Analysis of leveraged loan issuance for 13 months through June 2013

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

Rate (L+)

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Below 150 bps	0.100	0	0	0	0	0	0	0	0	0	0.600	0	0
150	3.080	0.350	3.460	1.425	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.445	2.725
175	1.960	2.230	2.485	1.175	3.620	1.470	2.060	0.050	0	4.030	3.610	3.350	1.290
200	0	0.650	0.080	1.760	4.230	5.250	4.150	1.260	0.525	8.921	4.151	5.852	0.150
225	0.515	0.785	0.180	1.680	0	0.580	2.000	1.850	1.989	5.805	5.649	6.456	2.275
250	1.620	2.680	4.175	5.100	0.225	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215
275	0.150	1.225	0.230	5.363	2.639	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715
300	0.650	2.885	2.150	3.751	0.985	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571
325	0.630	1.395	2.165	9.333	3.486	0.633	4.795	13.208	14.547	10.437	8.831	11.962	4.567
350	0.300	6.875	1.754	5.360	3.612	1.346	2.395	8.147	15.882	2.457	5.192	10.847	5.603
375	0.756	1.165	0.675	10.697	2.883	4.202	1.632	6.303	5.454	6.374	3.336	2.578	4.950
400	0.416	0.680	0.945	7.033	4.305	4.229	1.575	3.445	9.036	1.576	9.382	5.379	3.770
425	1.794	2.065	0	1.595	12.220	1.890	0	1.280	0.320	4.657	1.354	1.200	3.459
450	0	3.330	2.942	6.995	3.328	3.394	0.940	2.980	1.897	1.750	2.126	2.818	3.488
475	0.700	0.418	0.025	2.510	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.350	0.585
500 bps and upward	8.812	8.669	6.160	9.899	14.015	11.178	4.072	10.488	7.446	9.549	7.056	17.460	6.337
Fixed rate	0	0.080	0.429	0.250	0	0.725	0.065	0.052	0.055	0	0	0.478	0.406
NA	12.312	14.368	15.675	23.238	22.383	13.479	31.078	11.488	18.343	23.641	12.626	21.485	23.825
Other	0	0	0	0	0	0.130	0	0	0	0.125	0	0	0.147
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	0.600	1	0.10%
150	5.235	10	2.335	9	4.610	9	6.515	19	11.125	25	21.775	52	18.695	41	1.84%
175	5.890	19	7.150	23	4.080	11	8.250	21	12.330	23	27.330	80	25.370	54	2.04%
200	2.490	11	13.630	31	10.706	21	10.152	25	20.858	32	36.978	88	36.978	63	3.44%
225	2.645	10	2.580	12	9.644	18	14.380	24	24.024	25	29.764	66	29.249	39	3.97%
250	11.955	15	3.365	16	18.328	22	19.332	37	37.660	35	54.599	96	52.979	55	6.22%
275	6.818	13	4.766	13	38.459	51	20.498	37	58.958	58	70.692	116	70.542	72	9.73%
300	8.786	22	10.011	22	44.564	47	19.017	27	63.581	51	83.028	120	82.378	76	10.50%
325	12.893	18	8.914	16	38.193	56	25.359	46	63.552	69	85.989	138	85.359	89	10.49%
350	13.989	21	7.353	18	26.486	35	21.642	41	48.128	51	69.770	116	69.470	77	7.95%
375	12.537	27	8.716	24	18.131	45	10.864	24	28.996	37	51.006	123	50.249	64	4.79%
400	8.658	17	10.109	21	14.056	31	18.531	32	32.587	34	51.770	107	51.354	53	5.38%
425	3.660	10	14.111	16	6.257	22	6.013	19	12.270	18	31.834	70	30.040	29	2.03%
450	13.267	31	7.662	25	6.627	22	8.432	30	15.059	31	35.988	108	35.988	65	2.49%
475	2.953	10	4.098	18	2.965	12	2.055	13	5.020	11	12.772	55	12.072	25	0.83%
500 bps and upward	24.727	108	29.265	134	27.483	100	30.853	105	58.336	79	121.141	480	112.329	170	9.63%
Fixed rate	0.759	6	0.790	5	0.107	4	0.884	5	0.991	6	2.540	20	2.540	13	0.16%
NA	53.281	195	66.941	233	53.471	203	57.934	207	111.406	328	243.939	892	231.627	662	18.39%
Other	0	0	0.130	1	0.125	1	0.147	2	0.272	2	0.402	4	0.402	2	0.04%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Upsized?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	1.752	3.370	6.170	19.517	17.695	4.840	4.630	13.696	23.796	12.902	20.689	18.090	3.396
No	32.043	43.010	37.025	73.887	58.981	51.412	55.076	76.973	91.868	86.620	76.459	90.360	60.723
Downsized	0	3.470	0.335	3.760	3.585	3.457	2.250	3.575	3.670	11.195	2.508	5.275	3.959
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	50.393	64	42.175	62	92.568	73	150.542	215	148.789	112	15.28%
No	153.921	480	165.469	573	255.460	628	227.542	629	483.003	825	834.436	2430	802.393	1502	79.74%
Downsized	7.565	19	9.292	27	18.440	18	11.742	24	30.182	15	47.039	88	47.039	33	4.98%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Flex?
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Down	2.155	4.700	1.815	14.589	9.115	2.590	3.423	13.663	13.110	14.885	22.703	12.632	0.500
No	30.973	43.217	40.940	81.825	65.951	53.888	57.946	77.921	96.477	94.572	72.834	89.285	62.591
Up	0.667	1.933	0.775	0.750	5.195	3.230	0.587	2.660	9.746	1.260	4.120	11.808	4.987
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	41.657	63	35.835	71	77.492	53	115.879	201	113.724	73	12.79%
No	165.981	489	177.785	587	268.970	624	224.709	609	493.679	836	868.419	2428	837.446	1536	81.50%
Up	3.458	15	9.012	27	13.666	23	20.915	35	34.581	24	47.718	104	47.051	38	5.71%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Type
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Revolver	14.938	17.200	20.967	21.329	22.854	16.527	29.560	15.194	20.700	32.765	18.684	29.596	21.454
TLA	0.700	7.445	1.397	4.859	4.760	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.212
Term	12.047	13.675	13.945	40.364	32.153	21.897	17.037	43.997	50.602	20.979	33.813	33.343	24.049
Institutional	4.715	11.020	6.881	28.392	14.678	15.096	11.805	31.426	42.547	48.118	40.234	36.063	16.174
Second/third/junior lien	0.530	0.385	0.300	2.175	4.160	3.140	0.775	1.728	2.386	2.433	2.103	6.057	3.614
Delayed draw	0.865	0.125	0.040	0.045	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.576
LoC	0	0	0	0	0	0.253	0.030	0	0	0	0	0	0
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	68.659	261	69.734	264	138.393	488	281.767	1116	266.829	959	22.85%
TLA	13.701	25	9.950	18	8.401	17	12.280	19	20.681	7	45.032	82	44.332	18	3.41%
Term	67.984	182	71.086	186	115.578	208	91.206	202	206.784	222	357.901	813	345.854	396	34.14%
Institutional	46.293	77	41.578	87	122.091	174	92.471	153	214.562	179	307.149	501	302.434	249	35.42%
Second/third/junior lien	2.860	17	8.075	45	6.547	43	11.773	57	18.320	15	29.785	167	29.255	19	3.02%
Delayed draw	0.210	5	2.012	10	3.018	7	3.994	20	7.013	7	10.099	47	9.234	9	1.16%
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	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Moody's Rating
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Baa2	0	0	1.000	0	0	0	0	0	0	0.600	0.755	0	1.000
Baa3	0.400	0.900	0.750	0	3.200	0	0	0	0	1.600	2.700	0.500	0
Ba1	0	0	0	7.300	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050
Ba2	3.245	5.015	5.365	0.900	3.546	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600
Ba3	1.850	5.135	6.615	6.854	5.405	9.458	1.390	3.130	9.235	5.463	9.724	8.560	2.165
B1	6.912	8.305	1.215	14.802	7.377	13.045	5.455	20.000	23.572	13.795	11.960	5.823	5.002
B2	0.435	1.325	0	7.950	10.022	2.880	1.000	4.128	7.979	5.400	7.733	10.803	4.980
B3	0.375	0.200	0	1.987	1.080	1.110	0	0	1.135	1.432	2.255	2.090	1.745
Caa1	0.780	0.365	0	1.265	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.618	0.900
Caa2	0	0	0	0.745	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095	0.405
NR	19.798	28.605	28.585	55.361	37.916	25.623	46.283	63.051	66.418	59.388	55.825	71.702	47.231
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	1.755	3	2.355	3	3.355	6	3.355	4	0.39%
Baa3	1.650	3	3.200	3	1.600	5	3.200	3	4.800	5	10.050	15	9.650	8	0.79%
Ba1	7.300	5	14.825	21	11.524	21	4.965	4	16.489	16	38.614	51	38.614	30	2.72%
Ba2	11.280	22	10.432	20	21.674	18	12.000	18	33.674	22	58.631	86	55.386	47	5.56%
Ba3	18.604	47	16.253	37	17.828	33	20.449	44	38.277	43	74.984	168	73.134	88	6.32%
B1	24.322	67	25.877	75	57.367	112	22.785	54	80.152	97	137.263	331	130.351	175	13.23%
B2	9.275	32	13.902	60	17.507	49	23.516	72	41.023	61	64.635	214	64.200	110	6.77%
B3	2.187	5	2.190	8	2.567	14	6.090	27	8.657	21	13.409	56	13.034	28	1.43%
Caa1	1.630	9	3.945	18	3.785	23	9.903	20	13.688	9	20.043	76	19.263	10	2.26%
Caa2	0.745	5	1.480	10	0.985	6	2.038	14	3.023	1	5.248	35	5.248	1	0.50%
NR	112.551	347	109.822	385	188.856	427	174.758	456	363.614	637	605.784	1695	585.986	1148	60.03%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	8.535	6.490	8.273	12.290	4.965	12.433	11.918	7.846	7.685	3.585	7.230	4.011	6.560
Capex	0	0.330	0	0	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069	0
Dividend/recap	0.800	5.309	2.580	7.070	9.237	4.418	2.170	3.410	3.685	3.740	5.445	13.859	4.985
Exit financing	0	0	0	0	0	2.250	0	0	0	0	0	1.045	0
GCP	2.920	4.185	7.205	2.297	1.646	4.000	3.895	0.875	2.578	5.152	2.593	5.915	3.825
LBO	3.752	5.218	0.900	7.105	8.157	6.620	4.457	8.898	4.829	13.260	4.579	3.110	3.483
Refinance	4.960	14.405	7.098	40.444	36.328	19.397	14.694	45.271	67.644	59.683	62.889	49.230	17.088
Multiple/Other/NA	12.828	13.912	17.474	27.958	19.743	10.515	24.422	27.944	32.802	24.572	16.330	36.486	32.137
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	17.801	25	36.917	52	101.820	133	93.285	123	6.09%
Capex	0.330	1	0.660	3	0.835	4	0.659	3	1.494	7	2.484	11	2.484	11	0.25%
Dividend/recap	14.959	25	15.825	46	10.835	25	24.289	43	35.124	68	66.708	140	65.908	139	5.80%
Exit financing	0	0	2.250	2	0	0	1.045	3	1.045	3	3.295	5	3.295	5	0.17%
GCP	13.687	31	9.541	32	8.604	26	12.333	32	20.938	58	47.086	131	44.166	121	3.46%
LBO	13.223	25	19.234	33	26.986	23	11.172	22	38.159	45	74.368	114	70.615	103	6.30%
Refinance	61.948	97	70.419	104	172.599	208	129.207	191	301.806	399	439.133	612	434.173	600	49.82%
Multiple/Other/NA	59.344	131	54.680	133	85.318	146	84.952	135	170.270	281	297.123	586	284.295	545	28.11%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Agriculture (0xxx)	0.480	0	0	0	0	0	0	0.200	0	0	0.855	0.538	0
Mining (1xxx)	0	0.802	0.260	0.170	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255
Oil and gas (13xx)	2.210	2.940	2.118	10.072	3.820	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980
Construction (15xx)	0.175	0	1.160	1.050	1.690	1.045	0	0	0.320	0.920	0	0.150	0.950
Manufacturing (2xxx, 3xxx)	10.716	6.561	14.194	23.277	24.838	22.875	22.430	33.047	25.541	43.750	26.620	22.251	28.303
Transportation (4xxx)	1.390	2.035	3.664	2.211	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.529	4.366
Communications (48xx)	4.325	5.275	2.072	11.234	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.312	2.468
Electric, gas, sanitary services (49xx)	2.675	4.189	1.400	6.115	6.874	0.983	1.500	2.130	7.407	2.447	6.496	8.587	1.645
Wholesale (5xxx)	4.455	9.864	2.487	13.268	8.879	8.034	3.410	18.751	18.606	12.976	10.084	12.379	4.494
Finance, insurance, real estate (6xxx)	2.115	3.550	3.204	11.692	5.762	4.715	3.813	9.382	10.069	9.379	13.254	10.445	7.783
Services (7xxx)	2.205	9.709	8.403	15.501	21.284	8.899	16.292	14.661	23.960	19.154	20.711	24.039	9.289
Health services (8xxx)	3.050	4.925	4.567	2.573	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.544
Total	33.795	49.850	43.530	97.164	80.261	59.708	61.956	94.244	119.333	110.717	99.657	113.725	68.077
	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	2.073	4	1.593	3	0.26%
Mining (1xxx)	1.232	3	1.875	4	0.800	3	2.630	7	3.430	10	6.537	17	6.537	17	0.57%
Oil and gas (13xx)	15.130	14	13.675	27	8.483	22	20.195	26	28.678	48	59.693	94	57.483	89	4.73%
Construction (15xx)	2.210	7	2.735	5	1.240	4	1.100	2	2.340	6	7.460	19	7.285	18	0.39%
Manufacturing (2xxx, 3xxx)	44.033	82	70.143	109	102.337	139	77.174	117	179.511	256	304.402	476	293.686	447	29.63%
Transportation (4xxx)	7.911	16	3.803	9	11.557	16	11.866	17	23.423	33	36.527	62	35.137	58	3.87%
Communications (48xx)	18.581	25	12.452	19	32.203	30	24.421	35	56.624	65	91.983	114	87.658	109	9.35%
Electric, gas, sanitary services (49xx)	11.704	11	9.357	16	11.984	17	16.728	23	28.712	40	52.448	72	49.773	67	4.74%
Wholesale (5xxx)	25.619	45	20.324	52	50.333	56	26.957	47	77.290	103	127.687	211	123.232	200	12.76%
Finance, insurance, real estate (6xxx)	18.446	49	14.290	41	28.830	52	31.482	54	60.312	106	95.163	203	93.048	196	9.96%
Services (7xxx)	33.613	71	46.474	92	57.775	87	54.040	95	111.815	182	194.107	354	191.902	345	18.46%
Health services (8xxx)	12.065	19	6.797	18	18.551	32	13.473	29	32.024	61	53.936	106	50.886	98	5.29%
Total	190.543	342	201.925	392	324.294	459	281.459	454	605.753	913	1032.017	1732	998.221	1647	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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