Analysis of leveraged loan issuance for 13 months through November 2013

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

Rate (L+)

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Below 150 bps	0	0	0	0	0	0.600	0	0	0	0	0	0	1.000
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	0
175	1.470	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.110
200	5.250	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650	7.234	4.814
225	0.580	2.000	1.850	1.989	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.820	1.841
250	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.510	8.166
275	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300
300	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571	3.674	6.777	6.516	6.650	9.591
325	0.633	4.795	13.208	14.547	9.782	8.828	12.632	4.567	5.633	1.720	1.525	6.031	7.926
350	1.346	2.395	8.147	15.882	2.457	5.192	10.846	2.615	1.165	0.513	10.551	3.655	3.841
375	4.202	1.632	6.303	5.454	6.374	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025
400	4.229	1.575	3.445	9.036	1.576	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.449
425	1.890	0	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.123	1.457
450	3.394	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450	2.080	2.797	1.850
475	1.278	0.640	0.921	1.599	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.092
500 bps and upward	11.178	4.072	10.488	7.446	9.399	6.876	17.310	8.780	10.965	2.138	12.003	9.009	6.216
Fixed rate	0.725	0.065	0.052	0.055	0	0	0.478	0.406	0	0.210	1.740	0.075	0.060
NA	13.679	31.078	11.488	18.343	23.521	12.575	21.890	22.716	30.554	16.955	31.328	25.478	22.165
Other	0.130	0	0	0	0.125	0	0	0.147	0	0	0	0	0.100
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	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	0.600	1	0	0	1.000	1	1.600	2	1.600	2	1.600	2	0.16%
150	4.610	9	6.515	19	4.850	11	0.550	5	16.525	38	18.710	52	18.210	43	1.66%
175	4.080	11	8.325	22	8.155	19	6.400	14	26.960	52	30.490	79	29.020	57	2.70%
200	10.706	21	10.593	27	6.780	16	12.048	21	40.127	56	49.527	105	44.277	62	4.02%
225	9.644	18	16.319	29	8.240	20	2.661	7	36.863	47	39.443	86	38.863	51	3.69%
250	18.328	22	19.332	37	5.537	16	8.676	14	51.872	57	55.012	103	53.017	62	5.20%
275	38.459	51	20.498	37	12.957	21	8.209	13	80.123	79	82.250	127	80.234	80	8.03%
300	44.564	47	19.017	27	16.967	26	16.241	22	96.788	83	105.814	139	100.401	85	9.70%
325	37.538	55	26.027	47	8.877	18	13.957	23	86.399	97	91.827	150	91.194	100	8.66%
350	26.486	35	18.653	41	12.229	15	7.496	18	64.865	71	68.606	117	67.260	75	6.50%
375	18.131	45	11.549	26	13.767	24	2.788	14	46.236	61	52.069	123	47.868	64	4.63%
400	14.056	31	15.826	31	13.340	26	10.849	20	54.071	54	59.875	119	55.647	54	5.42%
425	6.257	22	6.824	24	5.804	16	2.579	8	21.465	32	23.355	75	21.465	32	2.15%
450	6.627	22	8.432	30	3.178	12	4.647	16	22.884	42	27.218	93	23.824	46	2.29%
475	2.965	12	2.355	14	3.442	7	1.032	4	9.795	17	11.713	46	10.435	19	0.98%
500 bps and upward	27.334	99	32.966	113	25.106	99	15.226	58	100.631	133	115.881	443	104.703	145	10.09%
Fixed rate	0.107	4	0.884	5	1.950	6	0.135	3	3.076	12	3.866	23	3.141	13	0.31%
NA	53.351	202	57.181	196	78.837	216	47.644	157	237.013	634	281.771	916	268.091	691	23.76%
Other	0.125	1	0.147	2	0	0	0.100	1	0.372	3	0.502	5	0.372	3	0.04%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Upsized?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	4.840	4.630	13.696	23.796	12.902	20.686	18.089	5.503	6.101	2.441	12.946	5.072	10.075
No	51.612	55.076	76.973	91.868	85.695	76.629	91.490	57.211	72.212	46.454	79.450	68.615	76.153
Downsized	3.457	2.250	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.547	0.775
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	50.393	64	44.278	66	21.488	37	15.148	25	131.306	101	140.776	206	135.936	104	13.16%
No	254.535	625	225.331	633	198.116	506	144.768	387	822.749	1439	929.437	2505	877.826	1549	82.47%
Downsized	18.440	18	12.435	29	10.413	25	2.322	7	43.610	28	49.317	92	45.860	29	4.37%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Flex?
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Down	2.590	3.423	13.663	13.110	14.885	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625
No	54.088	57.946	77.921	96.477	93.647	73.004	88.814	60.804	76.211	44.941	79.936	60.774	77.908
Up	3.230	0.587	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.667	2.772	1.070	1.470
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.657	63	37.832	75	23.174	41	21.015	37	123.679	73	129.692	228	127.102	75	12.40%
No	268.045	621	222.622	614	201.088	509	138.682	374	830.437	1457	942.471	2477	888.383	1567	83.24%
Up	13.666	23	21.590	39	5.754	18	2.540	8	43.550	38	47.367	98	44.137	40	4.37%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Type
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Revolver	16.727	29.560	15.194	20.700	32.645	19.084	30.206	24.939	31.424	20.690	30.425	27.063	23.448
TLA	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.866	3.376
Term	21.897	17.037	43.632	50.602	20.324	33.633	33.042	24.404	30.070	13.094	21.351	23.933	18.523
Institutional	15.096	11.805	31.791	42.547	48.118	40.231	36.884	11.784	13.726	14.987	38.893	16.950	36.848
Second/third/junior lien	3.140	0.775	1.728	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.815	2.962	3.733
Delayed draw	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.075
LoC	0.253	0.030	0	0	0	0	0	0	0.850	0	0	0.211	1.000
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	68.539	260	74.229	277	82.540	254	50.512	171	275.820	918	322.107	1143	305.380	1000	27.65%
TLA	8.401	17	12.293	20	4.248	14	7.242	14	32.183	13	37.373	74	34.733	14	3.23%
Term	114.558	206	91.079	201	64.515	151	42.456	95	312.608	323	351.541	759	329.644	343	31.33%
Institutional	122.456	175	88.898	154	67.606	99	53.798	98	332.758	282	359.659	575	344.563	292	33.35%
Second/third/junior lien	6.397	42	11.573	55	6.564	36	6.694	33	31.229	20	35.144	191	32.004	20	3.13%
Delayed draw	3.018	7	3.970	21	3.693	12	0.325	4	11.007	10	11.361	48	11.206	11	1.10%
LoC	0	0	0	0	0.850	2	1.211	4	2.061	4	2.344	13	2.091	4	0.21%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Moody's Rating
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Baa2	0	0	0	0	0.600	0.755	0	1.000	0.850	0	0.250	0	2.000
Baa3	0	0	0	0	1.600	2.700	0.500	1.100	1.100	0	0	1.145	0
Ba1	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100	6.300	6.910	2.905
Ba2	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560	1.681	1.645
Ba3	9.458	1.390	3.130	9.235	4.688	9.724	8.560	2.560	7.580	5.460	10.000	6.185	2.461
B1	13.045	5.455	20.000	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.475	3.967	7.484
B2	2.880	1.000	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635	10.070	6.722	3.637
B3	1.110	0	0	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970
Caa1	1.735	0.185	1.885	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.875	0.850
Caa2	0.490	0.255	0	0.285	0.700	0.538	1.095	0.530	0.419	0	0.710	0.695	0.475
NR	25.823	46.283	63.051	66.418	59.388	55.995	68.561	40.758	47.691	35.350	42.900	43.444	64.576
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0.600	2	1.755	3	1.100	2	2.000	2	5.455	5	5.455	9	5.455	5	0.55%
Baa3	1.600	5	4.300	5	1.100	2	1.145	2	8.145	9	8.145	14	8.145	9	0.82%
Ba1	11.524	21	4.965	4	6.460	11	9.815	8	32.764	25	38.634	55	33.969	27	3.28%
Ba2	21.674	18	12.000	18	13.620	13	3.326	6	50.620	33	57.506	66	56.803	37	5.07%
Ba3	17.053	31	20.844	46	23.039	40	8.646	9	69.582	74	80.430	148	70.972	76	6.97%
B1	57.367	112	25.179	65	34.781	71	11.451	33	128.778	156	147.278	328	134.233	163	12.91%
B2	17.507	49	28.070	89	16.534	40	10.359	30	72.469	108	76.349	229	73.469	112	7.26%
B3	2.417	13	7.070	29	4.615	19	4.580	10	18.682	38	19.792	74	18.682	38	1.87%
Caa1	3.785	23	10.383	23	1.697	14	1.724	10	17.590	9	19.509	79	17.774	9	1.76%
Caa2	0.985	6	2.163	15	1.129	7	1.170	6	5.447	2	6.192	40	5.702	2	0.55%
NR	188.856	427	165.314	431	125.942	349	108.021	303	588.133	1112	660.239	1761	634.416	1207	58.95%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	12.433	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.392	2.954	16.916	14.033	11.347
Capex	0.075	0.400	0	0.110	0.725	0.590	0.069	0	0.240	0	0	0.150	0.130
Dividend/recap	4.418	2.170	3.410	3.685	3.740	5.445	13.859	5.935	4.150	3.285	6.275	3.995	2.212
Exit financing	2.250	0	0	0	0	0	1.045	0	0	0	0.100	0	0
GCP	4.000	3.895	0.875	2.578	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.965
LBO	6.620	4.457	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.268	16.453	6.968	6.997
Refinance	19.597	14.694	45.271	67.644	59.683	62.659	49.105	17.856	22.503	21.005	30.508	16.732	45.160
Multiple/Other/NA	10.515	24.422	27.944	32.802	24.572	16.730	37.656	28.851	29.012	19.393	20.863	28.182	17.191
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	18.191	26	17.921	25	27.261	41	25.380	37	88.753	129	113.104	159	100.671	144	8.90%
Capex	0.835	4	0.659	3	0.240	1	0.280	3	2.014	11	2.489	13	2.414	12	0.20%
Dividend/recap	10.835	25	25.239	43	13.710	30	6.207	16	55.991	114	62.579	136	58.161	121	5.61%
Exit financing	0	0	1.045	3	0.100	1	0	0	1.145	4	3.395	6	1.145	4	0.11%
GCP	8.604	26	13.204	34	17.000	40	9.138	23	47.947	123	55.841	144	51.841	134	4.81%
LBO	26.986	23	11.119	22	28.422	29	13.966	18	80.493	92	91.570	109	84.950	100	8.07%
Refinance	172.599	208	129.619	189	74.015	93	61.893	81	438.126	570	472.417	625	452.820	588	43.92%
Multiple/Other/NA	85.318	146	83.236	145	69.269	139	45.374	95	283.196	525	318.134	612	307.619	579	28.39%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Agriculture (0xxx)	0	0	0.200	0	0	0.855	0.538	0	0	0.825	0	0.925	0
Mining (1xxx)	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.196
Oil and gas (13xx)	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.068
Construction (15xx)	1.045	0	0	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865
Manufacturing (2xxx, 3xxx)	23.075	22.430	33.047	25.541	42.825	26.620	22.251	23.648	27.219	13.967	31.401	22.882	20.695
Transportation (4xxx)	0.205	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.391	2.598
Communications (48xx)	2.167	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.116	3.750	10.035
Electric, gas, sanitary services (49xx)	0.983	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995
Wholesale (5xxx)	8.034	3.410	18.751	18.606	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.466
Finance, insurance, real estate (6xxx)	4.715	3.813	9.382	10.069	9.379	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.005
Services (7xxx)	8.899	16.292	14.661	23.960	19.154	20.478	24.089	10.484	22.995	9.188	23.006	15.453	10.001
Health services (8xxx)	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361	4.942	0.595	3.080
Total	59.908	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	75.234	87.003
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.200	1	1.393	2	0.825	1	0.925	1	3.343	5	3.343	5	3.343	5	0.34%
Mining (1xxx)	0.800	3	2.630	7	7.865	10	9.796	5	21.091	25	21.966	28	21.441	26	2.11%
Oil and gas (13xx)	8.483	22	20.195	26	16.390	28	8.505	15	53.574	91	63.429	108	58.214	97	5.37%
Construction (15xx)	1.240	4	1.275	3	2.910	10	1.986	4	7.410	21	8.456	23	7.410	21	0.74%
Manufacturing (2xxx, 3xxx)	101.412	138	72.519	118	72.587	102	43.576	81	290.095	439	335.600	508	312.525	475	29.08%
Transportation (4xxx)	11.557	16	13.201	21	3.415	6	2.989	8	31.162	51	31.965	56	31.760	55	3.12%
Communications (48xx)	32.203	30	24.990	37	9.839	17	13.785	11	80.817	95	91.058	109	88.890	104	8.10%
Electric, gas, sanitary services (49xx)	11.984	17	18.898	24	6.360	10	10.532	11	47.774	62	50.257	68	49.274	65	4.79%
Wholesale (5xxx)	50.333	56	27.252	48	20.536	33	23.395	38	121.516	175	132.960	204	124.926	186	12.18%
Finance, insurance, real estate (6xxx)	28.830	52	31.507	54	22.098	61	17.620	38	100.055	205	108.583	230	103.868	216	10.03%
Services (7xxx)	57.775	87	55.052	96	55.188	75	25.454	52	193.469	310	218.660	363	209.761	340	19.39%
Health services (8xxx)	18.551	32	13.131	28	12.002	20	3.675	9	47.360	89	53.255	102	48.210	92	4.75%
Total	323.369	458	282.043	464	230.016	373	162.237	273	997.666	1568	1119.530	1804	1059.622	1682	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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