Analysis of leveraged loan issuance for 13 months through March 2013

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

Rate (L+)

	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Below 150 bps	0	0	0	0.100	0	0	0	0	0	0	0	0	0
150	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150	0.500	1.685	3.410	0.450	0.750
175	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.620	1.470	2.060	0.050	0	1.850
200	6.280	5.900	1.350	0	0.650	0.080	1.760	4.230	5.250	4.150	1.160	0.525	6.796
225	3.090	2.445	2.875	0.515	0.785	0.180	1.680	0	0.580	2.000	1.500	1.989	0.880
250	0.985	0.635	0.973	1.620	2.680	4.175	5.100	0.225	1.995	1.145	3.405	2.000	3.138
275	1.455	1.345	0.425	0.150	1.225	0.230	5.363	2.639	2.016	0.111	11.528	18.559	3.910
300	4.040	0.250	0.075	0.650	2.885	2.150	3.751	0.985	5.412	3.613	17.029	21.230	4.932
325	2.377	0.175	0.950	0.630	1.395	2.165	9.333	3.486	0.633	4.795	13.208	14.547	9.743
350	1.344	1.275	0	0.300	6.875	1.754	5.360	3.612	1.346	2.395	8.147	15.732	1.057
375	2.525	2.995	3.250	0.756	1.165	0.675	10.697	2.883	4.202	1.632	6.303	5.454	4.407
400	4.470	1.125	1.410	0.416	0.680	0.745	7.033	4.305	4.229	1.575	3.445	9.036	1.294
425	0.600	4.275	3.869	1.794	2.065	0	1.595	12.220	1.890	0	1.280	0.320	4.587
450	1.420	0.060	2.340	0	3.330	2.942	6.995	3.328	3.394	0.940	2.980	1.897	2.445
475	1.140	1.510	0.400	0.700	0.418	0.025	2.510	2.180	1.278	0.640	0.921	1.599	0
500 bps and upward	12.486	10.139	14.783	8.812	8.669	6.160	9.899	14.015	11.178	4.072	11.238	7.751	6.649
Fixed rate	0.308	0.203	0.790	0	0.080	0.429	0.250	0	0.725	0.065	0.052	0.055	0
NA	9.813	13.806	17.479	12.312	14.368	15.675	23.238	22.383	13.479	31.078	13.178	18.915	40.606
Other	0	0	0	0	0	0	0	0	0.130	0	0	0	0
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	0.100	1	0.100	1	0.00%
150	6.095	16	5.235	10	2.335	9	4.610	9	4.610	9	20.905	50	18.275	40	1.48%
175	6.665	19	5.890	19	7.150	23	1.900	4	1.900	4	24.713	70	21.605	50	0.61%
200	7.250	13	2.490	11	13.630	31	8.481	19	8.481	12	38.131	87	31.851	53	2.72%
225	5.835	14	2.645	10	2.580	12	4.369	10	4.369	6	18.519	52	15.429	30	1.40%
250	3.228	17	11.955	15	3.365	16	8.543	15	8.543	10	28.076	65	27.091	41	2.74%
275	1.920	7	6.818	13	4.766	13	33.997	44	33.997	31	48.956	85	47.501	50	10.90%
300	0.975	6	8.786	22	10.011	22	43.191	46	43.191	34	67.003	106	62.963	62	13.85%
325	1.755	8	12.893	18	8.914	16	37.499	53	37.499	41	63.438	100	61.061	65	12.02%
350	1.575	3	13.989	21	7.353	18	24.936	31	24.936	19	49.197	79	47.853	47	7.99%
375	7.001	15	12.537	27	8.716	24	16.164	42	16.164	23	46.943	113	44.418	57	5.18%
400	2.951	14	8.458	17	10.109	21	13.774	29	13.774	14	39.762	95	35.292	42	4.42%
425	9.938	21	3.660	10	14.111	16	6.187	22	6.187	12	34.495	71	33.895	34	1.98%
450	2.400	6	13.267	31	7.662	25	7.322	22	7.322	14	32.071	89	30.651	52	2.35%
475	2.610	6	2.953	10	4.098	18	2.520	9	2.520	7	13.322	51	12.182	25	0.81%
500 bps and upward	33.734	114	24.727	108	29.265	134	25.639	93	25.639	37	125.851	493	113.365	172	8.22%
Fixed rate	0.993	3	0.759	6	0.790	5	0.107	4	0.107	4	2.957	20	2.649	12	0.03%
NA	43.597	150	53.281	195	66.941	233	72.699	230	72.699	168	246.331	853	236.517	629	23.31%
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	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Upsized?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	3.980	6.190	4.545	1.752	3.370	6.170	19.517	17.695	4.840	4.630	11.596	23.270	4.980
No	53.257	40.711	47.940	32.043	43.010	36.825	73.887	58.981	51.412	55.076	83.664	93.120	86.658
Downsized	0.835	3.397	2.045	0	3.470	0.335	3.760	3.585	3.457	2.250	3.575	3.670	1.405
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	39.846	47	39.846	30	112.535	164	108.555	81	12.77%
No	120.694	389	153.721	480	165.469	573	263.442	620	263.442	406	756.582	2236	703.326	1349	84.45%
Downsized	5.441	17	7.565	19	9.292	27	8.650	15	8.650	5	31.784	81	30.948	28	2.77%
Total	138.623	283	190.343	342	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Flex?
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Down	2.649	1.480	0.595	2.155	4.700	1.815	14.589	9.115	2.590	3.423	13.663	13.110	2.485
No	53.198	41.828	49.235	30.973	43.217	40.740	81.825	65.951	53.888	57.946	82.512	97.204	90.558
Up	2.225	6.989	4.700	0.667	1.933	0.775	0.750	5.195	3.230	0.587	2.660	9.746	0
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	29.257	54	29.257	27	72.368	137	69.719	54	9.38%
No	122.036	388	165.781	489	177.785	587	270.274	609	270.274	407	789.075	2251	735.877	1374	86.64%
Up	12.357	30	3.458	15	9.012	27	12.406	19	12.406	8	39.458	93	37.233	31	3.98%
Total	138.623	283	190.343	342	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Type
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Revolver	22.269	19.120	24.170	14.938	17.200	20.967	21.329	22.854	16.527	29.560	16.219	20.561	24.115
TLA	2.890	4.275	2.325	0.700	7.445	1.397	4.859	4.760	2.640	2.550	1.099	1.389	4.426
Term	9.205	9.614	15.530	12.047	13.675	13.745	40.364	32.153	21.897	17.706	47.037	50.612	18.068
Institutional	20.915	15.930	10.005	4.715	11.020	6.881	28.392	14.678	15.096	11.135	32.176	43.317	43.438
Second/third/junior lien	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.160	3.140	0.775	1.603	2.471	2.398
Delayed draw	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.657	0.155	0.200	0.700	1.710	0.598
LoC	0	0	0	0	0	0	0	0	0.253	0.030	0	0	0
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	68.941	284	60.896	241	60.896	217	269.829	1070	247.560	896	19.52%
TLA	7.300	20	13.701	25	9.950	18	6.913	16	6.913	3	40.755	84	37.864	17	2.22%
Term	37.192	99	67.784	182	71.756	187	115.718	205	115.718	120	301.655	715	292.450	340	37.10%
Institutional	30.649	58	46.293	77	40.908	86	118.931	171	118.931	95	257.697	438	236.782	189	38.12%
Second/third/junior lien	3.108	21	2.860	17	8.075	45	6.472	42	6.472	6	22.845	132	20.515	10	2.07%
Delayed draw	2.145	11	0.210	5	2.012	10	3.008	7	3.008	3	7.837	35	7.375	7	0.96%
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	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Moody's Rating
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Baa2	0	0	0	0	0	1.000	0	0	0	0	0	0	0.600
Baa3	0	0	0	0.400	0.900	0.750	0	3.200	0	0	0	0	0
Ba1	6.375	1.960	1.087	0	0	0	7.300	8.955	4.665	1.205	1.350	2.763	3.090
Ba2	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.546	0.703	6.183	0.700	6.972	14.602
Ba3	9.445	3.042	5.980	1.850	5.135	6.615	6.854	5.405	9.458	1.390	3.030	9.235	3.358
B1	7.608	11.735	1.160	6.912	8.305	1.215	14.802	7.377	13.045	5.455	20.000	23.572	9.300
B2	2.770	0.840	2.675	0.435	1.325	0	7.950	10.022	2.880	1.000	4.878	8.419	2.735
B3	0.475	0	1.310	0.375	0.200	0	1.987	1.080	1.110	0	0	1.135	1.532
Caa1	0.985	0.387	0.965	0.780	0.365	0	1.265	2.025	1.735	0.185	1.885	1.075	0.750
Caa2	0	0	0.115	0	0	0	0.745	0.735	0.490	0.255	0	0.285	0.420
NR	27.139	32.098	38.147	19.798	28.605	28.385	55.361	37.916	25.623	46.283	66.991	66.605	56.656
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	0.600	2	0.600	1	1.600	3	1.600	2	0.19%
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	7.202	16	7.202	10	38.749	61	32.374	29	2.31%
Ba2	6.570	17	11.280	22	10.432	20	22.274	20	22.274	11	53.831	91	50.556	48	7.14%
Ba3	10.873	39	18.604	47	16.253	37	15.623	25	15.623	13	70.797	166	61.352	75	5.01%
B1	19.808	53	24.322	67	25.877	75	52.872	106	52.872	59	130.486	332	122.878	165	16.95%
B2	3.950	15	9.275	32	13.902	60	16.032	43	16.032	24	45.929	157	43.159	80	5.14%
B3	1.685	5	2.187	5	2.190	8	2.667	13	2.667	8	9.205	33	8.730	17	0.85%
Caa1	2.132	15	1.630	9	3.945	18	3.710	22	3.710	4	12.402	68	11.417	7	1.19%
Caa2	0.115	1	0.745	5	1.480	10	0.705	5	0.705	1	3.045	21	3.045	1	0.23%
NR	90.043	280	112.351	347	109.822	385	190.252	430	190.252	313	529.607	1542	502.468	1033	60.99%
Total	138.623	283	190.343	342	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Use of Proceeds
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Acquisition	3.829	9.078	6.462	8.535	6.490	8.273	12.290	4.965	12.433	11.918	10.446	7.535	2.360
Capex	0	0	0	0	0.330	0	0	0.185	0.075	0.400	0	0.110	0.725
Dividend/recap	5.060	4.381	1.281	0.800	5.309	2.580	7.070	9.237	4.418	2.170	3.410	3.685	3.575
Exit financing	0	0	0	0	0	0	0	0	2.250	0	0	0	0
GCP	2.998	1.806	4.555	2.920	4.185	7.205	2.297	1.646	4.000	3.895	0.625	2.578	1.977
LBO	0.595	3.640	5.280	3.752	5.218	0.900	7.105	8.157	6.620	4.457	8.898	4.829	13.750
Refinance	34.732	19.748	16.169	4.960	14.405	7.098	40.444	36.328	19.397	14.694	46.771	68.629	52.006
Multiple/Other/NA	10.858	11.643	20.782	12.828	13.912	17.274	27.958	19.743	10.515	24.422	28.684	32.694	18.650
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	27.052	32	29.316	39	20.341	26	20.341	26	104.613	141	100.784	128	6.52%
Capex	0	0	0.330	1	0.660	3	0.835	4	0.835	4	1.825	8	1.825	8	0.27%
Dividend/recap	6.463	15	14.959	25	15.825	46	10.670	24	10.670	24	52.976	123	47.916	110	3.42%
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	5.179	20	5.179	20	40.687	115	37.689	105	1.66%
LBO	12.672	23	13.223	25	19.234	33	27.477	23	27.477	23	73.201	107	72.606	104	8.81%
Refinance	40.878	72	61.948	97	70.419	104	167.407	207	167.407	207	375.384	534	340.652	480	53.67%
Multiple/Other/NA	45.253	120	59.144	131	54.680	133	80.029	137	80.029	137	249.964	552	239.107	521	25.66%
Total	138.623	283	190.343	342	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	100.00%
Industry Sector (by SIC code)
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Agriculture (0xxx)	0	0	0.539	0.480	0	0	0	0	0	0	0.200	0	0
Mining (1xxx)	0.560	0.200	2.637	0	0.802	0.260	0.170	1.000	0.525	0.350	0.200	0	0.400
Oil and gas (13xx)	1.188	4.575	6.126	2.210	2.940	2.118	10.072	4.060	5.215	4.640	2.384	2.650	2.580
Construction (15xx)	0.075	0	0.410	0.175	0	1.160	1.050	1.690	1.045	0	0	1.320	0.920
Manufacturing (2xxx, 3xxx)	15.163	13.716	19.005	10.716	6.561	13.994	23.277	24.838	22.875	22.355	30.872	25.846	37.337
Transportation (4xxx)	0	0.175	0.150	1.390	2.035	3.664	2.211	3.000	0.205	0.598	0.505	7.014	3.595
Communications (48xx)	7.094	4.791	2.356	4.325	5.275	2.072	11.234	2.212	2.167	8.073	9.680	17.020	7.148
Electric, gas, sanitary services (49xx)	2.700	1.840	4.415	2.675	4.189	1.400	6.115	6.874	0.983	1.500	2.130	7.407	2.132
Wholesale (5xxx)	8.075	11.425	2.780	4.455	9.864	2.487	13.268	8.879	8.034	3.410	18.651	18.606	8.801
Finance, insurance, real estate (6xxx)	4.425	2.925	7.193	2.115	3.550	3.204	11.692	5.522	4.715	3.813	9.382	9.929	8.722
Services (7xxx)	14.630	9.425	5.913	2.205	9.709	8.403	15.501	21.284	8.899	16.367	19.451	24.780	15.069
Health services (8xxx)	4.161	1.226	3.005	3.050	4.925	4.567	2.573	0.902	5.045	0.850	5.380	5.488	6.339
Total	58.072	50.297	54.530	33.795	49.850	43.330	97.164	80.261	59.708	61.956	98.834	120.060	93.043
	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	0.06%
Mining (1xxx)	2.837	5	1.232	3	1.875	4	0.600	2	0.600	2	7.104	17	6.544	14	0.19%
Oil and gas (13xx)	12.911	16	15.130	14	13.915	28	7.614	21	7.614	21	50.757	83	49.569	79	2.44%
Construction (15xx)	0.585	2	2.210	7	2.735	5	2.240	5	2.240	5	7.845	20	7.770	19	0.72%
Manufacturing (2xxx, 3xxx)	43.437	97	43.833	81	70.068	108	94.055	129	94.055	129	266.555	456	251.392	415	30.15%
Transportation (4xxx)	1.715	6	7.911	16	3.803	9	11.114	15	11.114	15	24.542	46	24.542	46	3.56%
Communications (48xx)	11.472	17	18.581	25	12.452	19	33.848	31	33.848	31	83.447	98	76.353	92	10.85%
Electric, gas, sanitary services (49xx)	8.930	15	11.704	11	9.357	16	11.669	16	11.669	16	44.360	62	41.660	58	3.74%
Wholesale (5xxx)	18.660	30	25.619	46	20.324	52	46.058	52	46.058	52	118.735	195	110.660	180	14.77%
Finance, insurance, real estate (6xxx)	12.233	27	18.446	49	14.050	40	28.033	48	28.033	48	77.187	175	72.762	164	8.99%
Services (7xxx)	17.543	47	33.613	71	46.550	93	59.301	91	59.301	91	171.637	324	157.006	301	19.01%
Health services (8xxx)	7.282	20	12.065	19	6.797	18	17.207	30	17.207	30	47.512	103	43.351	87	5.52%
Total	138.623	283	190.343	342	201.925	392	311.938	441	311.938	441	900.901	1582	842.829	1458	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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