Analysis of bank loan issuance for 13 months through May 2012

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

Rate (L+)

	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Below 150 bps	0	0	0	0	0.200	0	0	0	0	0.275	0	0	0
150	1.450	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.040
175	2.995	6.175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375	3.108	2.300	2.105
200	3.347	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.280	2.700	1.350
225	1.450	5.555	0.395	1.825	0.870	0.500	2.033	1.125	3.112	5.425	3.090	2.445	2.325
250	3.350	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.523
275	2.075	7.346	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.075	1.345	0.425
300	2.675	3.600	0.788	0	2.200	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075
325	4.262	1.395	0.510	0.250	0.350	0.235	1.160	1.504	1.700	2.192	2.377	0.175	0.700
350	2.220	1.675	0.205	0.790	0.340	0.730	2.975	0	1.970	0	1.344	1.275	3.300
375	5.620	1.644	0.275	0	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.995	1.350
400	5.654	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660	4.598	4.470	0.375	2.560
425	2.200	1.315	1.850	0	0	0	1.775	0	1.150	1.123	0.600	4.240	3.394
450	1.515	2.734	1.770	0	1.350	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340
475	4.895	0.592	0.455	0.415	0	0.640	0	0.125	0.515	1.855	0.940	1.510	0
500 bps and upward	9.115	7.805	10.151	1.125	7.784	5.459	5.800	5.784	6.509	5.681	12.686	11.246	13.738
Fixed rate	0	0	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.615
NA	24.370	30.015	8.740	14.713	17.924	14.829	11.122	14.248	13.599	16.104	9.989	14.956	24.901
Other	0	0	0.250	0	0	0	0	0	0	0	0.675	0	0
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	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	0.200	1	0	0	0.275	1	0	0	0.275	1	0.475	2	0.475	2	0.10%
150	8.280	16	10.297	18	3.630	10	2.900	10	6.530	19	26.557	56	25.107	50	2.49%
175	7.855	19	7.057	15	6.723	17	4.405	12	11.128	24	35.210	90	32.215	63	4.24%
200	7.128	15	1.485	9	8.300	25	4.050	12	12.351	26	32.580	76	29.233	52	4.71%
225	3.090	13	3.658	12	11.627	28	4.770	11	16.397	27	30.150	82	28.700	55	6.25%
250	5.175	14	2.474	12	4.625	8	1.158	10	5.783	11	18.773	58	15.423	37	2.20%
275	4.367	9	5.948	16	3.155	16	1.770	5	4.925	13	24.661	66	22.586	38	1.88%
300	2.988	6	3.228	15	15.380	31	0.325	4	15.705	18	28.195	72	25.520	33	5.98%
325	1.110	6	2.899	8	6.269	15	0.875	5	7.144	13	16.811	49	12.549	27	2.72%
350	1.335	12	3.705	9	3.314	7	4.575	4	7.889	7	16.824	42	14.604	21	3.01%
375	1.065	3	1.285	5	4.829	12	4.345	8	9.174	12	18.788	44	13.168	19	3.50%
400	2.110	6	0.584	5	9.727	23	2.935	8	12.662	22	22.295	66	16.642	33	4.83%
425	1.850	5	1.775	5	2.873	6	7.635	16	10.508	11	17.648	47	15.447	22	4.00%
450	3.120	10	1.427	7	2.847	11	2.400	6	5.247	8	14.043	56	12.528	28	2.00%
475	0.870	7	0.765	4	3.310	13	1.510	3	4.820	11	11.941	39	7.046	21	1.84%
500 bps and upward	19.060	84	17.043	74	24.876	107	24.984	78	49.861	83	102.883	409	93.768	154	19.00%
Fixed rate	0.722	6	0.641	6	0.983	5	0.818	2	1.801	6	3.163	19	3.163	12	0.69%
NA	41.377	119	40.198	136	39.691	149	39.857	120	79.548	218	215.507	658	191.138	487	30.31%
Other	0.250	1	0	0	0.675	2	0	0	0.675	1	0.925	3	0.925	1	0.26%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Upsized?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Yes	4.465	4.480	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.540	3.600	6.190	3.845
No	67.059	73.360	37.507	25.160	42.794	27.518	25.827	32.337	33.585	52.497	54.337	38.783	55.961
Downsized	5.668	3.555	0.225	0	1.581	0.134	1.013	2.286	1.595	0.250	0.835	3.596	0.935
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.685	12	15.354	26	10.012	23	10.035	17	20.047	14	49.032	94	44.566	38	7.64%
No	105.461	334	85.681	317	140.419	454	94.745	284	235.164	503	566.725	1777	499.666	1094	89.61%
Downsized	1.806	6	3.433	13	2.680	9	4.532	13	7.212	11	21.672	63	16.005	20	2.75%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Flex?
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Down	2.603	5.795	1.720	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.449	1.480	0.345
No	70.789	70.750	35.408	26.055	43.544	33.466	27.160	36.615	33.203	48.392	53.923	39.901	57.864
Up	3.800	4.850	1.274	0	2.341	0.510	0.500	0.370	0	0	2.400	7.189	2.533
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	3.330	10	5.847	16	15.194	32	1.825	9	17.018	18	34.593	84	31.991	29	6.48%
No	105.007	326	97.242	332	135.518	451	97.764	287	233.282	502	577.070	1770	506.281	1102	88.90%
Up	3.614	16	1.380	8	2.400	3	9.722	18	12.122	8	25.766	80	21.966	21	4.62%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Type
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Revolver	38.172	42.660	18.590	18.247	25.292	22.140	14.723	22.882	15.310	20.567	22.294	20.125	23.559
TLA	2.725	9.865	1.800	0.200	2.625	1.400	1.857	2.945	3.372	3.975	3.390	4.350	3.525
Term	12.289	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.409	12.786	9.205	6.415	17.081
Institutional	20.564	15.951	5.677	1.035	4.625	4.424	8.592	5.356	9.755	15.114	21.090	16.287	14.152
Second/third/junior lien	3.267	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.693	2.135
Delayed draw	0.175	0.440	0.075	0	0.046	0.800	0.065	0	0.710	1.115	0.462	0.700	0.290
LoC	0	1.800	0.437	0.350	0	0	0	0	0	0	0	0	0
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	62.129	203	59.745	215	58.171	223	43.684	154	101.855	343	304.561	1026	266.389	852	38.81%
TLA	4.625	8	6.202	19	10.738	24	7.875	19	18.613	15	42.030	89	39.305	27	7.09%
Term	31.057	93	18.572	72	32.401	121	23.495	66	55.896	101	127.111	436	114.822	178	21.30%
Institutional	11.337	24	18.372	35	45.959	94	30.439	53	76.399	64	142.623	274	122.059	86	29.11%
Second/third/junior lien	1.896	20	0.712	11	3.555	15	2.828	17	6.383	3	13.639	79	10.372	5	2.43%
Delayed draw	0.121	2	0.865	4	2.287	9	0.990	5	3.277	5	4.878	25	4.703	6	1.25%
LoC	0.787	2	0	0	0	0	0	0	0	0	2.587	5	2.587	2	0.00%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Moody's Rating
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Baa3	0	3.900	0	0	0	0	0	0	0.350	0	0	0	0
Ba1	3.750	2.800	3.000	0.420	2.865	1.600	0.530	0	1.250	1.450	6.375	1.960	0.487
Ba2	5.785	10.155	0.200	0.100	0	2.855	2.100	0	2.422	10.680	3.025	0.235	1.740
Ba3	5.475	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.710	4.817	10.120	2.268	6.773
B1	8.429	3.985	3.987	0	2.715	0.895	2.065	2.315	4.304	6.254	7.608	11.735	0.745
B2	1.525	1.355	3.639	0	0.845	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.205
B3	0.610	0.655	0	0	0.200	0	0.175	0.100	1.583	0.450	0.475	0.275	1.310
Caa1	0.352	0	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.930
Caa2	0.145	0.080	0	0	0.100	0	0	0	0	0	0	0	0.115
NR	51.121	55.745	24.685	25.390	37.709	25.841	19.860	31.532	23.268	27.691	27.414	30.870	46.436
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa3	0	0	0	0	0.350	2	0	0	0.350	1	4.250	4	4.250	2	0.13%
Ba1	6.285	10	2.130	6	9.075	18	2.447	6	11.522	14	26.487	50	22.737	24	4.39%
Ba2	0.300	2	4.955	9	16.127	29	1.975	5	18.102	20	39.297	78	33.512	36	6.90%
Ba3	5.595	16	10.648	27	20.648	36	9.040	32	29.688	34	54.126	139	48.651	61	11.31%
B1	6.702	28	5.276	20	18.166	64	12.480	28	30.646	54	55.038	178	46.608	84	11.68%
B2	4.484	18	3.740	17	5.945	21	3.045	11	8.990	20	20.094	82	18.569	39	3.43%
B3	0.200	1	0.275	2	2.507	13	1.585	5	4.093	10	5.833	30	5.223	12	1.56%
Caa1	0.500	2	0.212	3	1.920	10	1.317	8	3.237	4	4.301	27	3.949	4	1.23%
Caa2	0.100	1	0	0	0	0	0.115	1	0.115	1	0.440	4	0.295	1	0.04%
NR	87.785	274	77.233	272	78.373	293	77.306	218	155.680	372	427.564	1342	376.443	891	59.32%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Use of Proceeds
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Acquisition	13.307	9.035	8.600	4.760	8.335	4.258	4.970	3.229	1.170	1.570	3.829	5.878	9.787
Capex	0.650	0.146	0.150	0.150	0	0	0	0	0	0	0	0	0
Dividend/recap	2.301	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430	5.287	5.060	4.381	2.161
Exit financing	0	0	0	0	0	0	0	0	0.904	0	0	0	0
GCP	0.795	3.270	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555
LBO	3.285	5.648	5.314	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.888
Refinance	36.540	30.248	5.195	5.973	8.772	3.433	8.360	7.710	15.440	20.515	34.007	20.221	17.975
Multiple/Other/NA	20.314	31.078	15.373	8.608	18.166	15.605	11.127	16.628	12.425	22.648	12.283	12.643	20.376
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	21.695	29	12.457	28	6.569	25	15.665	21	22.234	46	78.728	127	65.421	114	8.47%
Capex	0.300	2	0	0	0	0	0	0	0	0	1.096	5	0.446	4	0.00%
Dividend/recap	1.071	6	1.264	4	10.777	27	6.543	16	17.320	43	23.925	70	21.624	61	6.60%
Exit financing	0	0	0	0	0.904	1	0	0	0.904	1	0.904	1	0.904	1	0.34%
GCP	11.940	31	12.851	40	12.135	32	6.362	12	18.497	44	47.353	131	46.558	127	7.05%
LBO	14.860	24	15.034	27	5.408	20	9.528	13	14.936	33	53.762	106	50.477	97	5.69%
Refinance	19.940	41	19.503	38	69.962	108	38.195	63	108.157	171	214.388	340	177.848	288	41.22%
Multiple/Other/NA	42.146	88	43.360	123	47.356	111	33.019	77	80.375	188	217.273	494	196.959	458	30.63%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	100.00%
Industry Sector (by SIC code)
	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012
Agriculture (0xxx)	1.250	1.650	0	0.100	0	0	0.100	0	0	0	0	0	0.539
Mining (1xxx)	6.310	0.600	0.300	0.800	0	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637
Oil and gas (13xx)	11.595	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.188	4.850	5.950
Construction (15xx)	0	0.100	0	1.500	0.500	0	0.750	0	0.140	0	0.075	0	0.410
Manufacturing (2xxx, 3xxx)	16.887	26.110	14.440	8.365	13.972	12.120	7.950	8.863	17.297	16.390	15.538	13.716	20.245
Transportation (4xxx)	3.395	2.796	2.769	0.325	0.425	0	1.210	1.374	0.740	3.077	0	0.175	0.150
Communications (48xx)	3.105	7.933	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.988	3.041
Electric, gas, sanitary services (49xx)	4.810	5.285	3.574	0	0	2.695	0	0.922	2.145	3.085	2.700	1.840	3.855
Wholesale (5xxx)	4.330	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.075	8.225	4.080
Finance, insurance, real estate (6xxx)	6.001	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.275	3.925	10.443
Services (7xxx)	12.547	15.490	4.390	4.465	12.822	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913
Health services (8xxx)	6.962	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.277	2.347	3.961	1.226	2.478
Total	77.192	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.772	48.570	60.741
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.100	1	0.100	1	0	0	0.539	1	0.539	1	3.639	6	2.389	5	0.21%
Mining (1xxx)	1.100	4	2.100	6	1.255	7	3.837	6	5.092	13	15.202	28	8.892	25	1.94%
Oil and gas (13xx)	6.843	14	8.275	16	7.193	15	10.800	11	17.993	26	50.870	80	39.276	66	6.86%
Construction (15xx)	2.000	4	0.750	1	0.215	2	0.410	1	0.625	3	3.475	9	3.475	9	0.24%
Manufacturing (2xxx, 3xxx)	36.776	61	28.933	72	49.224	101	33.961	66	83.185	167	191.892	371	175.004	348	31.70%
Transportation (4xxx)	3.519	8	2.584	9	3.817	7	0.325	2	4.142	9	16.436	39	13.041	31	1.58%
Communications (48xx)	2.623	8	8.638	23	12.699	13	8.029	14	20.728	27	43.027	77	39.922	70	7.90%
Electric, gas, sanitary services (49xx)	3.574	5	3.617	5	7.930	12	5.695	9	13.625	21	30.911	44	26.101	35	5.19%
Wholesale (5xxx)	15.816	31	12.338	33	18.625	37	12.305	20	30.930	57	70.218	145	65.889	133	11.79%
Finance, insurance, real estate (6xxx)	11.120	27	12.190	34	11.835	41	14.368	23	26.203	64	60.864	155	54.862	143	9.99%
Services (7xxx)	21.677	43	16.485	47	33.734	66	15.338	37	49.072	103	115.270	230	102.723	211	18.70%
Health services (8xxx)	6.803	15	8.460	13	6.585	23	3.704	12	10.289	35	35.624	90	28.663	74	3.92%
Total	111.951	221	104.469	260	153.111	324	109.311	202	262.423	526	637.429	1274	560.238	1150	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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