Analysis of bank loan issuance for 13 months through March 2012

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

Rate (L+)

	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Below 150 bps	0	0	0	0	0	0	0.200	0	0	0	0	0.275	0
150	0.350	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630
175	4.310	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375	2.895
200	1.025	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.080
225	6.210	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125	1.891	5.425	1.340
250	5.833	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985
275	6.720	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.450
300	6.322	2.217	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570	2.520	8.590	4.510
325	6.667	1.910	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.504	1.700	2.192	4.390
350	2.893	4.400	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0	1.970	0	1.344
375	4.632	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310	0.295	2.009	1.500
400	1.790	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660	4.598	5.075
425	2.785	5.293	2.200	1.315	1.850	0	0	0	1.775	0	1.150	1.123	0.550
450	0.914	1.760	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025	0.817	0.610	1.570
475	0.825	2.080	4.895	0.592	0.455	0.415	0	0.640	0	0.125	0.515	1.855	1.615
500 bps and upward	4.199	3.205	9.115	7.805	10.151	1.125	7.784	5.459	5.800	5.784	6.509	5.861	10.965
Fixed rate	0	0.087	0	0	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308
NA	18.810	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.122	14.248	13.599	16.019	12.399
Other	0	0	0	0	0.250	0	0	0	0	0	0	0	0.675
Prime based	0	0.215	0	0	0	0	0	0	0	0	0	0	0
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	0.275	1	0.275	1	0.475	2	0.475	2	0.18%
150	1.660	3	8.280	16	10.297	18	3.630	10	3.630	10	24.217	48	23.867	44	2.36%
175	13.870	37	7.855	19	7.057	15	6.510	16	6.510	13	39.602	95	35.292	67	4.24%
200	12.617	16	7.128	15	1.485	9	8.101	23	8.101	16	30.355	68	29.330	48	5.28%
225	13.565	23	3.090	13	3.658	12	8.656	27	8.656	18	35.179	89	28.969	55	5.64%
250	8.990	24	5.175	14	2.474	12	4.625	8	4.625	5	27.098	68	21.265	43	3.01%
275	11.221	24	4.367	9	5.948	16	3.530	18	3.530	11	31.786	84	25.066	42	2.30%
300	8.492	22	2.988	6	3.228	15	15.620	32	15.620	18	36.650	91	30.328	41	10.18%
325	7.567	21	1.110	6	2.899	8	8.283	17	8.283	11	26.525	62	19.858	33	5.40%
350	8.295	18	1.335	12	3.705	9	3.314	7	3.314	5	19.541	57	16.649	24	2.16%
375	13.884	25	1.065	3	1.285	5	3.804	12	3.804	9	24.670	59	20.038	26	2.48%
400	7.852	29	2.110	6	0.584	5	10.332	25	10.332	17	22.668	76	20.878	43	6.73%
425	8.808	21	1.850	5	1.775	5	2.823	5	2.823	3	18.041	40	15.256	21	1.84%
450	6.009	29	3.120	10	1.427	7	2.997	12	2.997	7	14.468	66	13.553	32	1.95%
475	7.566	18	0.870	7	0.765	4	3.985	11	3.985	7	14.011	49	13.187	24	2.60%
500 bps and upward	20.125	85	19.060	84	17.043	74	23.335	103	23.335	48	83.761	376	79.563	137	15.20%
Fixed rate	0.087	1	0.722	6	0.641	6	0.983	5	0.983	4	2.433	18	2.433	11	0.64%
NA	76.969	192	41.377	119	40.198	136	42.017	158	42.017	127	219.372	664	200.562	496	27.37%
Other	0	0	0.250	1	0	0	0.675	2	0.675	1	0.925	3	0.925	1	0.44%
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	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Upsized?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Yes	3.902	8.665	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.445	2.105
No	69.481	59.598	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.337	32.364	52.687	57.767
Downsized	0.900	0.943	5.668	3.555	0.225	0	1.581	0.134	1.013	2.286	1.595	0.250	0.410
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	8.422	19	8.422	7	49.974	90	46.072	39	5.49%
No	200.017	540	105.461	334	85.681	317	142.818	466	142.818	317	603.459	1870	533.977	1131	93.04%
Downsized	10.165	25	1.806	6	3.433	13	2.255	7	2.255	4	18.558	57	17.659	19	1.47%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Flex?
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Down	4.324	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.324
No	67.656	65.812	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.615	31.982	48.307	57.783
Up	2.304	1.058	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370	0	0.180	0.175
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	15.069	30	15.069	12	39.303	98	34.979	28	9.82%
No	207.351	523	105.007	326	97.242	332	138.072	459	138.072	314	615.328	1840	547.672	1139	89.95%
Up	9.707	41	3.614	16	1.380	8	0.355	3	0.355	2	17.360	79	15.056	22	0.23%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Type
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Revolver	33.798	36.568	38.172	42.660	18.590	18.247	25.292	22.140	14.723	22.882	15.310	20.491	21.259
TLA	6.780	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.857	2.945	2.151	3.975	3.890
Term	13.907	15.609	12.289	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.409	12.956	9.230
Institutional	19.239	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356	9.755	15.114	23.330
Second/third/junior lien	0.459	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.110
Delayed draw	0.100	0.200	0.175	0.440	0.075	0	0.046	0.800	0.065	0	0.710	1.115	0.462
LoC	0	0	0	1.800	0.437	0.350	0	0	0	0	0	0	0
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	59.745	215	57.061	219	57.061	197	330.133	1085	296.335	879	37.17%
TLA	15.575	25	4.625	8	6.202	19	10.017	27	10.017	12	43.200	95	36.420	28	6.53%
Term	37.196	115	31.057	93	18.572	72	32.596	122	32.596	72	133.328	448	119.420	186	21.23%
Institutional	49.559	91	11.337	24	18.372	35	48.200	101	48.200	43	146.707	290	127.468	87	31.40%
Second/third/junior lien	5.446	23	1.896	20	0.712	11	3.335	14	3.335	3	11.848	72	11.389	6	2.17%
Delayed draw	0.815	6	0.121	2	0.865	4	2.287	9	2.287	5	4.188	22	4.088	6	1.49%
LoC	1.800	3	0.787	2	0	0	0	0	0	0	2.587	5	2.587	2	0.00%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Moody's Rating
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Baa2	0	2.000	0	0	0	0	0	0	0	0	0	0	0
Baa3	1.625	2.400	0	3.900	0	0	0	0	0	0	0.350	0	0
Ba1	2.900	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0	1.250	1.450	2.050
Ba2	7.810	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100	0	1.201	10.680	2.900
Ba3	6.062	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.710	4.732	9.575
B1	3.495	6.028	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315	4.304	6.254	5.358
B2	1.996	8.450	1.525	1.355	3.639	0	0.845	1.060	1.905	0.775	0.845	2.330	2.045
B3	1.015	0.425	0.610	0.655	0	0	0.200	0	0.175	0.100	1.583	0.450	0.275
Caa1	0.230	0.580	0.352	0	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615	0.750
Caa2	0	0.290	0.145	0.080	0	0	0.100	0	0	0	0	0	0
NR	49.150	39.482	51.121	55.745	24.685	25.390	37.709	25.841	19.860	31.532	23.268	27.871	37.329
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	8.275	11	6.650	3	0.23%
Ba1	7.090	12	6.285	10	2.130	6	4.750	13	4.750	7	23.155	47	20.255	20	3.09%
Ba2	18.120	41	0.300	2	4.955	9	14.781	27	14.781	15	45.966	91	38.156	39	9.63%
Ba3	15.025	45	5.595	16	10.648	27	20.017	33	20.017	17	57.348	138	51.285	62	13.04%
B1	18.442	56	6.702	28	5.276	20	15.916	56	15.916	36	49.831	170	46.336	91	10.37%
B2	11.330	24	4.484	18	3.740	17	5.220	18	5.220	11	26.770	87	24.774	39	3.40%
B3	1.690	10	0.200	1	0.275	2	2.308	12	2.308	6	5.487	30	4.473	10	1.50%
Caa1	0.932	10	0.500	2	0.212	3	1.685	8	1.685	3	3.559	25	3.329	4	1.10%
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	77.233	272	88.468	323	88.468	234	448.985	1411	399.834	922	57.64%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Use of Proceeds
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Acquisition	2.397	6.100	13.307	9.035	8.600	4.760	8.335	4.258	4.970	3.229	1.170	1.570	2.641
Capex	0	0	0.650	0.146	0.150	0.150	0	0	0	0	0	0	0
Dividend/recap	1.685	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430	5.287	2.925
Exit financing	0.090	0	0	0	0	0	0	0	0	0	0.904	0	0
GCP	6.625	9.290	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.698
LBO	5.260	0	3.285	5.648	5.314	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595
Refinance	42.012	38.120	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710	14.219	20.610	33.907
Multiple/Other/NA	16.214	11.260	20.314	31.078	15.373	8.608	18.166	15.605	11.127	16.628	12.425	22.648	17.516
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	21.695	29	12.457	28	5.381	23	5.381	23	70.373	123	67.975	117	3.51%
Capex	0.796	3	0.300	2	0	0	0	0	0	0	1.096	5	1.096	5	0.00%
Dividend/recap	8.706	25	1.071	6	1.264	4	8.642	25	8.642	25	21.367	68	19.682	60	5.63%
Exit financing	0	0	0	0	0	0	0.904	1	0.904	1	0.995	2	0.904	1	0.59%
GCP	13.355	32	11.940	31	12.851	40	11.835	30	11.835	30	56.606	156	49.981	133	7.71%
LBO	8.933	22	14.860	24	15.034	27	5.408	20	5.408	20	49.494	103	44.234	93	3.52%
Refinance	104.909	134	19.940	41	19.503	38	68.736	107	68.736	107	255.099	390	213.087	320	44.78%
Multiple/Other/NA	62.652	127	42.146	88	43.360	123	52.589	121	52.589	121	216.961	491	200.747	459	34.26%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	100.00%
Industry Sector (by SIC code)
	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012
Agriculture (0xxx)	0.225	0	1.250	1.650	0	0.100	0	0	0.100	0	0	0	0
Mining (1xxx)	1.600	4.003	6.310	0.600	0.300	0.800	0	1.100	0	1.000	0.525	0.170	0.560
Oil and gas (13xx)	4.465	8.248	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.828
Construction (15xx)	0.460	0	0	0.100	0	1.500	0.500	0	0.750	0	0.140	0	0.075
Manufacturing (2xxx, 3xxx)	17.343	18.649	16.887	26.110	14.440	8.365	13.972	12.120	7.950	8.863	17.297	16.305	14.938
Transportation (4xxx)	12.685	0	3.395	2.796	2.769	0.325	0.425	0	1.210	1.374	0.740	3.077	0
Communications (48xx)	4.332	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080	7.719
Electric, gas, sanitary services (49xx)	3.600	1.500	4.810	5.285	3.574	0	0	2.695	0	0.922	2.145	3.085	2.700
Wholesale (5xxx)	10.338	14.802	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.775
Finance, insurance, real estate (6xxx)	1.990	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.075
Services (7xxx)	12.745	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.270	4.648	13.414	15.505
Health services (8xxx)	4.501	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.277	2.347	4.106
Total	74.284	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	38.831	54.382	60.282
	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	3.325	6	3.100	5	0.00%
Mining (1xxx)	10.913	11	1.100	4	2.100	6	1.255	7	1.255	7	16.968	29	15.368	28	0.82%
Oil and gas (13xx)	26.008	35	6.843	14	8.275	16	7.833	16	7.833	16	53.423	88	48.958	81	5.10%
Construction (15xx)	0.100	1	2.000	4	0.750	1	0.215	2	0.215	2	3.525	9	3.065	8	0.14%
Manufacturing (2xxx, 3xxx)	61.647	103	36.776	61	28.933	72	48.539	101	48.539	101	193.239	381	175.896	337	31.62%
Transportation (4xxx)	6.191	13	3.519	8	2.584	9	3.817	7	3.817	7	28.796	45	16.111	37	2.49%
Communications (48xx)	11.498	22	2.623	8	8.638	23	12.649	13	12.649	13	39.740	77	35.408	66	8.24%
Electric, gas, sanitary services (49xx)	11.595	15	3.574	5	3.617	5	7.930	12	7.930	12	30.316	44	26.716	37	5.17%
Wholesale (5xxx)	25.937	40	15.816	31	12.338	33	19.325	38	19.325	38	83.753	165	73.415	142	12.59%
Finance, insurance, real estate (6xxx)	17.446	40	11.120	27	12.190	34	11.635	40	11.635	40	54.380	150	52.391	141	7.58%
Services (7xxx)	37.945	63	21.677	43	16.485	47	33.568	67	33.568	67	122.419	244	109.675	220	21.87%
Health services (8xxx)	15.613	34	6.803	15	8.460	13	6.730	24	6.730	24	42.106	100	37.605	86	4.38%
Total	227.792	380	111.951	221	104.469	260	153.495	327	153.495	327	671.991	1338	597.707	1188	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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