Analysis of bank loan issuance for 13 months through April 2012

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

Rate (L+)

	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Below 150 bps	0	0	0	0	0	0.200	0	0	0	0	0.275	0	0
150	0.210	1.450	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.760
175	4.700	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375	3.108	2.350
200	1.000	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.280	0.900
225	6.560	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125	3.112	5.425	3.090	1.185
250	3.650	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985	1.405
275	1.800	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.475	1.345
300	2.217	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570	2.520	8.590	4.510	0.250
325	1.910	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.504	1.700	2.192	3.202	0.975
350	4.400	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0	1.970	0	1.344	1.275
375	6.620	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.595
400	0.913	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660	4.598	4.845	1.375
425	5.293	2.200	1.315	1.850	0	0	0	1.775	0	1.150	1.123	0.600	1.335
450	1.760	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025	0.817	0.610	1.570	0.580
475	2.080	4.895	0.592	0.455	0.415	0	0.640	0	0.125	0.515	1.855	1.140	1.210
500 bps and upward	3.205	9.115	7.805	10.151	1.125	7.784	5.459	5.800	5.784	6.509	5.681	12.661	10.899
Fixed rate	0.087	0	0	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.403
NA	22.585	24.370	30.015	8.740	14.713	17.924	14.829	11.122	14.248	13.599	16.104	10.088	17.541
Other	0	0	0	0.250	0	0	0	0	0	0	0	0.675	0
Prime based	0.215	0	0	0	0	0	0	0	0	0	0	0	0
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0.275	1	0.475	2	0.475	2	0.14%
150	1.660	3	8.280	16	10.297	18	3.630	10	1.760	4	5.390	13	25.627	51	25.417	46	2.66%
175	13.870	37	7.855	19	7.057	15	6.723	17	2.350	5	9.073	18	37.855	93	33.155	65	4.47%
200	12.617	16	7.128	15	1.485	9	8.300	25	0.900	2	9.200	18	30.430	67	29.43	49	4.54%
225	13.565	23	3.090	13	3.658	12	11.627	28	1.185	5	12.812	22	33.125	81	26.565	55	6.32%
250	8.990	24	5.175	14	2.474	12	4.625	8	1.405	6	6.030	9	22.669	64	19.02	38	2.97%
275	11.221	24	4.367	9	5.948	16	3.555	18	1.345	3	4.900	13	26.436	70	24.636	42	2.42%
300	8.492	22	2.988	6	3.228	15	15.620	32	0.250	2	15.870	18	30.578	77	28.36	37	7.83%
325	7.567	21	1.110	6	2.899	8	7.095	17	0.975	3	8.069	12	19.645	55	17.735	30	3.98%
350	8.295	18	1.335	12	3.705	9	3.314	7	1.275	2	4.589	6	17.924	48	13.524	22	2.26%
375	13.884	25	1.065	3	1.285	5	4.829	12	2.595	4	7.424	10	23.658	49	17.038	23	3.66%
400	7.852	29	2.110	6	0.584	5	10.102	24	1.375	3	11.477	19	22.023	67	21.11	41	5.66%
425	8.808	21	1.850	5	1.775	5	2.873	6	1.335	5	4.208	6	16.641	42	11.348	20	2.08%
450	6.009	29	3.120	10	1.427	7	2.997	12	0.580	3	3.577	8	14.133	61	12.373	30	1.76%
475	7.566	18	0.870	7	0.765	4	3.510	14	1.210	2	4.720	10	13.921	45	11.841	23	2.33%
500 bps and upward	20.125	85	19.060	84	17.043	74	24.851	106	10.899	32	35.750	65	91.977	381	88.772	148	17.63%
Fixed rate	0.087	1	0.722	6	0.641	6	0.983	5	0.403	2	1.386	6	2.836	20	2.748	12	0.68%
NA	76.969	192	41.377	119	40.198	136	39.791	151	17.541	52	57.332	166	215.876	650	193.291	485	28.28%
Other	0	0	0.250	1	0	0	0.675	2	0	0	0.675	1	0.925	3	0.925	1	0.33%
Prime based	0.215	2	0	0	0	0	0	0	0	0	0	0	0.215	2	0	0	0.00%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Upsized?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Yes	8.665	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.540	3.600	3.465
No	59.598	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.337	33.585	52.497	56.602	43.535
Downsized	0.943	5.668	3.555	0.225	0	1.581	0.134	1.013	2.286	1.595	0.250	0.835	0.382
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	17.610	25	4.685	12	15.354	26	10.012	23	3.465	5	13.477	9	51.127	91	42.462	37	6.65%
No	200.017	540	105.461	334	85.681	317	142.684	463	43.535	127	186.219	400	577.379	1781	517.781	1106	91.84%
Downsized	10.165	25	1.806	6	3.433	13	2.680	9	0.382	3	3.062	8	18.465	56	17.523	22	1.51%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Flex?
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Down	2.336	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.649	0.505
No	65.812	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.615	33.203	48.392	55.988	42.548
Up	1.058	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370	0	0	2.400	4.329
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	10.733	26	3.330	10	5.847	16	15.393	33	0.505	2	15.899	15	35.809	87	33.474	29	7.84%
No	207.351	523	105.007	326	97.242	332	137.583	459	42.548	124	180.131	396	589.731	1764	523.918	1112	88.84%
Up	9.707	41	3.614	16	1.380	8	2.400	3	4.329	9	6.729	6	21.430	77	20.373	24	3.32%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Type
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Revolver	36.568	38.172	42.660	18.590	18.247	25.292	22.140	14.723	22.882	15.310	20.567	22.699	18.460
TLA	2.986	2.725	9.865	1.800	0.200	2.625	1.400	1.857	2.945	3.372	3.975	3.691	3.265
Term	15.609	12.289	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.409	12.786	9.215	7.074
Institutional	13.045	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356	9.755	15.114	22.640	17.137
Second/third/junior lien	0.797	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.795
Delayed draw	0.200	0.175	0.440	0.075	0	0.046	0.800	0.065	0	0.710	1.115	0.462	0.650
LoC	0	0	1.800	0.437	0.350	0	0	0	0	0	0	0	0
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	117.400	327	62.129	203	59.745	215	58.576	226	18.460	63	77.037	264	316.310	1034	279.743	862	37.99%
TLA	15.575	25	4.625	8	6.202	19	11.038	25	3.265	10	14.303	14	40.706	87	37.72	28	7.05%
Term	37.196	115	31.057	93	18.572	72	32.411	121	7.074	26	39.486	80	126.310	427	110.701	176	19.47%
Institutional	49.559	91	11.337	24	18.372	35	47.510	99	17.137	27	64.647	55	143.915	276	130.87	90	31.88%
Second/third/junior lien	5.446	23	1.896	20	0.712	11	3.555	15	0.795	6	4.350	3	12.404	75	11.606	6	2.15%
Delayed draw	0.815	6	0.121	2	0.865	4	2.287	9	0.650	3	2.937	5	4.738	24	4.538	6	1.45%
LoC	1.800	3	0.787	2	0	0	0	0	0	0	0	0	2.587	5	2.587	2	0.00%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Moody's Rating
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Baa2	2.000	0	0	0	0	0	0	0	0	0	0	0	0
Baa3	2.400	0	3.900	0	0	0	0	0	0	0.350	0	0	0
Ba1	0.540	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0	1.250	1.450	6.375	0
Ba2	2.180	5.785	10.155	0.200	0.100	0	2.855	2.100	0	2.422	10.680	3.225	0.200
Ba3	6.830	5.475	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.710	4.817	10.245	1.850
B1	6.028	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315	4.304	6.254	7.183	6.710
B2	8.450	1.525	1.355	3.639	0	0.845	1.060	1.905	0.775	0.845	2.330	2.470	0.520
B3	0.425	0.610	0.655	0	0	0.200	0	0.175	0.100	1.583	0.450	0.475	0
Caa1	0.580	0.352	0	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615	0.845	0.100
Caa2	0.290	0.145	0.080	0	0	0.100	0	0	0	0	0	0	0
NR	39.482	51.121	55.745	24.685	25.390	37.709	25.841	19.860	31.532	23.268	27.691	30.219	38.002
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	2.000	2	0	0	0	0	0	0	0	0	0	0	2.000	2	0	0	0.00%
Baa3	6.300	5	0	0	0	0	0.350	2	0	0	0.350	1	6.650	7	4.25	2	0.17%
Ba1	7.090	12	6.285	10	2.130	6	9.075	18	0	0	9.075	10	24.580	46	24.04	22	4.48%
Ba2	18.120	41	0.300	2	4.955	9	16.327	30	0.200	1	16.527	16	39.902	83	37.722	36	8.15%
Ba3	15.025	45	5.595	16	10.648	27	20.773	35	1.850	8	22.622	22	53.891	131	47.06	59	11.16%
B1	18.442	56	6.702	28	5.276	20	17.741	63	6.710	14	24.451	48	54.870	181	48.843	93	12.06%
B2	11.330	24	4.484	18	3.740	17	5.645	19	0.520	3	6.165	13	25.719	81	17.269	37	3.04%
B3	1.690	10	0.200	1	0.275	2	2.507	13	0	0	2.507	6	4.673	26	4.247	9	1.24%
Caa1	0.932	10	0.500	2	0.212	3	1.780	9	0.100	1	1.880	3	3.524	25	2.944	3	0.93%
Caa2	0.515	4	0.100	1	0	0	0	0	0	0	0	0	0.615	5	0.325	1	0.00%
NR	146.348	381	87.785	274	77.233	272	81.178	306	38.002	108	119.180	299	430.546	1341	391.064	905	58.78%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Use of Proceeds
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Acquisition	6.100	13.307	9.035	8.600	4.760	8.335	4.258	4.970	3.229	1.170	1.570	3.829	5.928
Capex	0	0.650	0.146	0.150	0.150	0	0	0	0	0	0	0	0
Dividend/recap	4.435	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430	5.287	4.860	4.631
Exit financing	0	0	0	0	0	0	0	0	0	0.904	0	0	0
GCP	9.290	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.631
LBO	0	3.285	5.648	5.314	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595	4.480
Refinance	38.120	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710	15.440	20.515	34.657	19.543
Multiple/Other/NA	11.260	20.314	31.078	15.373	8.608	18.166	15.605	11.127	16.628	12.425	22.648	14.098	11.168
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	28.442	37	21.695	29	12.457	28	6.569	25	5.928	7	12.497	32	75.091	126	68.991	113	6.16%
Capex	0.796	3	0.300	2	0	0	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	10.577	27	4.631	9	15.209	36	26.249	71	21.814	63	7.50%
Exit financing	0	0	0	0	0	0	0.904	1	0	0	0.904	1	0.904	1	0.904	1	0.45%
GCP	13.355	32	11.940	31	12.851	40	12.135	32	1.631	5	13.767	37	51.913	140	42.623	124	6.79%
LBO	8.933	22	14.860	24	15.034	27	5.408	20	4.480	5	9.888	25	48.714	98	48.714	98	4.88%
Refinance	104.909	134	19.940	41	19.503	38	70.612	109	19.543	35	90.155	144	234.506	357	196.386	313	44.46%
Multiple/Other/NA	62.652	127	42.146	88	43.360	123	49.171	114	11.168	28	60.339	142	208.497	480	197.237	448	29.76%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	100.00%
Industry Sector (by SIC code)
	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012
Agriculture (0xxx)	0	1.250	1.650	0	0.100	0	0	0.100	0	0	0	0	0
Mining (1xxx)	4.003	6.310	0.600	0.300	0.800	0	1.100	0	1.000	0.525	0.170	0.560	0.200
Oil and gas (13xx)	8.248	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.428	4.850
Construction (15xx)	0	0	0.100	0	1.500	0.500	0	0.750	0	0.140	0	0.075	0
Manufacturing (2xxx, 3xxx)	18.649	16.887	26.110	14.440	8.365	13.972	12.120	7.950	8.863	17.297	16.390	15.688	13.178
Transportation (4xxx)	0	3.395	2.796	2.769	0.325	0.425	0	1.210	1.374	0.740	3.077	0	0.175
Communications (48xx)	0.460	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.998
Electric, gas, sanitary services (49xx)	1.500	4.810	5.285	3.574	0	0	2.695	0	0.922	2.145	3.085	2.700	1.725
Wholesale (5xxx)	14.802	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.525	9.350
Finance, insurance, real estate (6xxx)	6.095	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.275	2.895
Services (7xxx)	9.908	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.270	5.869	13.234	15.855	8.785
Health services (8xxx)	5.540	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.277	2.347	4.161	1.226
Total	69.205	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	61.037	47.382
	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	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	0	0	3.100	5	3.1	5	0.00%
Mining (1xxx)	10.913	11	1.100	4	2.100	6	1.255	7	0.200	1	1.455	8	15.568	29	11.565	23	0.72%
Oil and gas (13xx)	26.008	35	6.843	14	8.275	16	7.433	16	4.850	7	12.283	23	53.408	88	45.16	77	6.06%
Construction (15xx)	0.100	1	2.000	4	0.750	1	0.215	2	0	0	0.215	2	3.065	8	3.065	8	0.11%
Manufacturing (2xxx, 3xxx)	61.647	103	36.776	61	28.933	72	49.374	102	13.178	23	62.552	125	189.908	361	171.259	329	30.85%
Transportation (4xxx)	6.191	13	3.519	8	2.584	9	3.817	7	0.175	1	3.992	8	16.286	38	16.286	38	1.97%
Communications (48xx)	11.498	22	2.623	8	8.638	23	12.699	13	4.998	8	17.697	21	40.456	74	39.996	71	8.73%
Electric, gas, sanitary services (49xx)	11.595	15	3.574	5	3.617	5	7.930	12	1.725	4	9.655	16	28.441	41	26.941	39	4.76%
Wholesale (5xxx)	25.937	40	15.816	31	12.338	33	19.075	38	9.350	13	28.424	51	82.515	155	67.713	139	14.02%
Finance, insurance, real estate (6xxx)	17.446	40	11.120	27	12.190	34	11.835	41	2.895	4	14.730	45	55.486	146	49.391	136	7.26%
Services (7xxx)	37.945	63	21.677	43	16.485	47	34.959	67	8.785	23	43.744	90	119.851	243	109.942	217	21.57%
Health services (8xxx)	15.613	34	6.803	15	8.460	13	6.785	23	1.226	5	8.011	28	38.887	90	33.347	83	3.95%
Total	227.792	380	111.951	221	104.469	260	155.376	328	47.382	89	202.758	417	646.970	1278	577.765	1165	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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