Analysis of leveraged loan issuance for 13 months through December 2012

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

Rate (L+)

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Below 150 bps	0	0	0.275	0	0	0	0.100	0	0	0	0	0	0
150	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150	0.500	1.465
175	6.862	2.240	1.375	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.620	1.420	1.525
200	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650	0.080	1.760	2.330	5.000	2.500
225	1.125	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.180	1.680	0	0.580	1.375
250	0.527	1.640	2.000	0.985	0.635	0.973	1.620	2.680	4.175	5.100	0.225	1.995	0.930
275	2.644	1.530	0.550	1.455	1.345	0.425	0.150	1.225	0.230	5.363	2.639	2.016	0.111
300	0.570	2.520	8.590	4.040	0.250	0.075	0.650	2.885	2.150	3.751	0.985	4.957	3.613
325	1.505	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.165	9.333	3.486	0.633	4.395
350	0	1.970	0	1.344	1.275	0	0.300	6.875	1.754	5.360	3.612	1.346	2.395
375	0.310	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675	10.192	2.883	4.202	1.632
400	0.150	0.660	4.598	4.470	1.125	1.410	0.416	0.680	0.745	7.033	4.305	4.684	1.575
425	0	1.150	1.123	0.600	4.275	3.869	1.794	2.065	0	1.595	12.220	1.890	0
450	1.025	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942	6.995	3.328	3.394	0.940
475	0.125	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025	3.015	2.180	1.278	0.640
500 bps and upward	5.784	6.509	5.681	12.486	10.139	14.783	8.812	8.669	6.160	9.899	14.620	11.203	3.892
Fixed rate	0.310	0.375	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250	0	0.725	0.065
NA	14.248	13.599	16.104	9.813	13.806	18.479	12.312	14.368	15.675	22.838	23.113	13.904	22.578
Other	0	0	0	0	0	0	0	0	0	0	0	0.130	0
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0.275	1	0.100	1	0	0	0	0	0.375	2	0.375	2	0.375	2	0.06%
150	3.630	10	6.095	16	5.235	10	2.115	7	17.075	39	18.560	46	17.075	39	2.54%
175	6.723	17	6.665	19	5.890	19	6.565	21	25.843	60	32.705	89	25.843	60	3.85%
200	8.300	25	7.250	13	2.490	11	9.830	27	27.870	56	28.401	80	27.870	56	4.15%
225	11.627	28	5.835	14	2.645	10	1.955	9	22.062	42	23.187	64	22.062	42	3.29%
250	4.625	8	3.228	17	11.955	15	3.150	14	22.958	35	23.485	58	22.958	35	3.42%
275	3.535	17	1.920	7	6.818	13	4.766	13	17.039	29	19.683	56	17.039	29	2.54%
300	15.150	30	0.975	6	8.786	21	9.556	21	34.467	45	35.037	82	34.467	45	5.14%
325	6.269	15	1.755	8	12.893	18	8.514	14	29.431	32	30.936	58	29.431	32	4.39%
12/1900	3.314	7	1.575	3	13.989	21	7.353	18	26.231	33	26.231	49	26.231	33	3.91%
375	4.829	12	7.001	15	12.032	26	8.716	24	32.579	43	32.889	79	32.579	43	4.85%
400	9.727	23	2.951	14	8.458	17	10.564	22	31.701	46	31.851	77	31.701	46	4.72%
425	2.873	6	9.938	21	3.660	10	14.111	16	30.581	25	30.581	53	30.581	25	4.56%
450	2.847	11	2.400	6	13.267	31	7.662	25	26.176	43	27.201	75	26.176	43	3.90%
475	3.510	14	2.610	6	3.458	11	4.098	18	13.677	26	13.802	50	13.677	26	2.04%
500 bps and upward	24.676	106	33.734	114	24.727	108	29.715	135	112.853	182	118.636	489	112.853	182	16.81%
Fixed rate	0.983	5	0.993	3	0.759	6	0.790	5	3.525	12	3.835	22	3.525	12	0.53%
NA	39.517	148	44.597	151	52.881	194	59.596	228	196.590	580	210.838	762	196.590	580	29.29%
Other	0	0	0	0	0	0	0.130	1	0.130	1	0.130	1	0.130	1	0.02%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Upsized?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	2.575	4.872	1.540	3.980	6.190	4.545	1.752	3.370	6.170	19.517	16.095	4.840	4.630
No	32.337	33.585	52.497	53.257	40.711	48.940	32.043	43.010	36.825	73.487	60.016	51.977	42.752
Downsized	2.288	1.595	0.250	0.835	3.397	2.045	0	3.470	0.335	3.760	3.585	3.042	2.250
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.393	24	12.488	27	29.057	44	25.564	37	77.501	61	80.076	136	77.501	61	11.55%
No	139.339	450	121.694	390	153.321	478	154.744	556	569.098	1236	601.435	1980	569.098	1236	84.79%
Downsized	2.680	9	5.441	17	7.565	19	8.877	25	24.564	29	26.852	76	24.564	29	3.66%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Flex?
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Down	0.212	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815	14.589	9.115	2.590	3.423
No	36.617	33.203	48.392	53.198	41.828	50.235	30.973	43.217	40.740	81.425	64.916	54.038	45.621
Up	0.370	0	0	2.225	6.989	4.700	0.667	1.933	0.775	0.750	5.665	3.230	0.587
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.393	33	4.230	15	21.104	39	15.128	23	55.855	40	56.068	114	55.855	40	8.32%
No	134.793	448	123.036	389	165.381	487	164.575	567	587.786	1261	624.403	2002	587.786	1261	87.58%
Up	2.225	2	12.357	30	3.458	15	9.482	28	27.521	24	27.892	76	27.521	24	4.10%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Type
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Revolver	22.882	15.310	20.567	22.269	19.120	24.170	14.938	17.200	20.967	20.929	22.584	16.287	24.880
TLA	2.946	3.372	3.975	2.890	4.275	2.325	0.700	7.445	1.397	4.859	3.159	2.640	2.550
Term	5.838	10.409	12.786	9.205	9.614	16.530	12.047	13.675	13.745	40.364	33.323	22.212	10.107
Institutional	5.357	9.755	15.114	20.915	15.930	10.005	4.715	11.020	6.881	28.392	14.678	15.096	11.305
Second/third/junior lien	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.295	3.215	0.775
Delayed draw	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.657	0.155	0
LoC	0	0	0	0	0	0	0	0	0	0	0	0.253	0.015
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	58.146	222	58.228	224	59.095	236	63.751	269	239.220	867	262.102	1024	239.220	867	35.64%
TLA	10.238	23	7.300	20	13.701	25	8.350	18	39.589	25	42.535	92	39.589	25	5.90%
Term	32.401	121	38.192	100	67.784	181	65.641	182	204.018	285	209.856	605	204.018	285	30.40%
Institutional	45.785	93	30.649	58	46.293	77	41.078	87	163.805	135	169.162	328	163.805	135	24.41%
Second/third/junior lien	3.555	15	3.108	21	2.860	17	8.285	47	17.808	8	17.985	103	17.808	8	2.65%
Delayed draw	2.287	9	2.145	11	0.210	5	1.812	9	6.454	8	6.454	34	6.454	8	0.96%
LoC	0	0	0	0	0	0	0.268	6	0.268	3	0.268	6	0.268	3	0.04%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Moody's Rating
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Baa2	0	0	0	0	0	0	0	0	1.000	0	0	0	0
Baa3	0	0.350	0	0	0	0	0.400	0.900	0.750	0	1.300	0	0
Ba1	0	1.250	1.450	6.375	1.960	1.087	0	0	0	7.300	8.955	4.665	1.155
Ba2	0	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.546	0.703	6.183
Ba3	2.416	5.710	4.817	9.445	3.042	5.980	1.850	5.135	6.615	6.854	5.405	9.458	1.390
B1	2.315	4.304	6.254	7.608	11.735	1.160	6.912	8.305	1.215	14.802	7.407	13.045	5.455
B2	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0	7.950	10.022	2.895	0.745
B3	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200	0	1.987	1.550	1.110	0.215
Caa1	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0	1.265	2.025	1.735	0.185
Caa2	0	0	0	0	0	0.115	0	0	0	0.745	0.735	0.490	0.255
Caa3	0	0	0	0	0	0	0	0	0	0	0.135	0	0
NR	31.532	23.268	27.691	27.139	32.098	39.147	19.798	28.605	28.385	54.961	38.616	25.758	34.048
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.000	1	0.15%
Baa3	0.350	2	0.400	1	1.650	3	1.300	2	3.700	5	3.700	8	3.700	5	0.55%
Ba1	9.075	18	3.047	7	7.300	5	14.774	20	34.197	29	34.197	50	34.197	29	5.10%
Ba2	16.377	31	6.570	17	11.280	22	10.432	20	44.659	53	44.659	90	44.659	53	6.65%
Ba3	19.973	34	10.873	39	18.604	46	16.253	37	65.702	81	68.118	164	65.702	81	9.79%
B1	18.166	64	19.808	53	24.322	67	25.907	76	88.202	147	90.517	266	88.202	147	13.14%
B2	5.945	21	3.950	15	9.275	32	13.662	59	32.832	68	33.607	129	32.832	68	4.89%
B3	2.507	13	1.685	5	2.187	5	2.875	11	9.255	17	9.355	35	9.255	17	1.38%
Caa1	1.920	10	2.132	15	1.630	9	3.945	18	9.627	6	9.689	53	9.627	6	1.43%
Caa2	0	0	0.115	1	0.745	5	1.480	10	2.340	1	2.340	16	2.340	1	0.35%
Caa3	0	0	0	0	0	0	0.135	1	0.135	1	0.135	1	0.135	1	0.02%
NR	78.098	290	91.043	281	111.951	346	98.422	364	379.514	919	411.045	1379	379.514	919	56.55%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	3.231	1.170	1.570	3.829	9.078	6.462	8.535	6.490	7.973	12.290	5.585	12.583	5.807
Capex	0	0	0	0	0	0	0	0.330	0	0	0.185	0.075	0.400
Dividend/recap	0.980	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.070	9.237	4.418	2.170
Exit financing	0	0.904	0	0	0	0	0	0	0	0	0	2.250	0
GCP	3.464	5.710	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.297	1.646	4.000	2.505
LBO	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900	7.105	7.537	6.635	4.457
Refinance	7.710	15.440	20.515	34.732	19.748	16.169	4.960	14.405	7.098	40.444	35.063	19.682	14.409
Multiple/Other/NA	16.628	12.425	22.648	10.858	11.643	21.782	12.828	13.912	17.574	27.558	20.443	10.215	19.884
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	6.569	25	24.075	32	26.753	31	23.975	39	81.371	126	84.602	134	81.371	126	12.12%
Capex	0	0	0	0	0.330	1	0.660	3	0.990	4	0.990	4	0.990	4	0.15%
Dividend/recap	10.777	27	6.463	15	14.959	25	15.825	46	48.023	113	49.003	115	48.023	113	7.16%
Exit financing	0.904	1	0	0	0	0	2.250	2	3.155	3	3.155	3	3.155	3	0.47%
GCP	12.135	32	9.281	22	13.687	31	8.151	28	43.255	113	46.719	128	43.255	113	6.44%
LBO	5.408	20	12.672	23	13.223	25	18.629	32	49.932	100	55.119	107	49.932	100	7.44%
Refinance	70.687	108	40.878	72	61.948	97	69.154	106	242.667	383	250.377	396	242.667	383	36.16%
Multiple/Other/NA	45.931	110	46.253	121	59.044	131	50.541	121	201.770	483	218.397	532	201.770	483	30.06%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Agriculture (0xxx)	0	0	0	0	0	0.539	0.480	0	0	0	0	0	0
Mining (1xxx)	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260	0.170	1.000	0.525	0.350
Oil and gas (13xx)	3.575	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118	10.072	4.060	5.300	3.820
Construction (15xx)	0	0.140	0	0.075	0	0.410	0.175	0	1.160	1.050	1.690	1.045	0
Manufacturing (2xxx, 3xxx)	8.865	17.297	16.390	15.163	13.716	19.005	10.716	6.561	13.994	22.877	22.938	22.425	13.875
Transportation (4xxx)	1.374	0.740	3.077	0	0.175	0.150	1.390	2.035	3.664	2.211	3.000	0.205	0.502
Communications (48xx)	1.313	3.850	1.080	7.094	4.791	2.356	4.325	5.275	2.072	11.234	2.847	2.167	7.508
Electric, gas, sanitary services (49xx)	0.922	2.145	3.085	2.700	1.840	4.415	2.675	4.189	1.400	6.115	6.874	1.598	0.400
Wholesale (5xxx)	6.850	3.289	7.260	8.075	11.425	2.780	4.455	9.864	2.487	13.268	8.879	8.034	3.410
Finance, insurance, real estate (6xxx)	5.580	3.820	3.740	4.425	2.925	7.193	2.115	3.550	3.204	11.692	5.522	4.415	3.813
Services (7xxx)	5.270	5.869	13.234	14.630	9.425	5.913	2.205	9.709	8.403	15.501	21.983	9.099	15.502
Health services (8xxx)	2.450	0.277	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.573	0.902	5.045	0.450
Total	37.200	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	79.696	59.858	49.632
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.019	2	0	0	0	0	1.019	2	1.019	2	1.019	2	0.15%
Mining (1xxx)	1.255	7	3.837	6	1.232	3	1.875	4	8.199	20	9.199	24	8.199	20	1.22%
Oil and gas (13xx)	7.193	15	12.911	16	15.130	14	13.180	27	48.414	72	51.989	78	48.414	72	7.21%
Construction (15xx)	0.215	2	0.585	2	2.210	7	2.735	5	5.745	16	5.745	16	5.745	16	0.86%
Manufacturing (2xxx, 3xxx)	48.849	100	43.437	97	43.433	80	59.238	103	194.956	380	203.821	406	194.956	380	29.05%
Transportation (4xxx)	3.817	7	1.715	6	7.911	16	3.708	8	17.150	37	18.524	42	17.150	37	2.56%
Communications (48xx)	12.024	13	11.472	17	18.581	25	12.522	19	54.599	74	55.912	78	54.599	74	8.13%
Electric, gas, sanitary services (49xx)	7.930	12	8.930	15	11.704	11	8.872	15	37.436	53	38.358	56	37.436	53	5.58%
Wholesale (5xxx)	18.625	37	18.660	30	25.619	46	20.324	52	83.227	165	90.077	182	83.227	165	12.40%
Finance, insurance, real estate (6xxx)	11.985	41	12.233	27	18.446	49	13.751	39	56.414	156	61.995	166	56.414	156	8.41%
Services (7xxx)	33.734	66	17.543	47	33.613	71	46.585	88	131.474	271	136.744	283	131.474	271	19.59%
Health services (8xxx)	6.785	23	7.282	20	12.065	19	6.397	17	32.529	79	34.979	86	32.529	79	4.85%
Total	152.411	323	139.623	284	189.943	341	189.185	377	671.163	1325	708.362	1419	671.163	1325	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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