4.133	14	70.014	219	0.199
No	57.737	273	76.356	319	55.019	252	68.354	299	257.465	1143	0.733
Up	3.938	15	10.545	36	3.986	9	5.266	27	23.735	87	0.068
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Revolver	9.980	9.365	8.910	10.050	9.643	23.470	12.232	13.110	12.640	16.935	16.197
Term	5.998	5.472	4.628	6.284	5.559	9.185	8.069	3.671	5.351	9.371	11.147
TLA	0.689	2.043	0.900	1.022	0.845	4.810	0.740	0.085	2.350	1.625	1.005
Institutional	10.057	11.026	11.011	7.731	7.426	8.119	10.264	3.165	9.642	5.478	8.679
Second/third/junior lien	0.917	2.271	1.984	0.760	0.988	1.475	1.288	0.448	1.056	2.105	1.735
Delayed draw	0.540	0.165	0.315	0.597	0	0.050	0.553	0.500	0.605	1.200	0.750
LoC	0.215	0.635	0.625	0.050	0.212	0.540	0.125	0	1.007	1.055	0.470
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Revolver	28.255	157	43.163	171	37.982	168	33.132	162	142.532	658	0.406
Term	16.098	61	21.028	79	17.090	68	20.519	68	74.735	276	0.213
TLA	3.632	15	6.677	21	3.175	9	2.630	8	16.114	53	0.046
Institutional	32.094	81	23.276	68	23.070	55	14.156	44	92.596	248	0.264
Second/third/junior lien	5.172	37	3.223	36	2.792	34	3.840	41	15.027	148	0.043
Delayed draw	1.020	8	0.647	5	1.658	8	1.950	8	5.275	29	0.015
LoC	1.475	11	0.802	11	1.132	6	1.525	9	4.934	37	0.014
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Baa3	0	0	0	0	0	0	0	0	0	1.650	0
Ba1	2.650	0.330	2.500	2.075	0.550	0.475	0.900	0	2.100	3.000	1.990
Ba2	0.700	0.880	0.800	0.755	0	2.950	3.035	2.700	0	3.090	6.603
Ba3	2.262	4.800	2.550	5.855	0.600	1.475	4.855	2.625	2.262	3.025	2.065
B1	6.710	11.195	4.692	4.425	4.450	7.897	2.183	0.550	6.203	3.955	5.784
B2	3.152	2.860	3.970	2.603	1.915	3.767	2.999	1.000	3.880	3.886	2.745
B3	0.487	0.838	1.735	0.550	0.308	1.245	0.232	0.237	0.798	0.750	0.540
Caa1	0.075	0.331	0.140	0.215	0.210	0.115	0.050	0.080	0.075	0.075	0.337
Caa2	0.050	0	0.285	0	0.115	0	0	0	0.048	0	0.045
NR	12.310	9.743	11.701	10.016	16.524	29.725	19.016	13.786	17.284	18.338	19.875
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Baa3	0	0	0	0	0	0	1.650	4	1.650	4	0.005
Ba1	5.480	8	3.100	7	3.000	8	4.990	8	16.570	31	0.047
Ba2	2.380	8	3.705	15	5.735	7	9.693	19	21.513	49	0.061
Ba3	9.612	23	7.930	13	9.742	31	5.090	17	32.374	84	0.092
B1	22.597	71	16.772	68	8.936	42	9.739	44	58.043	225	0.165
B2	9.982	48	8.285	45	7.879	43	6.631	32	32.778	168	0.093
B3	3.060	21	2.103	17	1.268	13	1.290	14	7.721	65	0.022
Caa1	0.546	5	0.540	8	0.205	3	0.412	3	1.703	19	0.005
Caa2	0.335	3	0.115	1	0.048	1	0.045	1	0.543	6	0.002
NR	33.753	183	56.266	217	50.086	200	38.213	198	178.318	798	0.508
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005
Acquisition	4.600	1.005	5.302	2.262	7.997	9.797	4.095	4.636	5.771	8.127	4.356
Capex	0.185	0.922	0.678	0.725	0	0.583	0.230	0.911	0.851	1.315	0.270
Dividend/recap	0.583	0.962	2.789	6.485	1.125	1.383	1.307	1.183	1.708	2.810	2.850
Exit financing	0.635	0.075	0	0.786	0.300	0	0	0	0	0.285	0.650
GCP	0.875	1.615	2.135	3.020	1.190	9.500	4.342	7.574	6.315	10.260	9.030
LBO	6.150	8.289	2.950	3.845	1.351	5.652	9.732	0.670	7.087	2.527	12.123
Refinance	10.184	15.486	12.288	8.136	11.879	17.159	10.746	4.080	9.895	8.495	7.239
Multiple/Other/NA	5.185	2.623	2.230	1.235	0.830	3.575	2.818	1.925	1.025	3.950	3.465
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	10.907	18	20.057	29	14.501	26	12.483	25	57.948	98	0.165
Capex	1.785	5	1.308	4	1.992	6	1.585	6	6.671	21	0.019
Dividend/recap	4.334	17	8.993	14	4.197	16	5.660	12	23.184	59	0.066
Exit financing	0.710	3	1.086	4	0	0	0.935	2	2.731	9	0.008
GCP	4.625	16	13.710	42	18.231	57	19.290	51	55.856	166	0.159
LBO	17.389	24	10.848	24	17.489	23	14.650	30	60.376	101	0.172
Refinance	37.959	77	37.174	77	24.721	38	15.735	37	115.588	229	0.329
Multiple/Other/NA	10.037	27	5.640	17	5.768	25	7.415	17	28.860	86	0.082
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000
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	11/2005
Agriculture (0xxx)	0.150	0	0.700	0.500	0	0.600	0	0	0.520	0	0.710
Mining (1xxx)	0.735	1.170	0.830	0	1.035	0.607	0	0.480	0	1.050	2.050
Oil and gas (13xx)	1.615	0.822	0.825	6.000	1.050	1.615	1.900	2.255	1.200	1.575	2.220
Construction (15xx)	0	0	0	1.325	0	1.200	0.125	1.675	3.185	1.405	1.820
Manufacturing (2xxx, 3xxx)	9.522	7.386	8.909	7.307	7.531	12.157	9.577	6.002	5.728	13.483	10.960
Transportation (4xxx)	0.700	0.470	0.893	0.262	0.320	1.580	4.600	0.850	2.325	1.466	0.655
Communications (48xx)	6.202	3.205	3.257	2.835	2.892	4.728	1.436	0.890	1.200	4.165	1.356
Electric, gas, sanitary services (49xx)	0.200	4.230	2.593	1.115	0.845	4.688	1.370	1.320	2.536	5.384	3.555
Wholesale (5xxx)	3.188	1.427	2.485	3.237	0.960	10.615	0.470	3.760	7.870	5.349	1.090
Finance, insurance, real estate (6xxx)	1.255	1.445	0.953	0.350	0.600	1.601	4.535	0.831	0.250	1.450	3.812
Services (7xxx)	2.648	10.107	5.305	2.838	4.650	2.590	8.068	1.740	6.252	1.110	9.927
Health services (8xxx)	2.181	0.715	1.622	0.725	4.790	5.667	1.190	1.175	1.585	1.332	1.829
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.769	39.984
	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	0.710	1	3.180	6	0.009
Mining (1xxx)	2.735	7	1.642	6	0.480	2	3.100	8	7.957	23	0.023
Oil and gas (13xx)	3.262	7	8.665	10	5.355	10	3.795	11	21.077	38	0.060
Construction (15xx)	0	0	2.525	4	4.985	7	3.225	6	10.735	17	0.031
Manufacturing (2xxx, 3xxx)	25.818	60	26.995	63	21.307	60	24.442	60	98.561	243	0.281
Transportation (4xxx)	2.063	11	2.162	6	7.775	10	2.121	5	14.121	32	0.040
Communications (48xx)	12.665	20	10.454	23	3.526	11	5.522	11	32.167	65	0.092
Electric, gas, sanitary services (49xx)	7.023	10	6.648	18	5.226	15	8.939	13	27.836	56	0.079
Wholesale (5xxx)	7.100	22	14.812	28	12.100	16	6.439	21	40.452	87	0.115
Finance, insurance, real estate (6xxx)	3.653	12	2.551	10	5.616	13	5.262	10	17.083	45	0.049
Services (7xxx)	18.060	28	10.078	24	16.059	31	11.037	22	55.234	105	0.157
Health services (8xxx)	4.518	8	11.182	17	3.950	15	3.160	12	22.811	52	0.065
Total	87.746	187	98.816	211	86.899	191	77.753	180	351.214	769	1.000

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).

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