Analysis of bank loan issuance for 13 months through June 2012

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

Rate (L+)

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Below 150 bps	0	0	0	0.200	0	0	0	0	0.275	0	0	0	0.100
150	0	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080
175	6.175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375	3.108	2.300	2.405	1.010
200	8.270	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.280	2.700	1.350	0
225	5.555	0.395	1.825	0.870	0.500	2.033	1.125	3.112	5.425	3.090	2.445	3.075	0.715
250	1.990	2.950	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.135
275	7.346	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.075	1.345	0.425	0.150
300	3.600	0.788	0	2.200	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650
325	1.395	0.510	0.250	0.350	0.235	1.160	1.504	1.700	2.192	2.377	0.175	0.950	1.200
350	1.675	0.205	0.790	0.340	0.730	2.975	0	1.970	0	1.344	1.275	2.000	0
375	1.644	0.275	0	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.991
400	1.285	1.020	0.030	1.060	0.134	0.300	0.150	0.660	4.598	4.470	0.375	1.410	0.416
425	1.315	1.850	0	0	0	1.775	0	1.150	1.123	0.600	4.240	3.869	3.334
450	2.734	1.770	0	1.350	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0.360
475	0.592	0.455	0.415	0	0.640	0	0.125	0.515	1.855	0.940	1.510	0.400	1.035
500 bps and upward	7.805	10.151	1.125	7.784	5.459	5.800	5.784	6.509	5.681	12.486	10.889	14.806	8.420
Fixed rate	0	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.615	0
NA	30.015	8.740	14.713	17.924	14.829	11.122	14.248	13.599	16.104	9.989	14.841	19.406	9.260
Other	0	0.250	0	0	0	0	0	0	0	0.675	0	0	0.250
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	0.100	1	0.375	2	0.575	3	0.575	3	0.13%
150	8.280	16	10.297	18	3.630	10	6.095	16	9.725	25	28.302	60	28.302	56	3.33%
175	7.855	19	7.057	15	6.723	17	5.715	17	12.438	28	33.525	86	27.350	57	4.27%
200	7.128	15	1.485	9	8.300	25	4.050	12	12.351	26	29.233	70	20.963	46	4.24%
225	3.090	13	3.658	12	11.627	28	6.235	16	17.862	30	30.165	79	24.610	51	6.13%
250	5.175	14	2.474	12	4.625	8	2.743	15	7.368	15	17.008	58	15.018	35	2.53%
275	4.367	9	5.948	16	3.155	16	1.920	7	5.075	14	22.736	61	15.390	33	1.74%
300	2.988	6	3.228	15	15.380	31	0.975	6	16.355	19	26.171	67	22.570	31	5.61%
325	1.110	6	2.899	8	6.269	15	2.325	10	8.595	15	13.998	47	12.604	23	2.95%
350	1.335	12	3.705	9	3.314	7	3.275	3	6.589	7	13.304	35	11.629	19	2.26%
375	1.065	3	1.285	5	4.829	12	7.236	17	12.065	17	16.059	42	14.415	22	4.14%
400	2.110	6	0.584	5	9.727	23	2.201	13	11.928	25	15.908	57	14.623	31	4.09%
425	1.850	5	1.775	5	2.873	6	11.443	22	14.316	14	19.256	46	17.941	21	4.91%
450	3.120	10	1.427	7	2.847	11	2.760	7	5.607	9	12.889	51	10.155	20	1.92%
475	0.870	7	0.765	4	3.310	13	2.945	7	6.255	12	8.482	37	7.890	19	2.14%
500 bps and upward	19.060	84	17.043	74	24.676	106	34.115	110	58.791	91	102.699	408	94.893	151	20.16%
Fixed rate	0.722	6	0.641	6	0.983	5	0.818	2	1.801	6	3.163	19	3.163	12	0.62%
NA	41.377	119	40.198	136	39.691	149	43.507	150	83.198	251	194.788	627	164.773	457	28.53%
Other	0.250	1	0	0	0.675	2	0.250	2	0.925	1	1.175	5	1.175	1	0.32%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Upsized?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	4.480	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.340
No	73.360	37.507	25.160	42.794	27.518	25.827	32.337	33.585	52.497	54.137	38.511	51.795	30.766
Downsized	3.555	0.225	0	1.581	0.134	1.013	2.286	1.595	0.250	0.835	3.397	2.165	0
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	12.075	23	22.087	18	46.606	93	42.127	38	7.57%
No	105.461	334	85.681	317	140.219	453	121.072	392	261.290	574	525.793	1709	452.433	1030	89.60%
Downsized	1.806	6	3.433	13	2.680	9	5.561	18	8.242	12	17.035	56	13.480	17	2.83%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Flex?
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Down	5.795	1.720	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.449	1.480	0.595	2.055
No	70.750	35.408	26.055	43.544	33.466	27.160	36.615	33.203	48.392	53.723	39.628	53.210	29.791
Up	4.850	1.274	0	2.341	0.510	0.500	0.370	0	0	2.400	6.989	4.700	0.260
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	4.130	15	19.323	21	34.295	80	28.500	31	6.63%
No	105.007	326	97.242	332	135.318	450	122.629	391	257.947	574	530.946	1702	460.196	1040	88.45%
Up	3.614	16	1.380	8	2.400	3	11.949	27	14.349	10	24.193	76	19.343	15	4.92%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Type
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Revolver	42.660	18.590	18.247	25.292	22.140	14.723	22.882	15.310	20.567	22.294	20.120	24.115	11.316
TLA	9.865	1.800	0.200	2.625	1.400	1.857	2.945	3.372	3.975	3.390	4.275	3.235	1.085
Term	9.298	11.227	6.618	13.211	5.552	7.182	5.838	10.409	12.786	9.205	6.415	16.730	12.825
Institutional	15.951	5.677	1.035	4.625	4.424	8.592	5.356	9.755	15.114	20.890	15.930	11.950	5.505
Second/third/junior lien	1.382	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.658	1.895	0.390
Delayed draw	0.440	0.075	0	0.046	0.800	0.065	0	0.710	1.115	0.462	0.700	0.580	0.985
LoC	1.800	0.437	0.350	0	0	0	0	0	0	0	0	0	0
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	55.551	220	113.722	405	278.256	994	235.596	792	39.00%
TLA	4.625	8	6.202	19	10.738	24	8.595	22	19.333	14	40.025	85	30.160	25	6.63%
Term	31.057	93	18.572	72	32.401	121	35.970	99	68.371	115	127.297	423	117.999	180	23.45%
Institutional	11.337	24	18.372	35	45.760	93	33.384	61	79.144	62	124.804	250	108.853	77	27.14%
Second/third/junior lien	1.896	20	0.712	11	3.555	15	2.943	19	6.498	3	10.487	71	9.106	5	2.23%
Delayed draw	0.121	2	0.865	4	2.287	9	2.265	12	4.552	7	5.978	30	5.538	8	1.56%
LoC	0.787	2	0	0	0	0	0	0	0	0	2.587	5	0.787	1	0.00%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Moody's Rating
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Baa3	3.900	0	0	0	0	0	0	0.350	0	0	0	0	0
Ba1	2.800	3.000	0.420	2.865	1.600	0.530	0	1.250	1.450	6.375	1.960	1.087	0
Ba2	10.155	0.200	0.100	0	2.855	2.100	0	2.422	10.680	3.025	0.235	3.090	3.940
Ba3	2.720	2.740	0.715	2.140	2.289	5.945	2.414	5.710	4.817	10.120	3.042	5.980	1.110
B1	3.985	3.987	0	2.715	0.895	2.065	2.315	4.304	6.254	7.608	11.735	1.160	5.550
B2	1.355	3.639	0	0.845	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0
B3	0.655	0	0	0.200	0	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375
Caa1	0	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.360
Caa2	0.080	0	0	0.100	0	0	0	0	0	0	0	0.115	0
NR	55.745	24.685	25.390	37.709	25.841	19.860	31.532	23.268	27.691	27.214	29.898	42.122	20.771
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	0.350	1	0.12%
Ba1	6.285	10	2.130	6	9.075	18	3.047	7	12.122	15	23.337	47	20.537	22	4.16%
Ba2	0.300	2	4.955	9	16.127	29	7.265	19	23.392	28	38.802	84	28.647	33	8.02%
Ba3	5.595	16	10.648	27	20.648	36	10.133	36	30.780	35	49.743	126	47.023	58	10.55%
B1	6.702	28	5.276	20	18.166	64	18.445	43	36.611	62	52.574	166	48.589	86	12.55%
B2	4.484	18	3.740	17	5.945	21	3.515	14	9.460	21	19.039	74	17.684	39	3.24%
B3	0.200	1	0.275	2	2.507	13	1.685	5	4.193	9	5.323	26	4.668	10	1.44%
Caa1	0.500	2	0.212	3	1.920	10	1.712	11	3.632	5	4.344	26	4.344	5	1.25%
Caa2	0.100	1	0	0	0	0	0.115	1	0.115	1	0.295	3	0.215	1	0.04%
NR	87.785	274	77.233	272	78.173	292	92.791	297	170.964	429	391.728	1302	335.982	832	58.63%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	9.035	8.600	4.760	8.335	4.258	4.970	3.229	1.170	1.570	3.829	5.878	9.762	8.305
Capex	0.146	0.150	0.150	0	0	0	0	0	0	0	0	0	0
Dividend/recap	1.970	0.975	0	0.096	0.134	0.150	0.980	0.430	5.287	5.060	4.381	1.481	0.800
Exit financing	0	0	0	0	0	0	0	0.904	0	0	0	0	0
GCP	3.270	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.580
LBO	5.648	5.314	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.280	4.155
Refinance	30.248	5.195	5.973	8.772	3.433	8.360	7.710	15.440	20.515	33.807	19.748	16.174	5.785
Multiple/Other/NA	31.078	15.373	8.608	18.166	15.605	11.127	16.628	12.425	22.648	12.283	12.643	21.252	10.481
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	23.945	31	30.514	56	73.701	124	64.666	113	10.46%
Capex	0.300	2	0	0	0	0	0	0	0	0	0.446	4	0.300	2	0.00%
Dividend/recap	1.071	6	1.264	4	10.777	27	6.662	16	17.439	43	21.744	61	19.774	53	5.98%
Exit financing	0	0	0	0	0.904	1	0	0	0.904	1	0.904	1	0.904	1	0.31%
GCP	11.940	31	12.851	40	12.135	32	8.941	21	21.076	53	49.138	136	45.868	124	7.23%
LBO	14.860	24	15.034	27	5.408	20	13.075	24	18.483	44	54.024	108	48.377	95	6.34%
Refinance	19.940	41	19.503	38	69.762	107	41.708	73	111.470	180	181.161	297	150.912	259	38.22%
Multiple/Other/NA	42.146	88	43.360	123	47.356	111	44.376	115	91.732	226	208.316	496	177.238	437	31.46%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Agriculture (0xxx)	1.650	0	0.100	0	0	0.100	0	0	0	0	0	0.539	0.480
Mining (1xxx)	0.600	0.300	0.800	0	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637	0
Oil and gas (13xx)	6.165	0.850	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.188	4.575	6.126	0.685
Construction (15xx)	0.100	0	1.500	0.500	0	0.750	0	0.140	0	0.075	0	0.410	0.175
Manufacturing (2xxx, 3xxx)	26.110	14.440	8.365	13.972	12.120	7.950	8.863	17.297	16.390	15.338	13.716	22.330	9.856
Transportation (4xxx)	2.796	2.769	0.325	0.425	0	1.210	1.374	0.740	3.077	0	0.175	0.150	2.660
Communications (48xx)	7.933	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.791	2.361	4.125
Electric, gas, sanitary services (49xx)	5.285	3.574	0	0	2.695	0	0.922	2.145	3.085	2.700	1.840	3.865	1.925
Wholesale (5xxx)	6.806	4.620	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.075	8.225	2.981	5.460
Finance, insurance, real estate (6xxx)	5.350	3.210	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.275	3.925	7.193	1.630
Services (7xxx)	15.490	4.390	4.465	12.822	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913	2.310
Health services (8xxx)	3.111	2.632	0.805	3.365	1.260	4.750	2.450	0.277	2.347	3.961	1.226	3.000	2.800
Total	81.395	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	48.097	58.505	32.106
	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	1.019	2	1.019	2	2.869	6	1.219	4	0.35%
Mining (1xxx)	1.100	4	2.100	6	1.255	7	3.837	6	5.092	13	8.892	25	8.292	23	1.75%
Oil and gas (13xx)	6.843	14	8.275	16	7.193	15	11.386	14	18.579	29	39.861	69	33.697	59	6.37%
Construction (15xx)	2.000	4	0.750	1	0.215	2	0.585	2	0.800	4	3.650	10	3.550	9	0.27%
Manufacturing (2xxx, 3xxx)	36.776	61	28.933	72	49.024	100	45.902	96	94.926	196	186.745	377	160.636	329	32.55%
Transportation (4xxx)	3.519	8	2.584	9	3.817	7	2.985	9	6.802	16	15.701	38	12.905	33	2.33%
Communications (48xx)	2.623	8	8.638	23	12.699	13	11.277	16	23.976	29	43.170	72	35.237	60	8.22%
Electric, gas, sanitary services (49xx)	3.574	5	3.617	5	7.930	12	7.630	12	15.560	24	28.036	38	22.751	34	5.34%
Wholesale (5xxx)	15.816	31	12.338	33	18.625	37	16.665	30	35.290	67	70.249	143	63.443	131	12.10%
Finance, insurance, real estate (6xxx)	11.120	27	12.190	34	11.835	41	12.748	27	24.583	68	53.242	147	47.892	129	8.43%
Services (7xxx)	21.677	43	16.485	47	33.734	66	17.648	47	51.382	113	105.033	221	89.543	203	17.62%
Health services (8xxx)	6.803	15	8.460	13	6.585	23	7.027	19	13.611	42	31.985	81	28.874	70	4.67%
Total	111.951	221	104.469	260	152.911	323	138.708	280	291.619	603	589.434	1227	508.039	1084	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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