Analysis of leveraged loan issuance for 13 months through February 2013

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

Rate (L+)

	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Below 150 bps	0.275	0	0	0	0.100	0	0	0	0	0	0	0	0
150	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150	0.500	1.685	3.410	0
175	1.375	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.620	1.470	2.060	0.050	0
200	0.875	6.280	5.900	1.350	0	0.650	0.080	1.760	4.230	5.250	4.150	1.160	0.525
225	5.425	3.090	2.445	2.875	0.515	0.785	0.180	1.680	0	0.580	2.000	1.500	1.989
250	2.000	0.985	0.635	0.973	1.620	2.680	4.175	5.100	0.225	1.995	1.145	3.405	1.250
275	0.550	1.455	1.345	0.425	0.150	1.225	0.230	5.363	2.639	2.016	0.111	11.528	16.868
300	8.590	4.040	0.250	0.075	0.650	2.885	2.150	3.751	0.985	5.412	3.613	17.029	20.376
325	2.192	2.377	0.175	0.950	0.630	1.395	2.165	9.333	3.486	0.633	4.795	13.208	15.018
350	0	1.344	1.275	0	0.300	6.875	1.754	5.360	3.612	1.346	2.395	8.147	12.238
375	2.209	2.525	2.995	3.250	0.756	1.165	0.675	10.697	2.883	4.202	1.632	6.253	7.053
400	4.598	4.470	1.125	1.410	0.416	0.680	0.745	7.033	4.305	4.229	1.575	3.445	7.928
425	1.123	0.600	4.275	3.869	1.794	2.065	0	1.595	12.220	1.890	0	1.280	0.280
450	0.610	1.420	0.060	2.340	0	3.330	2.942	6.995	3.328	3.394	0.940	2.980	1.348
475	1.855	1.140	1.510	0.400	0.700	0.418	0.025	2.510	2.180	1.278	0.640	0.921	1.564
500 bps and upward	5.681	12.486	10.139	14.783	8.812	8.669	6.160	9.899	14.015	11.328	4.072	11.218	5.315
Fixed rate	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250	0	0.725	0.065	0.051	0.055
NA	15.904	9.813	13.806	17.479	12.312	14.368	15.675	23.238	22.383	13.479	31.078	13.198	19.387
Other	0	0	0	0	0	0	0	0	0	0.130	0	0	0
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0.100	1	0	0	0	0	0	0	0	0	0.375	2	0.100	1	0.00%
150	6.095	16	5.235	10	2.335	9	3.410	5	3.410	5	20.430	49	19.705	42	1.62%
175	6.665	19	5.890	19	7.150	23	0.050	1	0.050	1	24.238	73	22.863	53	0.02%
200	7.250	13	2.490	11	13.630	31	1.685	7	1.685	5	32.211	81	31.335	53	0.80%
225	5.835	14	2.645	10	2.580	12	3.489	7	3.489	4	23.064	58	17.639	34	1.66%
250	3.228	17	11.955	15	3.365	16	4.655	8	4.655	6	26.188	61	24.188	38	2.22%
275	1.920	7	6.818	13	4.766	13	28.396	31	28.396	22	43.905	76	43.355	45	13.52%
300	0.975	6	8.786	22	10.011	22	37.405	37	37.405	31	69.807	110	61.217	63	17.81%
325	1.755	8	12.893	18	8.914	16	28.226	36	28.226	29	56.357	89	54.165	56	13.44%
350	1.575	3	13.989	21	7.353	18	20.385	22	20.385	15	44.646	70	44.646	48	9.71%
375	7.001	15	12.537	27	8.716	24	13.306	27	13.306	17	46.295	104	44.086	56	6.34%
400	2.951	14	8.458	17	10.109	21	11.373	23	11.373	10	41.958	97	37.361	50	5.42%
425	9.938	21	3.660	10	14.111	16	1.560	7	1.560	4	30.991	59	29.868	26	0.74%
450	2.400	6	13.267	31	7.662	25	4.328	13	4.328	8	29.687	83	29.077	48	2.06%
475	2.610	6	2.953	10	4.098	18	2.485	9	2.485	7	15.142	54	13.287	28	1.18%
500 bps and upward	33.734	114	24.727	108	29.415	136	16.533	52	16.533	22	122.577	482	116.896	177	7.87%
Fixed rate	0.993	3	0.759	6	0.790	5	0.106	4	0.106	4	3.256	21	2.956	14	0.05%
NA	43.597	150	53.281	195	66.941	233	32.585	142	32.585	106	222.120	810	210.349	613	15.52%
Other	0	0	0	0	0.130	1	0	0	0	0	0.130	1	0.130	1	0.00%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Upsized?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Yes	1.540	3.980	6.190	4.545	1.752	3.370	6.170	19.517	17.695	4.840	4.630	11.595	18.256
No	52.497	53.257	40.711	47.940	32.043	43.010	36.825	73.887	58.981	51.562	55.076	83.614	90.198
Downsized	0.250	0.835	3.397	2.045	0	3.470	0.335	3.760	3.585	3.457	2.250	3.575	2.740
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	12.488	27	29.057	44	27.164	37	29.851	35	29.851	24	104.079	154	102.540	79	14.22%
No	120.694	389	153.721	480	165.619	575	173.812	386	173.812	265	719.600	2149	671.235	1332	82.78%
Downsized	5.441	17	7.565	19	9.292	27	6.315	10	6.315	4	29.698	77	29.448	30	3.01%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Flex?
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Down	5.895	2.649	1.480	0.595	2.155	4.700	1.815	14.589	9.115	2.590	3.423	13.663	9.325
No	48.392	53.198	41.828	49.235	30.973	43.217	40.740	81.825	65.951	54.038	57.946	82.461	93.507
Up	0	2.225	6.989	4.700	0.667	1.933	0.775	0.750	5.195	3.230	0.587	2.660	8.361
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	4.230	15	21.104	39	15.128	23	22.988	39	22.988	22	71.994	135	66.099	51	10.95%
No	122.036	388	165.781	489	177.935	589	175.968	377	175.968	265	743.311	2156	699.050	1360	83.80%
Up	12.357	30	3.458	15	9.012	27	11.021	15	11.021	6	38.073	89	38.073	30	5.25%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Type
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Revolver	20.567	22.269	19.120	24.170	14.938	17.200	20.967	21.329	22.854	16.537	29.560	16.169	14.656
TLA	3.975	2.890	4.275	2.325	0.700	7.445	1.397	4.859	4.760	2.640	2.550	1.099	1.339
Term	12.786	9.205	9.614	15.530	12.047	13.675	13.745	40.364	32.153	22.037	17.706	49.778	56.037
Institutional	15.114	20.915	15.930	10.005	4.715	11.020	6.881	28.392	14.678	15.096	11.135	29.435	36.640
Second/third/junior lien	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.160	3.140	0.775	1.603	2.236
Delayed draw	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.657	0.155	0.200	0.700	0.285
LoC	0	0	0	0	0	0	0	0	0	0.253	0.030	0	0
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	58.228	224	59.495	237	68.951	285	30.826	139	30.826	126	260.335	1034	243.901	890	14.68%
TLA	7.300	20	13.701	25	9.950	18	2.438	6	2.438	2	40.254	84	36.279	17	1.16%
Term	37.192	99	67.784	182	71.896	188	105.816	162	105.816	99	304.679	708	291.893	340	50.39%
Institutional	30.649	58	46.293	77	40.908	86	66.075	97	66.075	63	219.955	395	204.841	179	31.47%
Second/third/junior lien	3.108	21	2.860	17	8.075	45	3.839	24	3.839	4	20.942	117	20.212	9	1.83%
Delayed draw	2.145	11	0.210	5	2.012	10	0.985	3	0.985	2	6.929	35	5.814	7	0.47%
LoC	0	0	0	0	0.283	7	0	0	0	0	0.283	7	0.283	3	0.00%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Moody's Rating
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Baa2	0	0	0	0	0	0	1.000	0	0	0	0	0	0
Baa3	0	0	0	0	0.400	0.900	0.750	0	3.200	0	0	0	0
Ba1	1.450	6.375	1.960	1.087	0	0	0	7.300	8.955	4.665	1.205	1.350	1.637
Ba2	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.546	0.703	6.183	0.700	6.525
Ba3	4.817	9.445	3.042	5.980	1.850	5.135	6.615	6.854	5.405	9.458	1.390	3.030	3.985
B1	6.254	7.608	11.735	1.160	6.912	8.305	1.215	14.802	7.377	13.045	5.455	20.000	19.328
B2	2.330	2.770	0.840	2.675	0.435	1.325	0	7.950	10.022	2.880	1.000	4.878	5.540
B3	0.450	0.475	0	1.310	0.375	0.200	0	1.987	1.080	1.110	0	0	0.935
Caa1	0.615	0.985	0.387	0.965	0.780	0.365	0	1.265	2.025	1.735	0.185	1.885	0.705
Caa2	0	0	0	0.115	0	0	0	0.745	0.735	0.490	0.255	0	0.200
NR	27.691	27.139	32.098	38.147	19.798	28.605	28.385	55.361	37.916	25.773	46.283	66.941	72.338
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	1.000	1	0	0	0	0	0	0	1.000	1	1.000	1	0.00%
Baa3	0.400	1	1.650	3	3.200	3	0	0	0	0	5.250	7	5.250	4	0.00%
Ba1	3.047	7	7.300	5	14.825	21	2.987	7	2.987	5	35.984	54	34.534	31	1.42%
Ba2	6.570	17	11.280	22	10.432	20	7.225	9	7.225	5	49.462	95	38.782	47	3.44%
Ba3	10.873	39	18.604	47	16.253	37	7.015	16	7.015	8	67.007	164	62.189	81	3.34%
B1	19.808	53	24.322	67	25.877	75	39.328	68	39.328	40	123.196	310	116.942	167	18.73%
B2	3.950	15	9.275	32	13.902	60	10.418	27	10.418	15	42.645	149	40.315	76	4.96%
B3	1.685	5	2.187	5	2.190	8	0.935	6	0.935	3	7.923	28	7.473	14	0.45%
Caa1	2.132	15	1.630	9	3.945	18	2.590	15	2.590	4	11.897	63	11.282	8	1.23%
Caa2	0.115	1	0.745	5	1.480	10	0.200	1	0.200	1	2.540	17	2.540	1	0.10%
NR	90.043	280	112.351	347	109.972	387	139.279	282	139.279	214	506.474	1492	482.916	1013	66.33%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Use of Proceeds
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Acquisition	1.570	3.829	9.078	6.462	8.535	6.490	7.973	12.290	4.965	12.583	11.918	10.446	8.300
Capex	0	0	0	0	0	0.330	0	0	0.185	0.075	0.400	0	0.110
Dividend/recap	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.070	9.237	4.418	2.170	3.410	3.685
Exit financing	0	0	0	0	0	0	0	0	0	2.250	0	0	0
GCP	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.297	1.646	4.000	3.895	0.625	2.578
LBO	0.840	0.595	3.640	5.280	3.752	5.218	0.900	7.105	8.157	6.620	4.457	8.898	3.854
Refinance	20.515	34.732	19.748	16.169	4.960	14.405	7.098	40.444	36.328	19.397	14.694	46.771	64.651
Multiple/Other/NA	22.648	10.858	11.643	20.782	12.828	13.912	17.574	27.958	19.743	10.515	24.422	28.634	28.017
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	24.075	32	26.753	31	29.466	40	18.746	22	18.746	22	104.438	143	102.868	137	8.93%
Capex	0	0	0.330	1	0.660	3	0.110	1	0.110	1	1.100	5	1.100	5	0.05%
Dividend/recap	6.463	15	14.959	25	15.825	46	7.095	18	7.095	18	54.688	130	49.401	117	3.38%
Exit financing	0	0	0	0	2.250	2	0	0	0	0	2.250	2	2.250	2	0.00%
GCP	9.281	22	13.687	31	9.541	32	3.203	11	3.203	11	42.137	116	39.572	108	1.53%
LBO	12.672	23	13.223	25	19.234	33	12.752	18	12.752	18	59.316	105	58.476	102	6.07%
Refinance	40.878	72	61.948	97	70.419	104	111.422	133	111.422	133	339.914	491	319.399	460	53.06%
Multiple/Other/NA	45.253	120	59.444	132	54.680	133	56.651	90	56.651	90	249.534	552	230.156	510	26.98%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	100.00%
Industry Sector (by SIC code)
	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013
Agriculture (0xxx)	0	0	0	0.539	0.480	0	0	0	0	0	0	0.200	0
Mining (1xxx)	0.170	0.560	0.200	2.637	0	0.802	0.260	0.170	1.000	0.525	0.350	0.200	0
Oil and gas (13xx)	3.905	1.188	4.575	6.126	2.210	2.940	2.118	10.072	4.060	5.215	4.640	2.384	2.425
Construction (15xx)	0	0.075	0	0.410	0.175	0	1.160	1.050	1.690	1.045	0	0	1.320
Manufacturing (2xxx, 3xxx)	16.390	15.163	13.716	19.005	10.716	6.561	13.994	23.277	24.838	23.025	22.355	30.872	24.126
Transportation (4xxx)	3.077	0	0.175	0.150	1.390	2.035	3.664	2.211	3.000	0.205	0.598	0.740	6.489
Communications (48xx)	1.080	7.094	4.791	2.356	4.325	5.275	2.072	11.234	2.212	2.167	8.073	9.680	14.220
Electric, gas, sanitary services (49xx)	3.085	2.700	1.840	4.415	2.675	4.189	1.400	6.115	6.874	0.983	1.500	2.130	7.407
Wholesale (5xxx)	7.260	8.075	11.425	2.780	4.455	9.864	2.487	13.268	8.879	8.034	3.410	18.601	16.726
Finance, insurance, real estate (6xxx)	3.740	4.425	2.925	7.193	2.115	3.550	3.204	11.692	5.522	4.715	3.813	9.382	8.432
Services (7xxx)	13.234	14.630	9.425	5.913	2.205	9.709	8.403	15.501	21.284	8.899	16.367	19.216	22.059
Health services (8xxx)	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.573	0.902	5.045	0.850	5.380	7.989
Total	54.287	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.858	61.956	98.784	111.194
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.019	2	0	0	0	0	0.200	1	0.200	1	1.219	3	1.219	3	0.10%
Mining (1xxx)	2.837	5	1.232	3	1.875	4	0.200	1	0.200	1	6.874	17	6.874	17	0.10%
Oil and gas (13xx)	12.911	16	15.130	14	13.915	28	4.809	11	4.809	11	51.857	79	49.952	74	2.29%
Construction (15xx)	0.585	2	2.210	7	2.735	5	1.320	2	1.320	2	6.925	17	6.925	17	0.63%
Manufacturing (2xxx, 3xxx)	43.437	97	43.833	81	70.218	109	54.998	84	54.998	84	244.038	440	228.411	413	26.19%
Transportation (4xxx)	1.715	6	7.911	16	3.803	9	7.229	10	7.229	10	23.734	46	20.657	41	3.44%
Communications (48xx)	11.472	17	18.581	25	12.452	19	23.900	22	23.900	22	74.579	94	73.499	89	11.38%
Electric, gas, sanitary services (49xx)	8.930	15	11.704	11	9.357	16	9.537	10	9.537	10	45.313	60	42.228	56	4.54%
Wholesale (5xxx)	18.660	30	25.619	46	20.324	52	35.327	39	35.327	39	115.265	195	109.105	184	16.82%
Finance, insurance, real estate (6xxx)	12.233	27	18.446	49	14.050	40	17.814	28	17.814	28	70.708	170	67.068	156	8.48%
Services (7xxx)	17.543	47	33.613	71	46.550	93	41.275	62	41.275	62	166.845	322	153.611	295	19.66%
Health services (8xxx)	7.282	20	12.065	19	6.797	18	13.369	23	13.369	23	46.021	101	43.674	96	6.37%
Total	138.623	283	190.343	342	202.075	393	209.978	293	209.978	293	853.378	1544	803.223	1441	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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