Analysis of leveraged loan issuance for 13 months through September 2013

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

Rate (L+)

	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Below 150 bps	0	0	0	0	0	0	0	0.600	0	0	0	0	0
150	1.425	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.445	2.725	1.500	1.875	0.550
175	1.175	3.620	1.470	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350	2.360	2.595
200	1.760	4.230	5.250	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650
225	1.680	0	0.580	2.000	1.850	1.989	5.805	5.649	6.456	4.159	2.845	2.795	1.700
250	5.100	0.225	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700
275	5.363	2.639	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.000
300	3.751	0.985	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571	3.674	6.777	6.516
325	9.333	3.486	0.633	4.795	13.208	14.547	9.782	8.828	12.632	4.567	5.633	1.720	2.887
350	5.360	3.612	1.346	2.395	8.147	15.882	2.457	5.192	10.846	2.615	1.165	0.513	9.232
375	10.697	2.883	4.202	1.632	6.303	5.454	6.374	3.336	3.163	4.950	3.353	1.403	6.885
400	7.033	4.305	4.229	1.575	3.445	9.036	1.576	9.382	4.794	1.650	7.817	2.455	2.650
425	1.595	12.220	1.890	0	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.739	1.115
450	6.995	3.328	3.394	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450	1.065
475	2.510	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.350	0.885	0.020	1.948	0.405
500 bps and upward	9.899	14.015	11.178	4.072	10.488	7.446	9.399	6.876	17.310	8.780	10.965	2.138	10.336
Fixed rate	0.250	0	0.725	0.065	0.052	0.055	0	0	0.478	0.406	0	0.210	1.340
NA	23.238	22.383	13.679	31.078	11.488	18.343	23.521	12.575	21.989	22.716	30.554	17.538	35.908
Other	0	0	0.130	0	0	0	0.125	0	0	0.147	0	0	0
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0.600	1	0	0	0.600	1	0.600	1	0.600	1	0.07%
150	2.335	9	4.610	9	6.515	19	3.925	11	15.050	35	18.810	51	17.385	42	1.81%
175	7.150	23	4.080	11	8.325	22	7.305	18	19.710	40	28.035	79	26.860	57	2.38%
200	13.630	31	10.706	21	10.593	27	6.780	16	28.079	43	43.469	102	41.709	65	3.39%
225	2.580	12	9.644	18	16.264	29	7.340	19	33.248	42	37.508	82	35.828	49	4.01%
250	3.365	16	18.328	22	19.332	37	5.537	16	43.196	48	51.661	96	46.561	57	5.21%
275	4.766	13	38.459	51	20.498	37	12.157	20	71.115	70	81.244	129	75.881	77	8.57%
300	10.011	22	44.564	47	19.017	27	16.967	27	80.548	70	94.310	132	90.558	83	9.71%
325	8.914	16	37.538	55	26.027	47	10.239	20	73.804	79	92.051	147	82.718	87	8.90%
350	7.353	18	26.486	35	18.653	41	10.911	12	56.050	58	68.762	116	63.402	70	6.76%
375	8.716	24	18.131	45	11.449	25	11.640	21	41.221	50	60.635	136	49.938	62	4.97%
400	10.109	21	14.056	31	15.826	31	12.922	24	42.804	45	59.946	115	52.913	53	5.16%
425	14.111	16	6.257	22	6.824	24	4.779	15	17.860	27	33.566	81	31.971	32	2.15%
450	7.662	25	6.627	22	8.432	30	2.163	10	17.222	35	31.878	100	24.883	50	2.08%
475	4.098	18	2.965	12	2.355	14	2.373	4	7.694	14	14.302	54	11.792	22	0.93%
500 bps and upward	29.265	134	27.334	99	32.966	113	23.439	94	83.738	112	122.902	493	113.003	161	10.10%
Fixed rate	0.790	5	0.107	4	0.884	5	1.550	4	2.541	10	3.581	20	3.331	12	0.31%
NA	67.141	234	53.351	202	57.281	197	84.000	220	194.633	511	285.011	943	261.773	702	23.47%
Other	0.130	1	0.125	1	0.147	2	0	0	0.272	2	0.402	4	0.402	2	0.03%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Upsized?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Yes	19.517	17.695	4.840	4.630	13.696	23.796	12.902	20.686	18.089	5.503	6.101	1.902	9.523
No	73.887	58.981	51.612	55.076	76.973	91.868	85.695	76.629	91.435	57.211	72.212	47.037	78.660
Downsized	3.760	3.585	3.457	2.250	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.420	2.350
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	27.164	37	50.393	64	44.278	66	17.526	32	112.197	92	158.878	228	139.361	111	13.53%
No	165.669	574	254.535	625	225.276	633	197.910	500	677.721	1176	917.277	2550	843.390	1540	81.71%
Downsized	9.292	27	18.440	18	12.435	29	8.591	19	39.466	19	52.518	103	48.758	28	4.76%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Flex?
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Down	14.589	9.115	2.590	3.423	13.663	13.110	14.885	22.700	14.232	0.900	5.609	3.706	12.854
No	81.825	65.951	54.088	57.946	77.921	96.477	93.647	73.004	88.759	60.804	76.211	44.986	76.111
Up	0.750	5.195	3.230	0.587	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.667	1.568
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.128	23	41.657	63	37.832	75	22.169	37	101.658	65	131.375	224	116.786	71	12.26%
No	177.985	588	268.045	621	222.567	614	197.308	500	687.919	1192	947.729	2549	865.904	1568	82.94%
Up	9.012	27	13.666	23	21.590	39	4.550	14	39.806	32	49.568	108	48.818	42	4.80%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Type
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Revolver	21.329	22.854	16.727	29.560	15.194	20.700	32.645	19.084	30.151	24.939	31.424	20.740	24.796
TLA	4.859	4.760	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.208
Term	40.364	32.153	21.897	17.037	43.997	50.602	20.324	33.633	33.042	24.404	30.070	13.444	21.135
Institutional	28.392	14.678	15.096	11.805	31.426	42.547	48.118	40.231	36.884	11.784	13.726	14.632	38.420
Second/third/junior lien	2.175	4.160	3.140	0.775	1.728	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.775
Delayed draw	0.045	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064	1.200
LoC	0	0	0.253	0.030	0	0	0	0	0	0	0.850	0	0
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	69.141	285	68.539	260	74.174	277	76.960	244	219.673	741	310.143	1166	288.814	1006	26.49%
TLA	9.950	18	8.401	17	12.293	20	4.173	13	24.866	10	39.675	80	34.816	14	3.00%
Term	71.086	186	114.923	207	91.079	201	64.649	150	270.651	281	382.101	829	341.737	360	32.63%
Institutional	41.578	87	122.091	174	88.898	154	66.777	96	277.767	228	347.737	557	319.345	265	33.49%
Second/third/junior lien	8.075	45	6.397	42	11.573	55	6.524	35	24.494	17	34.744	189	32.569	20	2.95%
Delayed draw	2.012	10	3.018	7	3.970	21	4.093	11	11.082	10	13.138	51	13.093	12	1.34%
LoC	0.283	7	0	0	0	0	0.850	2	0.850	2	1.133	9	1.133	4	0.10%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Moody's Rating
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Baa2	0	0	0	0	0	0	0.600	0.755	0	1.000	0.850	0	0.250
Baa3	0	3.200	0	0	0	0	1.600	2.700	0.500	1.100	1.100	0	0
Ba1	7.300	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100	7.050
Ba2	0.900	3.546	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560
Ba3	6.854	5.405	9.458	1.390	3.130	9.235	4.688	9.724	8.560	2.560	7.580	5.460	9.375
B1	14.802	7.377	13.045	5.455	20.000	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.082
B2	7.950	10.022	2.880	1.000	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635	6.880
B3	1.987	1.080	1.110	0	0	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675
Caa1	1.265	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.620
Caa2	0.745	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095	0.530	0.419	0	0.625
NR	55.361	37.916	25.823	46.283	63.051	66.418	59.388	55.995	68.506	40.758	47.691	35.395	40.416
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0.600	2	1.755	3	1.100	2	3.455	5	3.455	7	3.455	5	0.42%
Baa3	3.200	3	1.600	5	4.300	5	1.100	2	7.000	7	10.200	15	10.200	8	0.84%
Ba1	14.825	21	11.524	21	4.965	4	7.210	11	23.700	22	45.824	62	38.524	34	2.86%
Ba2	10.432	20	21.674	18	12.000	18	13.620	13	47.294	29	58.626	72	57.726	40	5.70%
Ba3	16.253	37	17.053	31	20.844	46	22.414	38	60.311	68	83.418	172	76.564	88	7.27%
B1	25.877	75	57.367	112	25.179	65	34.388	69	116.934	136	157.612	358	142.811	177	14.10%
B2	13.902	60	17.507	49	28.070	89	13.344	34	58.920	90	80.772	260	72.823	123	7.10%
B3	2.190	8	2.417	13	7.070	29	4.615	19	14.102	32	18.279	72	16.292	36	1.70%
Caa1	3.945	18	3.785	23	10.383	23	1.690	14	15.858	9	21.068	84	19.803	9	1.91%
Caa2	1.480	10	0.985	6	2.163	15	1.044	6	4.192	1	6.417	42	5.672	1	0.51%
NR	110.022	386	188.856	427	165.259	431	123.502	343	477.617	891	643.000	1737	587.639	1161	57.59%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Use of Proceeds
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Acquisition	12.290	4.965	12.433	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.392	2.954	17.698
Capex	0	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069	0	0.240	0	0
Dividend/recap	7.070	9.237	4.418	2.170	3.410	3.685	3.740	5.445	13.859	5.935	4.150	2.185	6.370
Exit financing	0	0	2.250	0	0	0	0	0	1.045	0	0	0	0.100
GCP	2.297	1.646	4.000	3.895	0.875	2.578	5.152	2.593	5.915	4.641	9.137	2.410	4.279
LBO	7.105	8.157	6.620	4.457	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.113	16.212
Refinance	40.444	36.328	19.597	14.694	45.271	67.644	59.683	62.659	49.105	17.856	22.503	21.005	29.218
Multiple/Other/NA	27.958	19.743	10.515	24.422	27.944	32.802	24.572	16.730	37.656	28.851	29.012	20.693	15.995
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	29.316	39	18.191	26	17.921	25	28.043	41	64.155	92	105.760	146	93.471	131	7.74%
Capex	0.660	3	0.835	4	0.659	3	0.240	1	1.734	8	2.394	11	2.394	11	0.21%
Dividend/recap	15.825	46	10.835	25	25.239	43	12.705	29	48.779	97	71.674	156	64.604	143	5.88%
Exit financing	2.250	2	0	0	1.045	3	0.100	1	1.145	4	3.395	6	3.395	6	0.14%
GCP	9.541	32	8.604	26	13.149	34	15.825	37	37.579	97	49.417	141	47.120	129	4.53%
LBO	19.234	33	26.986	23	11.119	22	28.026	28	66.132	73	92.471	120	85.366	106	7.97%
Refinance	70.619	104	172.599	208	129.619	189	72.726	89	374.944	486	486.007	646	445.563	590	45.22%
Multiple/Other/NA	54.680	133	85.318	146	83.236	145	65.700	138	234.254	429	316.892	614	288.934	562	28.24%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	100.00%
Industry Sector (by SIC code)
	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013
Agriculture (0xxx)	0	0	0	0	0.200	0	0	0.855	0.538	0	0	0.825	0
Mining (1xxx)	0.170	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850
Oil and gas (13xx)	10.072	3.820	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.100
Construction (15xx)	1.050	1.690	1.045	0	0	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200
Manufacturing (2xxx, 3xxx)	23.277	24.838	23.075	22.430	33.047	25.541	42.825	26.620	22.251	23.648	27.219	14.167	29.579
Transportation (4xxx)	2.211	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750
Communications (48xx)	11.234	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.792
Electric, gas, sanitary services (49xx)	6.115	6.874	0.983	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.250
Wholesale (5xxx)	13.268	8.879	8.034	3.410	18.751	18.606	12.976	10.084	12.378	4.790	7.734	3.053	9.070
Finance, insurance, real estate (6xxx)	11.692	5.762	4.715	3.813	9.382	10.069	9.379	13.654	10.300	7.498	7.445	3.910	8.795
Services (7xxx)	15.501	21.284	8.899	16.292	14.661	23.960	19.154	20.478	24.089	10.484	22.995	9.188	22.125
Health services (8xxx)	2.573	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361	4.022
Total	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	67.365	83.134	50.359	90.534
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.200	1	1.393	2	0.825	1	2.418	4	2.418	4	2.418	4	0.29%
Mining (1xxx)	1.875	4	0.800	3	2.630	7	7.865	10	11.295	20	13.340	25	13.170	24	1.36%
Oil and gas (13xx)	13.675	27	8.483	22	20.195	26	15.990	27	44.669	75	68.415	110	58.343	102	5.39%
Construction (15xx)	2.735	5	1.240	4	1.275	3	2.910	10	5.425	17	9.210	25	8.160	22	0.65%
Manufacturing (2xxx, 3xxx)	70.343	109	101.412	138	72.519	118	70.965	102	244.897	358	338.517	507	315.240	467	29.53%
Transportation (4xxx)	3.803	9	11.557	16	13.201	21	3.415	6	28.173	43	34.187	57	31.976	52	3.40%
Communications (48xx)	12.452	19	32.203	30	24.990	37	10.514	17	67.707	84	91.394	118	80.159	103	8.16%
Electric, gas, sanitary services (49xx)	9.357	16	11.984	17	18.898	24	6.145	9	37.027	50	52.499	71	46.384	66	4.46%
Wholesale (5xxx)	20.324	52	50.333	56	27.252	48	19.857	33	97.441	137	131.033	216	117.765	189	11.75%
Finance, insurance, real estate (6xxx)	14.290	41	28.830	52	31.452	54	20.150	60	80.432	166	106.414	231	94.722	207	9.70%
Services (7xxx)	46.474	92	57.775	87	55.052	96	54.308	71	167.135	254	229.111	374	213.609	346	20.15%
Health services (8xxx)	6.797	18	18.551	32	13.131	28	11.082	19	42.765	79	52.135	103	49.562	97	5.16%
Total	202.125	392	323.369	458	281.988	464	224.027	365	829.384	1287	1128.673	1841	1031.509	1679	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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