Analysis of leveraged loan issuance for 13 months through May 2013

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

Rate (L+)

	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Below 150 bps	0	0.100	0	0	0	0	0	0	0	0	0	0.600	0
150	1.155	3.080	0.350	3.460	1.425	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.030
175	2.405	1.960	2.230	2.485	1.175	3.620	1.470	2.060	0.050	0	4.030	3.610	2.500
200	1.350	0	0.650	0.080	1.760	4.230	5.250	4.150	1.260	0.525	6.921	4.111	5.702
225	2.875	0.515	0.785	0.180	1.680	0	0.580	2.000	1.850	1.989	2.855	5.649	6.456
250	0.973	1.620	2.680	4.175	5.100	0.225	1.995	1.145	3.405	2.000	6.373	10.968	7.500
275	0.425	0.150	1.225	0.230	5.363	2.639	2.016	0.111	11.528	18.559	8.372	13.225	3.859
300	0.075	0.650	2.885	2.150	3.751	0.985	5.412	3.613	14.429	21.230	8.735	9.102	8.039
325	0.950	0.630	1.395	2.165	9.333	3.486	0.633	4.795	13.208	14.547	10.437	8.831	13.294
350	0	0.300	6.875	1.754	5.360	3.612	1.346	2.395	8.147	15.882	2.457	5.192	9.258
375	3.250	0.756	1.165	0.675	10.697	2.883	4.202	1.632	6.303	5.454	6.374	3.336	3.163
400	1.410	0.416	0.680	0.945	7.033	4.305	4.229	1.575	3.445	9.036	1.576	9.382	2.897
425	3.869	1.794	2.065	0	1.595	12.220	1.890	0	1.280	0.320	4.657	1.354	0.900
450	2.340	0	3.330	2.942	6.995	3.328	3.394	0.940	2.980	1.897	1.750	2.126	1.353
475	0.400	0.700	0.418	0.025	2.510	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.990
500 bps and upward	14.783	8.812	8.669	6.160	9.899	14.015	11.178	4.072	10.488	7.446	9.549	7.056	16.062
Fixed rate	0.790	0	0.080	0.429	0.250	0	0.725	0.065	0.052	0.055	0	0	0.400
NA	17.479	12.312	14.368	15.675	23.238	22.383	13.479	31.078	11.488	18.343	35.621	12.665	30.537
Other	0	0	0	0	0	0	0.130	0	0	0	0.125	0	0
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0	0	0.600	1	0.600	1	0.700	2	0.700	2	0.11%
150	5.235	10	2.335	9	4.610	9	3.375	11	7.985	17	19.790	50	18.635	38	1.48%
175	5.890	19	7.150	23	4.080	11	6.110	13	10.190	19	27.595	80	25.190	56	1.89%
200	2.490	11	13.630	31	8.706	20	9.812	22	18.518	28	35.988	92	34.638	59	3.43%
225	2.645	10	2.580	12	6.694	17	12.105	20	18.799	24	27.414	66	24.539	40	3.49%
250	11.955	15	3.365	16	11.778	21	18.468	33	30.246	31	48.159	97	47.186	55	5.61%
275	6.818	13	4.766	13	38.459	51	17.084	28	55.543	54	67.702	109	67.277	69	10.30%
300	8.786	22	10.011	22	44.394	46	17.141	23	61.535	48	81.057	117	80.982	74	11.41%
325	12.893	18	8.914	16	38.193	56	22.124	39	60.317	64	83.704	135	82.754	84	11.19%
350	13.989	21	7.353	18	26.486	35	14.450	31	40.936	43	62.578	106	62.578	70	7.59%
375	12.537	27	8.716	24	18.131	45	6.499	16	24.631	34	49.891	122	46.641	63	4.57%
400	8.658	17	10.109	21	14.056	31	12.279	22	26.335	30	46.928	102	45.518	52	4.88%
425	3.660	10	14.111	16	6.257	22	2.254	10	8.511	15	31.944	69	28.075	28	1.58%
450	13.267	31	7.662	25	6.627	22	3.479	16	10.106	24	33.375	99	31.035	58	1.87%
475	2.953	10	4.098	18	2.965	12	2.110	12	5.075	12	13.227	55	12.827	27	0.94%
500 bps and upward	24.727	108	29.265	134	27.483	100	23.118	68	50.602	65	128.189	492	113.406	166	9.38%
Fixed rate	0.759	6	0.790	5	0.107	4	0.400	1	0.507	4	2.846	18	2.056	11	0.09%
NA	53.281	195	66.941	233	65.451	207	43.202	158	108.654	285	258.666	901	241.187	665	20.15%
Other	0	0	0.130	1	0.125	1	0	0	0.125	1	0.255	2	0.255	1	0.02%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Upsized?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Yes	4.545	1.752	3.370	6.170	19.517	17.695	4.840	4.630	13.696	23.796	10.652	20.689	17.557
No	47.940	32.043	43.010	37.025	73.887	58.981	51.412	55.076	76.973	91.868	98.680	76.475	94.217
Downsized	2.045	0	3.470	0.335	3.760	3.585	3.457	2.250	3.575	3.670	1.695	2.508	3.165
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.057	44	27.164	37	48.143	62	38.246	50	86.390	63	148.908	208	144.363	107	16.02%
No	153.921	480	165.469	573	267.520	632	170.692	464	438.212	725	837.586	2424	789.646	1482	81.27%
Downsized	7.565	19	9.292	27	8.940	16	5.673	10	14.613	9	33.515	82	31.470	27	2.71%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Flex?
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Down	0.595	2.155	4.700	1.815	14.589	9.115	2.590	3.423	13.663	13.110	5.385	22.703	10.742
No	49.235	30.973	43.217	40.940	81.825	65.951	53.888	57.946	77.921	96.477	104.382	72.850	96.901
Up	4.700	0.667	1.933	0.775	0.750	5.195	3.230	0.587	2.660	9.746	1.260	4.120	7.295
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	21.104	39	15.128	23	32.157	61	33.445	65	65.602	53	104.584	196	103.989	76	12.17%
No	165.981	489	177.785	587	278.780	626	169.751	448	448.531	731	872.505	2424	823.271	1512	83.18%
Up	3.458	15	9.012	27	13.666	23	11.415	11	25.081	13	42.919	94	38.219	28	4.65%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Type
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Revolver	24.170	14.938	17.200	20.967	21.329	22.854	16.527	29.560	15.194	20.700	32.075	18.684	26.991
TLA	2.325	0.700	7.445	1.397	4.859	4.760	2.640	2.550	1.199	1.389	5.813	2.063	7.776
Term	15.530	12.047	13.675	13.945	40.364	32.153	21.897	17.037	43.997	50.602	20.979	33.813	38.112
Institutional	10.005	4.715	11.020	6.881	28.392	14.678	15.096	11.805	31.426	42.547	49.118	40.250	35.426
Second/third/junior lien	1.920	0.530	0.385	0.300	2.175	4.160	3.140	0.775	1.728	2.386	2.433	2.103	5.974
Delayed draw	0.580	0.865	0.125	0.040	0.045	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660
LoC	0	0	0	0	0	0	0.253	0.030	0	0	0	0	0
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	59.495	237	68.941	284	67.969	260	45.675	185	113.644	409	281.188	1125	257.018	946	21.08%
TLA	13.701	25	9.950	18	8.401	17	9.839	13	18.240	6	44.916	83	42.591	17	3.38%
Term	67.984	182	71.086	186	115.578	208	71.925	150	187.503	203	354.151	799	338.620	392	34.77%
Institutional	46.293	77	41.578	87	123.091	175	75.676	126	198.767	163	301.358	499	291.353	235	36.86%
Second/third/junior lien	2.860	17	8.075	45	6.547	43	8.077	37	14.624	11	28.009	158	26.089	15	2.71%
Delayed draw	0.210	5	2.012	10	3.018	7	3.419	13	6.437	6	10.104	43	9.524	10	1.19%
LoC	0	0	0.283	7	0	0	0	0	0	0	0.283	7	0.283	3	0.00%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Moody's Rating
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Baa2	0	0	0	1.000	0	0	0	0	0	0	0.600	0.755	0
Baa3	0	0.400	0.900	0.750	0	3.200	0	0	0	0	1.600	2.700	0.500
Ba1	1.087	0	0	0	7.300	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625
Ba2	3.090	3.245	5.015	5.365	0.900	3.546	0.703	6.183	0.700	6.872	14.602	7.491	3.684
Ba3	5.980	1.850	5.135	6.615	6.854	5.405	9.458	1.390	3.130	9.235	5.463	9.740	8.355
B1	1.160	6.912	8.305	1.215	14.802	7.377	13.045	5.455	20.000	23.572	13.795	11.960	5.275
B2	2.675	0.435	1.325	0	7.950	10.022	2.880	1.000	4.128	7.979	5.400	7.733	11.703
B3	1.310	0.375	0.200	0	1.987	1.080	1.110	0	0	1.135	1.432	2.255	1.788
Caa1	0.965	0.780	0.365	0	1.265	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.045
Caa2	0.115	0	0	0	0.745	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095
NR	38.147	19.798	28.605	28.585	55.361	37.916	25.623	46.283	63.051	66.418	59.198	55.825	73.869
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	1.000	1	0	0	0.600	2	0.755	2	1.355	2	2.355	5	2.355	3	0.25%
Baa3	1.650	3	3.200	3	1.600	5	3.200	3	4.800	5	10.050	15	10.050	9	0.89%
Ba1	7.300	5	14.825	21	11.524	21	0.915	2	12.440	15	35.651	52	34.564	29	2.31%
Ba2	11.280	22	10.432	20	22.174	19	11.175	15	33.349	20	61.396	91	58.306	50	6.18%
Ba3	18.604	47	16.253	37	17.828	33	18.096	35	35.924	37	78.610	178	72.630	85	6.66%
B1	24.322	67	25.877	75	57.367	112	17.235	40	74.602	89	132.873	325	131.713	180	13.84%
B2	9.275	32	13.902	60	17.507	49	19.436	55	36.943	54	63.230	206	60.555	103	6.85%
B3	2.187	5	2.190	8	2.567	14	4.043	19	6.609	16	12.672	51	11.362	24	1.23%
Caa1	1.630	9	3.945	18	3.785	23	8.430	13	12.215	8	19.535	74	18.570	10	2.27%
Caa2	0.745	5	1.480	10	0.985	6	1.633	10	2.618	1	4.958	32	4.843	1	0.49%
NR	112.551	347	109.822	385	188.666	426	129.694	330	318.360	552	598.678	1685	560.530	1124	59.04%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Use of Proceeds
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Acquisition	6.462	8.535	6.490	8.273	12.290	4.965	12.433	11.918	7.846	7.685	3.585	7.230	4.011
Capex	0	0	0.330	0	0	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069
Dividend/recap	1.281	0.800	5.309	2.580	7.070	9.237	4.418	2.170	3.410	3.685	3.740	5.445	16.172
Exit financing	0	0	0	0	0	0	2.250	0	0	0	0	0	1.045
GCP	4.555	2.920	4.185	7.205	2.297	1.646	4.000	3.895	0.875	2.578	5.152	2.593	6.140
LBO	5.280	3.752	5.218	0.900	7.105	8.157	6.620	4.457	8.898	4.829	13.760	4.579	3.110
Refinance	16.169	4.960	14.405	7.098	40.444	36.328	19.397	14.694	45.271	67.644	59.683	62.905	48.719
Multiple/Other/NA	20.782	12.828	13.912	17.474	27.958	19.743	10.515	24.422	27.944	32.802	24.382	16.330	35.672
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	27.052	32	29.316	39	19.116	27	11.241	16	30.357	43	101.722	137	95.260	124	5.63%
Capex	0.330	1	0.660	3	0.835	4	0.659	3	1.494	7	2.484	11	2.484	11	0.28%
Dividend/recap	14.959	25	15.825	46	10.835	25	21.617	32	32.452	57	65.317	134	64.036	129	6.02%
Exit financing	0	0	2.250	2	0	0	1.045	3	1.045	3	3.295	5	3.295	5	0.19%
GCP	13.687	31	9.541	32	8.604	26	8.733	27	17.337	53	48.041	132	43.486	126	3.22%
LBO	13.223	25	19.234	33	27.486	23	7.689	13	35.176	36	76.665	113	71.385	105	6.52%
Refinance	61.948	97	70.419	104	172.599	208	111.624	159	284.223	367	437.719	609	421.550	580	52.71%
Multiple/Other/NA	59.344	131	54.680	133	85.128	145	52.003	85	137.131	230	284.766	583	263.983	535	25.43%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	100.00%
Industry Sector (by SIC code)
	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013
Agriculture (0xxx)	0.539	0.480	0	0	0	0	0	0	0.200	0	0	0.855	0.538
Mining (1xxx)	2.637	0	0.802	0.260	0.170	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225
Oil and gas (13xx)	6.126	2.210	2.940	2.118	10.072	3.820	5.215	4.640	2.384	3.650	2.450	1.695	11.715
Construction (15xx)	0.410	0.175	0	1.160	1.050	1.690	1.045	0	0	0.320	0.920	0	0.150
Manufacturing (2xxx, 3xxx)	19.005	10.716	6.561	14.194	23.277	24.838	22.875	22.430	33.047	25.541	44.080	26.620	23.541
Transportation (4xxx)	0.150	1.390	2.035	3.664	2.211	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.504
Communications (48xx)	2.356	4.325	5.275	2.072	11.234	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.890
Electric, gas, sanitary services (49xx)	4.415	2.675	4.189	1.400	6.115	6.874	0.983	1.500	2.130	7.407	2.447	6.496	9.237
Wholesale (5xxx)	2.780	4.455	9.864	2.487	13.268	8.879	8.034	3.410	18.751	18.606	12.976	10.084	13.454
Finance, insurance, real estate (6xxx)	7.193	2.115	3.550	3.204	11.692	5.762	4.715	3.813	9.382	10.069	9.359	13.254	9.445
Services (7xxx)	5.913	2.205	9.709	8.403	15.501	21.284	8.899	16.292	14.661	23.960	19.154	20.727	24.490
Health services (8xxx)	3.005	3.050	4.925	4.567	2.573	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749
Total	54.530	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	111.027	99.672	114.939
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.200	1	1.393	2	1.593	3	2.612	5	2.073	4	0.30%
Mining (1xxx)	1.232	3	1.875	4	0.800	3	2.375	5	3.175	8	8.919	19	6.282	15	0.59%
Oil and gas (13xx)	15.130	14	13.675	27	8.483	22	13.410	16	21.893	38	59.034	89	52.908	84	4.06%
Construction (15xx)	2.210	7	2.735	5	1.240	4	0.150	1	1.390	5	6.920	19	6.510	18	0.26%
Manufacturing (2xxx, 3xxx)	44.033	82	70.143	109	102.667	138	50.161	86	152.828	224	296.725	487	277.719	444	28.34%
Transportation (4xxx)	7.911	16	3.803	9	11.557	16	7.475	12	19.032	28	32.285	58	32.135	57	3.53%
Communications (48xx)	18.581	25	12.452	19	32.203	30	22.531	26	54.734	56	92.449	110	90.093	105	10.15%
Electric, gas, sanitary services (49xx)	11.704	11	9.357	16	11.984	17	15.733	20	27.717	37	55.868	75	51.453	69	5.14%
Wholesale (5xxx)	25.619	45	20.324	52	50.333	56	23.538	39	73.871	95	127.049	209	124.268	203	13.70%
Finance, insurance, real estate (6xxx)	18.446	49	14.290	41	28.810	52	22.699	36	51.509	88	93.553	201	86.360	185	9.55%
Services (7xxx)	33.613	71	46.474	92	57.775	87	45.217	75	102.992	162	191.198	348	185.285	334	19.10%
Health services (8xxx)	12.065	19	6.797	18	18.551	32	9.929	20	28.480	52	53.397	104	50.392	97	5.28%
Total	190.543	342	201.925	392	324.604	458	214.611	338	539.215	796	1020.008	1724	965.479	1615	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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