Analysis of leveraged loan issuance for 13 months through August 2012

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

Rate (L+)

	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Below 150 bps	0	0.200	0	0	0	0	0.275	0	0	0	0.100	0	0
150	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350	2.730
175	2.000	1.875	0.335	0	6.722	2.240	1.375	3.108	2.300	2.405	1.960	2.230	1.500
200	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650	0
225	1.825	0.870	0.500	2.033	1.125	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.100
250	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.135	2.680	3.175
275	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.075	1.345	0.425	0.150	1.225	0
300	0	2.200	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650	2.885	2.150
325	0.250	0.350	0.235	1.160	1.504	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.125
350	0.790	0.340	0.730	2.975	0	1.970	0	1.344	1.275	0	0	6.875	1.475
375	0	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675
400	0.030	1.060	0.134	0.300	0.150	0.660	4.598	4.470	1.125	1.410	0.416	0.630	0.745
2/1901	0	0	0	1.775	0	1.150	1.123	0.600	4.275	3.869	2.094	2.065	0
450	0	1.350	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942
475	0.415	0	0.640	0	0.125	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025
500 bps and upward	1.125	7.784	5.459	5.800	5.784	6.509	5.681	12.486	10.139	14.783	8.812	8.894	6.160
Fixed rate	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.790	0	0.080	0.400
NA	14.713	17.924	14.829	11.122	14.248	13.599	16.104	9.813	13.806	17.929	12.312	14.178	13.503
Other	0	0	0	0	0	0	0	0.675	0	0	0.250	0	0.080
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0.275	1	0.100	1	0	0	0.375	2	0.575	3	0.575	3	0.10%
150	10.297	18	3.630	10	6.095	16	3.080	7	12.805	30	28.657	63	26.307	52	3.38%
175	7.057	15	6.723	17	6.665	19	3.730	10	17.118	38	28.050	70	26.050	57	4.51%
200	1.485	9	8.300	25	7.250	13	0.650	3	16.201	29	23.938	64	21.761	44	4.27%
225	3.658	12	11.627	28	5.835	14	0.885	5	18.347	33	24.700	69	22.875	46	4.84%
250	2.474	12	4.625	8	2.743	15	5.855	10	13.223	22	17.923	51	17.398	34	3.49%
275	5.948	16	3.155	16	1.920	7	1.225	2	6.300	15	15.153	48	14.778	31	1.66%
300	3.228	15	15.380	31	0.975	6	5.035	12	21.390	27	26.817	68	26.817	37	5.64%
325	2.899	8	6.269	15	1.755	8	3.520	8	11.544	19	15.043	42	14.793	24	3.04%
350	3.705	9	3.314	7	1.275	2	8.350	8	12.939	10	17.774	35	16.984	16	3.41%
375	1.285	5	4.829	12	7.001	15	1.840	6	13.670	20	15.745	39	15.745	23	3.60%
400	0.584	5	9.727	23	2.951	14	1.375	7	14.053	30	15.727	53	15.697	34	3.70%
425	1.775	5	2.873	6	10.238	22	2.065	6	15.176	18	16.951	39	16.951	22	4.00%
450	1.427	7	2.847	11	2.400	6	6.272	18	11.519	18	14.297	45	14.297	26	3.04%
475	0.765	4	3.510	14	2.610	6	0.443	4	6.563	15	7.743	32	7.328	19	1.73%
500 bps and upward	17.043	74	24.676	106	33.734	114	15.053	56	73.464	113	99.415	393	98.290	156	19.36%
Fixed rate	0.641	6	0.983	5	0.993	3	0.480	3	2.456	7	3.818	23	3.768	13	0.65%
NA	40.198	136	39.517	148	44.047	150	27.680	97	111.243	324	184.078	615	169.366	474	29.32%
Other	0	0	0.675	2	0.250	2	0.080	1	1.005	2	1.005	5	1.005	2	0.26%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Upsized?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Yes	1.465	2.550	6.964	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.752	3.370	4.295
No	25.160	42.794	27.518	25.827	32.337	33.585	52.497	54.162	40.711	48.390	31.808	43.369	33.155
Downsized	0	1.581	0.134	1.013	2.286	1.595	0.250	0.835	3.397	2.045	0	3.095	0.335
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.354	26	10.012	23	12.488	27	7.665	14	30.165	26	49.534	98	48.069	43	7.95%
No	85.681	317	140.244	453	120.909	389	76.524	241	337.676	731	491.312	1608	466.152	1050	89.00%
Downsized	3.433	13	2.680	9	5.441	17	3.430	8	11.552	15	16.565	51	16.565	20	3.04%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Flex?
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Down	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815
No	26.055	43.544	33.466	27.160	36.615	33.203	48.392	53.548	41.828	49.685	30.738	43.526	35.195
Up	0	2.341	0.510	0.500	0.370	0	0	2.400	6.989	4.700	0.667	1.608	0.775
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	5.847	16	15.393	33	4.230	15	6.515	13	26.139	24	33.596	82	33.026	30	6.89%
No	97.242	332	135.143	449	122.251	388	78.721	241	336.115	735	502.955	1617	476.900	1066	88.59%
Up	1.380	8	2.400	3	12.357	30	2.383	9	17.140	14	20.860	58	20.860	18	4.52%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Type
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Revolver	18.247	25.292	22.140	14.723	22.882	15.310	20.567	22.119	19.120	23.620	14.738	17.250	17.430
TLA	0.200	2.625	1.400	1.857	2.945	3.372	3.975	3.390	4.275	2.325	0.700	7.445	2.272
Term	6.618	13.211	5.552	7.182	5.838	10.409	12.786	9.205	9.614	16.530	12.312	13.610	10.861
Institutional	1.035	4.625	4.424	8.592	5.356	9.755	15.114	21.090	15.930	10.005	4.415	11.020	6.881
Second/third/junior lien	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300
Delayed draw	0	0.046	0.800	0.065	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040
LoC	0.350	0	0	0	0	0	0	0	0	0	0	0	0
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	59.745	215	57.996	222	57.478	224	34.680	125	150.154	519	253.438	919	235.191	793	39.58%
TLA	6.202	19	10.738	24	7.300	20	9.717	14	27.755	19	36.782	82	36.582	28	7.32%
Term	18.572	72	32.401	121	38.457	100	24.471	85	95.329	150	133.730	433	127.112	193	25.13%
Institutional	18.372	35	45.959	94	30.349	57	17.901	31	94.210	77	118.243	228	117.208	89	24.83%
Second/third/junior lien	0.712	11	3.555	15	3.108	21	0.685	5	7.348	3	9.360	66	9.185	5	1.94%
Delayed draw	0.865	4	2.287	9	2.145	11	0.165	3	4.597	7	5.508	28	5.508	8	1.21%
LoC	0	0	0	0	0	0	0	0	0	0	0.350	1	0	0	0.00%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Moody's Rating
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Baa3	0	0	0	0	0	0.350	0	0	0	0	0.400	0.900	0.750
Ba1	0.420	2.865	1.600	0.530	0	1.250	1.450	6.375	1.960	1.087	0	0	0
Ba2	0.100	0	2.855	2.100	0	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365
Ba3	0.715	2.140	2.289	5.945	2.414	5.710	4.817	10.120	3.042	5.980	1.850	5.440	4.315
B1	0	2.715	0.895	2.065	2.315	4.304	6.254	7.608	11.735	1.160	6.912	8.000	1.215
B2	0	0.845	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0
B3	0	0.200	0	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200	0
Caa1	0	0.350	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0
Caa2	0	0.100	0	0	0	0	0	0	0	0.115	0	0	0
NR	25.390	37.709	25.841	19.860	31.532	23.268	27.691	26.989	32.098	38.597	19.563	28.589	26.140
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa3	0	0	0.350	2	0.400	1	1.650	3	2.400	4	2.400	6	2.400	4	0.63%
Ba1	2.130	6	9.075	18	3.047	7	0	0	12.122	15	17.537	38	17.117	21	3.20%
Ba2	4.955	9	16.377	31	6.570	17	10.380	19	33.327	39	38.382	77	38.282	42	8.78%
Ba3	10.648	27	20.648	36	10.873	39	9.755	26	41.275	51	54.778	137	54.063	69	10.88%
B1	5.276	20	18.166	64	19.808	53	9.215	28	47.188	82	55.179	175	55.179	96	12.44%
B2	3.740	17	5.945	21	3.950	15	1.325	4	11.220	23	15.805	62	15.805	35	2.96%
B3	0.275	2	2.507	13	1.685	5	0.200	2	4.393	10	4.868	23	4.868	11	1.16%
Caa1	0.212	3	1.920	10	2.132	15	0.365	3	4.417	5	4.979	32	4.979	5	1.16%
Caa2	0	0	0	0	0.115	1	0	0	0.115	1	0.215	2	0.215	1	0.03%
NR	77.233	272	77.948	290	90.258	280	54.729	178	222.935	544	363.268	1205	337.877	831	58.76%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Use of Proceeds
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Acquisition	4.760	8.335	4.258	4.970	3.229	1.170	1.570	3.829	9.078	6.462	8.535	6.540	6.973
Capex	0.150	0	0	0	0	0	0	0	0	0	0	0.330	0
Dividend/recap	0	0.096	0.134	0.150	0.980	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580
Exit financing	0	0	0	0	0	0.904	0	0	0	0	0	0	0
GCP	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.920	4.185	6.555
LBO	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900
Refinance	5.973	8.772	3.433	8.360	7.710	15.440	20.515	34.732	19.748	16.169	4.960	14.631	6.964
Multiple/Other/NA	8.608	18.166	15.605	11.127	16.628	12.425	22.648	11.383	11.643	21.232	12.593	13.622	13.812
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	12.457	28	6.569	25	24.075	32	13.513	16	44.157	72	69.709	116	64.949	109	11.64%
Capex	0	0	0	0	0	0	0.330	1	0.330	1	0.480	2	0.330	1	0.09%
Dividend/recap	1.264	4	10.777	27	6.463	15	7.889	12	25.128	54	26.488	59	26.488	59	6.62%
Exit financing	0	0	0.904	1	0	0	0	0	0.904	1	0.904	1	0.904	1	0.24%
GCP	12.851	40	12.135	32	9.281	22	10.740	17	32.157	71	54.153	133	47.883	120	8.48%
LBO	15.034	27	5.408	20	12.672	23	6.118	11	24.198	54	48.778	94	47.913	92	6.38%
Refinance	19.503	38	70.687	108	40.878	72	21.595	40	133.160	220	167.407	285	161.434	274	35.10%
Multiple/Other/NA	43.360	123	46.456	110	45.468	120	27.434	68	119.358	298	189.491	481	180.884	456	31.46%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	100.00%
Industry Sector (by SIC code)
	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012
Agriculture (0xxx)	0.100	0	0	0.100	0	0	0	0	0	0.539	0.480	0	0
Mining (1xxx)	0.800	0	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260
Oil and gas (13xx)	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118
Construction (15xx)	1.500	0.500	0	0.750	0	0.140	0	0.075	0	0.410	0.175	0	1.160
Manufacturing (2xxx, 3xxx)	8.365	13.972	12.120	7.950	8.863	17.297	16.390	15.163	13.716	19.005	10.716	6.786	12.439
Transportation (4xxx)	0.325	0.425	0	1.210	1.374	0.740	3.077	0	0.175	0.150	1.640	1.745	2.400
Communications (48xx)	0	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.791	2.356	4.325	5.275	2.072
Electric, gas, sanitary services (49xx)	0	0	2.695	0	0.922	2.145	3.085	2.700	1.840	3.865	2.675	4.189	1.400
Wholesale (5xxx)	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.075	11.425	2.780	4.455	9.864	1.488
Finance, insurance, real estate (6xxx)	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.275	2.925	7.193	1.630	3.550	2.335
Services (7xxx)	4.465	12.822	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913	2.205	9.709	7.746
Health services (8xxx)	0.805	3.365	1.260	4.750	2.450	0.277	2.347	4.161	1.226	3.005	3.050	4.975	4.367
Total	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.597	50.297	54.980	33.560	49.834	37.785
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.100	1	0	0	1.019	2	0	0	1.019	2	1.219	4	1.119	3	0.27%
Mining (1xxx)	2.100	6	1.255	7	3.837	6	1.062	2	6.154	15	9.054	24	8.254	21	1.62%
Oil and gas (13xx)	8.275	16	7.193	15	12.911	16	5.058	6	25.162	37	39.429	64	36.704	60	6.63%
Construction (15xx)	0.750	1	0.215	2	0.585	2	1.160	4	1.960	8	4.710	13	3.210	10	0.52%
Manufacturing (2xxx, 3xxx)	28.933	72	48.849	100	43.437	97	19.225	38	111.511	235	162.781	348	154.416	329	29.39%
Transportation (4xxx)	2.584	9	3.817	7	1.965	7	4.145	9	9.927	23	13.261	36	12.936	34	2.62%
Communications (48xx)	8.638	23	12.699	13	11.472	17	7.347	10	31.518	40	41.164	66	41.164	66	8.31%
Electric, gas, sanitary services (49xx)	3.617	5	7.930	12	8.380	14	5.589	6	21.899	32	25.516	37	25.516	37	5.77%
Wholesale (5xxx)	12.338	33	18.625	37	18.660	30	11.351	17	48.636	84	72.168	137	69.624	130	12.82%
Finance, insurance, real estate (6xxx)	12.190	34	11.835	41	11.748	26	5.885	22	29.468	89	49.568	140	44.572	132	7.77%
Services (7xxx)	16.485	47	33.734	66	17.543	47	17.455	40	68.731	152	102.503	229	98.038	220	18.11%
Health services (8xxx)	8.460	13	6.785	23	7.282	20	9.342	11	23.409	54	36.038	73	35.233	70	6.17%
Total	104.469	260	152.936	323	138.838	283	87.619	165	379.393	771	557.411	1171	530.786	1112	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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