Analysis of leveraged loan issuance for 13 months through October 2013

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

Rate (L+)

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Below 150 bps	0	0	0	0	0	0	0.600	0	0	0	0	0	0
150	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.445	2.725	1.500	1.875	1.475	0.550
175	3.620	1.470	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350	2.360	2.595	1.165
200	4.230	5.250	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650	5.909
225	0	0.580	2.000	1.850	1.989	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.570
250	0.225	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.260
275	2.639	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.565
300	0.985	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571	3.674	6.777	6.516	2.093
325	3.486	0.633	4.795	13.208	14.547	9.782	8.828	12.632	4.567	5.633	1.720	1.525	1.876
350	3.612	1.346	2.395	8.147	15.882	2.457	5.192	10.846	2.615	1.165	0.513	10.551	1.210
375	2.883	4.202	1.632	6.303	5.454	6.374	3.336	3.163	4.950	3.353	1.403	9.011	6.313
400	4.305	4.229	1.575	3.445	9.036	1.576	9.382	4.794	1.650	7.817	2.455	3.068	6.565
425	12.220	1.890	0	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.808
450	3.328	3.394	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450	2.080	1.180
475	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.415
500 bps and upward	14.015	11.178	4.072	10.488	7.446	9.399	6.876	17.310	8.780	10.965	2.138	12.213	7.495
Fixed rate	0	0.725	0.065	0.052	0.055	0	0	0.478	0.406	0	0.210	1.740	0
NA	22.383	13.679	31.078	11.488	18.343	23.521	12.575	21.989	22.716	30.554	17.155	31.328	35.658
Other	0	0.130	0	0	0	0.125	0	0	0.147	0	0	0.850	0.425
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0.600	1	0	0	0	0	0.600	1	0.600	1	0.600	1	0.07%
150	2.335	9	4.610	9	6.515	19	4.850	11	0.550	5	16.525	38	18.860	53	18.710	44	1.82%
175	7.150	23	4.080	11	8.325	22	7.305	18	1.165	6	20.875	44	28.025	80	24.405	53	2.29%
200	13.630	31	10.706	21	10.593	27	6.780	16	5.909	10	33.988	50	47.618	105	43.388	66	3.74%
225	2.580	12	9.644	18	16.319	29	8.240	20	0.570	3	34.773	44	37.353	82	37.353	51	3.82%
250	3.365	16	18.328	22	19.332	37	5.537	16	0.260	4	43.456	52	46.821	95	46.596	60	4.78%
275	4.766	13	38.459	51	20.498	37	12.957	21	0.565	4	72.480	73	77.246	126	74.607	76	7.97%
300	10.011	22	44.564	47	19.017	27	16.967	26	2.093	4	82.641	72	92.652	126	91.667	81	9.08%
325	8.914	16	37.538	55	26.027	47	8.877	18	1.876	7	74.318	83	83.232	143	79.746	86	8.17%
350	7.353	18	26.486	35	18.653	41	12.229	15	1.210	3	58.579	61	65.931	112	62.320	67	6.44%
375	8.716	24	18.131	45	11.449	25	13.767	24	6.313	8	49.661	55	58.378	126	55.495	63	5.46%
400	10.109	21	14.056	31	15.826	31	13.340	26	6.565	8	49.787	48	59.896	117	55.591	52	5.47%
425	14.111	16	6.257	22	6.824	24	5.804	16	1.808	7	20.693	31	34.803	85	22.583	33	2.27%
450	7.662	25	6.627	22	8.432	30	3.178	12	1.180	4	19.417	38	27.078	93	23.751	47	2.13%
475	4.098	18	2.965	12	2.355	14	3.442	7	0.415	1	9.177	16	13.276	52	11.096	19	1.01%
500 bps and upward	29.265	134	27.334	99	32.966	113	25.316	100	7.495	19	93.110	119	122.375	465	108.360	143	10.23%
Fixed rate	0.790	5	0.107	4	0.884	5	1.950	6	0	0	2.941	11	3.731	20	3.731	13	0.32%
NA	67.141	234	53.351	202	57.281	197	79.037	217	35.658	98	225.328	582	292.469	948	270.085	699	24.76%
Other	0.130	1	0.125	1	0.147	2	0.850	1	0.425	2	1.547	5	1.677	7	1.677	5	0.17%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Upsized?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	17.695	4.840	4.630	13.696	23.796	12.902	20.686	18.089	5.503	6.101	2.441	12.946	4.665
No	58.981	51.612	55.076	76.973	91.868	85.695	76.629	91.490	57.211	72.212	46.654	79.659	67.845
Downsized	3.585	3.457	2.250	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.547
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	27.164	37	50.393	64	44.278	66	21.488	37	4.665	11	120.823	95	147.987	215	130.293	103	13.28%
No	165.669	574	254.535	625	225.331	633	198.526	508	67.845	177	746.237	1297	911.906	2517	852.925	1523	82.01%
Downsized	9.292	27	18.440	18	12.435	29	10.413	25	1.547	5	42.835	26	52.127	104	48.542	28	4.71%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Flex?
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Down	9.115	2.590	3.423	13.663	13.110	14.885	22.700	14.232	0.900	5.609	3.706	13.860	2.330
No	65.951	54.088	57.946	77.921	96.477	93.647	73.004	88.814	60.804	76.211	45.142	80.146	70.767
Up	5.195	3.230	0.587	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.667	2.772	0.960
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.128	23	41.657	63	37.832	75	23.174	41	2.330	8	104.993	67	120.121	210	111.006	70	11.54%
No	177.985	588	268.045	621	222.622	614	201.498	511	70.767	183	762.932	1317	940.917	2517	874.966	1546	83.85%
Up	9.012	27	13.666	23	21.590	39	5.754	18	0.960	2	41.970	35	50.982	109	45.787	39	4.61%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Type
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Revolver	22.854	16.727	29.560	15.194	20.700	32.645	19.084	30.206	24.939	31.424	20.890	30.425	26.701
TLA	4.760	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.691
Term	32.153	21.897	17.037	43.997	50.602	20.324	33.633	33.042	24.404	30.070	13.094	21.561	23.478
Institutional	14.678	15.096	11.805	31.426	42.547	48.118	40.231	36.884	11.784	13.726	14.987	38.893	16.780
Second/third/junior lien	4.160	3.140	0.775	1.728	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.815	3.022
Delayed draw	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250
LoC	0	0.253	0.030	0	0	0	0	0	0	0.850	0	0	0.136
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	69.141	285	68.539	260	74.229	277	82.740	255	26.701	89	252.209	840	321.350	1166	298.496	1007	27.71%
TLA	9.950	18	8.401	17	12.293	20	4.248	14	3.691	8	28.632	12	38.582	77	33.822	13	3.15%
Term	71.086	186	114.923	207	91.079	201	64.725	152	23.478	46	294.205	300	365.291	792	333.138	343	32.33%
Institutional	41.578	87	122.091	174	88.898	154	67.606	99	16.780	30	295.376	240	336.954	544	322.277	261	32.46%
Second/third/junior lien	8.075	45	6.397	42	11.573	55	6.564	36	3.022	15	27.556	18	35.631	193	31.471	19	3.03%
Delayed draw	2.012	10	3.018	7	3.970	21	3.693	12	0.250	3	10.931	10	12.943	53	11.286	11	1.20%
LoC	0.283	7	0	0	0	0	0.850	2	0.136	2	0.986	3	1.269	11	1.269	5	0.11%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Moody's Rating
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Baa2	0	0	0	0	0	0.600	0.755	0	1.000	0.850	0	0.250	0
Baa3	3.200	0	0	0	0	1.600	2.700	0.500	1.100	1.100	0	0	1.145
Ba1	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100	6.300	1.960
Ba2	3.546	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560	0
Ba3	5.405	9.458	1.390	3.130	9.235	4.688	9.724	8.560	2.560	7.580	5.460	10.000	2.322
B1	7.377	13.045	5.455	20.000	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.475	2.315
B2	10.022	2.880	1.000	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635	8.345	6.177
B3	1.080	1.110	0	0	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675	3.225
Caa1	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.592
Caa2	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095	0.530	0.419	0	0.710	0.700
NR	37.916	25.823	46.283	63.051	66.418	59.388	55.995	68.561	40.758	47.691	35.550	44.835	55.621
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0.600	2	1.755	3	1.100	2	0	0	3.455	5	3.455	7	3.455	5	0.38%
Baa3	3.200	3	1.600	5	4.300	5	1.100	2	1.145	2	8.145	9	11.345	17	8.145	9	0.90%
Ba1	14.825	21	11.524	21	4.965	4	6.460	11	1.960	3	24.910	22	39.734	60	30.779	27	2.74%
Ba2	10.432	20	21.674	18	12.000	18	13.620	13	0	0	47.294	29	57.726	69	54.180	35	5.20%
Ba3	16.253	37	17.053	31	20.844	46	23.039	40	2.322	8	63.258	72	79.511	162	74.106	85	6.95%
B1	25.877	75	57.367	112	25.179	65	34.781	71	2.315	11	119.642	144	145.519	334	138.142	170	13.15%
B2	13.902	60	17.507	49	28.070	89	14.809	39	6.177	13	66.562	98	80.465	250	70.442	110	7.32%
B3	2.190	8	2.417	13	7.070	29	4.615	19	3.225	3	17.327	34	19.517	72	18.437	36	1.90%
Caa1	3.945	18	3.785	23	10.383	23	1.697	14	0.592	4	16.457	9	20.402	82	18.377	9	1.81%
Caa2	1.480	10	0.985	6	2.163	15	1.129	7	0.700	2	4.977	1	6.457	40	5.722	1	0.55%
NR	110.022	386	188.856	427	165.314	431	128.077	352	55.621	147	537.868	998	647.890	1743	609.974	1170	59.11%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	4.965	12.433	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.392	2.954	16.916	13.848
Capex	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069	0	0.240	0	0	0.150
Dividend/recap	9.237	4.418	2.170	3.410	3.685	3.740	5.445	13.859	5.935	4.150	3.285	6.485	3.995
Exit financing	0	2.250	0	0	0	0	0	1.045	0	0	0	0.100	0
GCP	1.646	4.000	3.895	0.875	2.578	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173
LBO	8.157	6.620	4.457	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.268	16.453	6.949
Refinance	36.328	19.597	14.694	45.271	67.644	59.683	62.659	49.105	17.856	22.503	21.005	30.508	15.645
Multiple/Other/NA	19.743	10.515	24.422	27.944	32.802	24.572	16.730	37.656	28.851	29.012	19.593	20.863	28.297
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	29.316	39	18.191	26	17.921	25	27.261	41	13.848	20	77.221	112	106.537	151	101.572	142	8.49%
Capex	0.660	3	0.835	4	0.659	3	0.240	1	0.150	1	1.884	9	2.544	12	2.359	11	0.21%
Dividend/recap	15.825	46	10.835	25	25.239	43	13.920	31	3.995	7	53.989	106	69.814	152	60.577	128	5.93%
Exit financing	2.250	2	0	0	1.045	3	0.100	1	0	0	1.145	4	3.395	6	3.395	6	0.13%
GCP	9.541	32	8.604	26	13.204	34	17.000	40	5.173	10	43.982	110	53.523	142	51.876	131	4.83%
LBO	19.234	33	26.986	23	11.119	22	28.422	29	6.949	7	73.476	81	92.710	114	84.553	98	8.08%
Refinance	70.619	104	172.599	208	129.619	189	74.015	93	15.645	25	391.879	514	462.498	618	426.170	569	43.07%
Multiple/Other/NA	54.680	133	85.318	146	83.236	145	69.469	140	28.297	51	266.320	482	321.000	615	301.257	569	29.27%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Agriculture (0xxx)	0	0	0	0.200	0	0	0.855	0.538	0	0	0.825	0	0.925
Mining (1xxx)	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600
Oil and gas (13xx)	3.820	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.400
Construction (15xx)	1.690	1.045	0	0	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200	1.445
Manufacturing (2xxx, 3xxx)	24.838	23.075	22.430	33.047	25.541	42.825	26.620	22.251	23.648	27.219	14.167	32.361	22.492
Transportation (4xxx)	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.391
Communications (48xx)	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.116	3.750
Electric, gas, sanitary services (49xx)	6.874	0.983	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.465	1.592
Wholesale (5xxx)	8.879	8.034	3.410	18.751	18.606	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.254
Finance, insurance, real estate (6xxx)	5.762	4.715	3.813	9.382	10.069	9.379	13.654	10.355	7.498	7.445	3.910	10.943	3.610
Services (7xxx)	21.284	8.899	16.292	14.661	23.960	19.154	20.478	24.089	10.484	22.995	9.188	23.006	16.003
Health services (8xxx)	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361	3.992	0.595
Total	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.515	96.778	74.057
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.200	1	1.393	2	0.825	1	0.925	1	3.343	5	3.343	5	3.343	5	0.37%
Mining (1xxx)	1.875	4	0.800	3	2.630	7	7.865	10	7.600	3	18.895	23	20.770	27	19.770	26	2.08%
Oil and gas (13xx)	13.675	27	8.483	22	20.195	26	16.390	28	4.400	8	49.468	84	63.144	111	59.324	101	5.44%
Construction (15xx)	2.735	5	1.240	4	1.275	3	2.910	10	1.445	2	6.870	19	9.605	24	7.915	21	0.76%
Manufacturing (2xxx, 3xxx)	70.343	109	101.412	138	72.519	118	73.747	104	22.492	38	270.171	398	340.513	507	315.675	467	29.69%
Transportation (4xxx)	3.803	9	11.557	16	13.201	21	3.415	6	0.391	3	28.564	46	32.367	55	29.367	51	3.14%
Communications (48xx)	12.452	19	32.203	30	24.990	37	9.839	17	3.750	3	70.782	87	83.235	106	81.023	101	7.78%
Electric, gas, sanitary services (49xx)	9.357	16	11.984	17	18.898	24	6.360	10	1.592	2	38.834	53	48.191	69	41.317	59	4.27%
Wholesale (5xxx)	20.324	52	50.333	56	27.252	48	20.536	33	11.254	16	109.374	153	129.698	205	120.819	182	12.02%
Finance, insurance, real estate (6xxx)	14.290	41	28.830	52	31.507	54	22.298	62	3.610	15	86.245	183	100.535	224	94.773	208	9.48%
Services (7xxx)	46.474	92	57.775	87	55.052	96	55.188	75	16.003	27	184.018	285	230.492	377	209.209	338	20.22%
Health services (8xxx)	6.797	18	18.551	32	13.131	28	11.053	19	0.595	3	43.330	82	50.127	100	49.225	95	4.76%
Total	202.125	392	323.369	458	282.043	464	230.426	375	74.057	121	909.895	1418	1112.020	1810	1031.759	1654	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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