Analysis of leveraged loan issuance for 13 months through July 2013

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

Rate (L+)

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Below 150 bps	0	0	0	0	0	0	0	0	0	0.600	0	0	0
150	0.350	3.460	1.425	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.445	2.725	1.200
175	2.230	2.485	1.175	3.620	1.470	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350
200	0.650	0.080	1.760	4.230	5.250	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575
225	0.785	0.180	1.680	0	0.580	2.000	1.850	1.989	5.805	5.649	6.456	4.159	2.855
250	2.680	4.175	5.100	0.225	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.887
275	1.225	0.230	5.363	2.639	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.337
300	2.885	2.150	3.751	0.985	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571	1.780
325	1.395	2.165	9.333	3.486	0.633	4.795	13.208	14.547	9.782	8.828	12.632	4.567	5.016
350	6.875	1.754	5.360	3.612	1.346	2.395	8.147	15.882	2.457	5.192	10.846	5.615	2.070
375	1.165	0.675	10.697	2.883	4.202	1.632	6.303	5.454	6.374	3.336	3.163	4.950	3.049
400	0.680	0.945	7.033	4.305	4.229	1.575	3.445	9.036	1.576	9.382	4.794	3.850	5.766
425	2.065	0	1.595	12.220	1.890	0	1.280	0.320	4.657	1.354	1.200	4.270	2.066
450	3.330	2.942	6.995	3.328	3.394	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.526
475	0.418	0.025	2.510	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.350	1.115	0.255
500 bps and upward	8.669	6.160	9.899	14.015	11.178	4.072	10.488	7.446	9.399	6.876	17.310	8.817	6.830
Fixed rate	0.080	0.429	0.250	0	0.725	0.065	0.052	0.055	0	0	0.478	0.406	0
NA	14.368	15.675	23.238	22.383	13.679	31.078	11.488	18.343	23.521	12.575	21.939	23.036	39.234
Other	0	0	0	0	0.130	0	0	0	0.125	0	0	0.147	0.280
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	0	0	0.600	1	0	0	0.600	1	0.600	1	0.600	1	0.09%
150	5.235	10	2.335	9	4.610	9	6.515	19	1.200	4	12.325	28	19.895	51	19.545	43	1.77%
175	5.890	19	7.150	23	4.080	11	8.325	22	2.350	4	14.755	28	27.795	79	25.565	54	2.12%
200	2.490	11	13.630	31	10.706	21	10.593	27	3.575	6	24.874	37	40.994	96	40.344	66	3.58%
225	2.645	10	2.580	12	9.644	18	16.264	29	2.855	8	28.763	35	33.988	77	33.203	46	4.14%
250	11.955	15	3.365	16	18.328	22	19.332	37	2.887	8	40.546	41	55.866	98	53.186	58	5.83%
275	6.818	13	4.766	13	38.459	51	20.498	37	4.337	8	63.295	62	74.879	122	73.654	75	9.10%
300	8.786	22	10.011	22	44.564	47	19.017	27	1.780	7	65.361	54	84.158	125	81.273	73	9.40%
325	12.893	18	8.914	16	37.538	55	26.027	47	5.016	8	68.580	72	90.387	144	88.992	90	9.87%
350	13.989	21	7.353	18	26.486	35	21.653	42	2.070	5	50.209	51	71.551	121	64.676	75	7.22%
375	12.537	27	8.716	24	18.131	45	11.449	25	3.049	5	32.630	42	53.883	126	52.718	68	4.69%
400	8.658	17	10.109	21	14.056	31	18.026	32	5.766	4	37.848	38	56.615	105	55.935	54	5.44%
425	3.660	10	14.111	16	6.257	22	6.824	24	2.066	11	15.147	24	32.918	83	30.853	31	2.18%
450	13.267	31	7.662	25	6.627	22	8.432	30	0.526	5	15.585	34	36.514	113	33.184	65	2.24%
475	2.953	10	4.098	18	2.965	12	2.585	15	0.255	2	5.805	12	12.857	57	12.439	24	0.84%
500 bps and upward	24.727	108	29.265	134	27.334	99	33.003	113	6.830	29	67.166	87	121.158	483	112.490	166	9.66%
Fixed rate	0.759	6	0.790	5	0.107	4	0.884	5	0	0	0.991	6	2.540	20	2.460	13	0.14%
NA	53.281	195	67.141	234	53.351	202	57.551	198	39.234	104	150.137	409	270.558	933	256.190	703	21.60%
Other	0	0	0.130	1	0.125	1	0.147	2	0.280	2	0.552	3	0.682	6	0.682	3	0.08%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Upsized?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	3.370	6.170	19.517	17.695	4.840	4.630	13.696	23.796	12.902	20.686	18.089	5.503	4.526
No	43.010	37.025	73.887	58.981	51.612	55.076	76.973	91.868	85.695	76.629	91.385	62.998	79.004
Downsized	3.470	0.335	3.760	3.585	3.457	2.250	3.575	3.670	11.195	2.508	5.275	4.652	0.545
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	29.057	44	27.164	37	50.393	64	44.278	66	4.526	6	99.197	79	155.418	217	152.048	118	14.27%
No	153.921	480	165.669	574	254.535	625	231.013	637	79.004	211	564.552	969	884.143	2527	841.133	1559	81.21%
Downsized	7.565	19	9.292	27	18.440	18	12.435	29	0.545	3	31.420	14	48.277	96	44.807	29	4.52%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Flex?
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Down	4.700	1.815	14.589	9.115	2.590	3.423	13.663	13.110	14.885	22.700	12.632	0.900	4.545
No	43.217	40.940	81.825	65.951	54.088	57.946	77.921	96.477	93.647	73.004	90.309	66.591	79.115
Up	1.933	0.775	0.750	5.195	3.230	0.587	2.660	9.746	1.260	4.120	11.808	5.662	0.415
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	21.104	39	15.128	23	41.657	63	36.232	73	4.545	10	82.435	56	118.667	208	113.967	74	11.86%
No	165.981	489	177.985	588	268.045	621	229.904	620	79.115	207	577.063	981	921.030	2525	877.813	1596	83.01%
Up	3.458	15	9.012	27	13.666	23	21.590	39	0.415	3	35.671	26	48.141	107	46.208	37	5.13%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Type
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Revolver	17.200	20.967	21.329	22.854	16.727	29.560	15.194	20.700	32.645	19.084	30.101	25.014	27.819
TLA	7.445	1.397	4.859	4.760	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.224	2.400
Term	13.675	13.945	40.364	32.153	21.897	17.037	43.997	50.602	20.324	33.633	33.042	24.654	32.133
Institutional	11.020	6.881	28.392	14.678	15.096	11.805	31.426	42.547	48.118	40.231	36.884	17.245	14.470
Second/third/junior lien	0.385	0.300	2.175	4.160	3.140	0.775	1.728	2.386	2.283	2.053	6.057	3.463	3.540
Delayed draw	0.125	0.040	0.045	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.863
LoC	0	0	0	0	0.253	0.030	0	0	0	0	0	0	0.850
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	59.495	237	69.141	285	68.539	260	74.199	277	27.819	90	170.557	591	299.193	1149	281.994	1003	24.53%
TLA	13.701	25	9.950	18	8.401	17	12.293	20	2.400	6	23.094	8	46.745	86	39.300	15	3.32%
Term	67.984	182	71.086	186	114.923	207	91.329	202	32.133	61	238.385	244	377.455	838	363.780	398	34.30%
Institutional	46.293	77	41.578	87	122.091	174	94.360	157	14.470	34	230.922	196	318.793	529	307.773	259	33.22%
Second/third/junior lien	2.860	17	8.075	45	6.397	42	11.573	55	3.540	19	21.510	16	32.445	178	32.060	20	3.09%
Delayed draw	0.210	5	2.012	10	3.018	7	3.970	21	2.863	8	9.851	9	12.073	51	11.948	11	1.42%
LoC	0	0	0.283	7	0	0	0	0	0.850	2	0.850	2	1.133	9	1.133	4	0.12%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Moody's Rating
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Baa2	0	1.000	0	0	0	0	0	0	0.600	0.755	0	1.000	0.850
Baa3	0.900	0.750	0	3.200	0	0	0	0	1.600	2.700	0.500	1.100	1.100
Ba1	0	0	7.300	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060
Ba2	5.015	5.365	0.900	3.546	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940
Ba3	5.135	6.615	6.854	5.405	9.458	1.390	3.130	9.235	4.688	9.724	8.560	2.560	8.033
B1	8.305	1.215	14.802	7.377	13.045	5.455	20.000	23.572	13.795	11.960	7.135	5.384	8.330
B2	1.325	0	7.950	10.022	2.880	1.000	4.128	7.979	5.400	7.730	12.911	7.173	4.091
B3	0.200	0	1.987	1.080	1.110	0	0	1.135	1.282	2.255	2.090	2.575	1.855
Caa1	0.365	0	1.265	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.618	1.380	1.725
Caa2	0	0	0.745	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095	0.530	0.319
NR	28.605	28.585	55.361	37.916	25.823	46.283	63.051	66.418	59.388	55.995	69.306	46.800	54.773
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	1.000	1	0	0	0.600	2	1.755	3	0.850	1	3.205	4	4.205	7	4.205	5	0.46%
Baa3	1.650	3	3.200	3	1.600	5	4.300	5	1.100	2	7.000	7	11.850	18	10.950	9	1.01%
Ba1	7.300	5	14.825	21	11.524	21	4.965	4	0.060	1	16.549	17	38.674	52	38.674	31	2.38%
Ba2	11.280	22	10.432	20	21.674	18	12.000	18	2.940	6	36.614	25	58.326	84	53.311	44	5.27%
Ba3	18.604	47	16.253	37	17.053	31	20.844	46	8.033	17	45.930	52	80.787	178	75.652	91	6.61%
B1	24.322	67	25.877	75	57.367	112	24.479	64	8.330	23	90.176	116	140.375	341	132.070	183	12.97%
B2	9.275	32	13.902	60	17.507	49	27.814	87	4.091	13	49.413	77	72.590	241	71.264	124	7.11%
B3	2.187	5	2.190	8	2.417	13	6.920	28	1.855	5	11.192	26	15.569	59	15.369	32	1.61%
Caa1	1.630	9	3.945	18	3.785	23	10.383	23	1.725	6	15.893	9	21.468	79	21.103	10	2.29%
Caa2	0.745	5	1.480	10	0.985	6	2.163	15	0.319	2	3.467	1	5.692	38	5.692	1	0.50%
NR	112.551	347	110.022	386	188.856	427	172.101	439	54.773	144	415.730	731	638.303	1743	609.698	1179	59.80%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	6.490	8.273	12.290	4.965	12.433	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.231
Capex	0.330	0	0	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069	0	0.240
Dividend/recap	5.309	2.580	7.070	9.237	4.418	2.170	3.410	3.685	3.740	5.445	13.859	6.180	7.595
Exit financing	0	0	0	0	2.250	0	0	0	0	0	1.045	0	0
GCP	4.185	7.205	2.297	1.646	4.000	3.895	0.875	2.578	5.152	2.593	5.915	4.641	8.995
LBO	5.218	0.900	7.105	8.157	6.620	4.457	8.898	4.829	13.260	4.576	3.110	3.433	11.024
Refinance	14.405	7.098	40.444	36.328	19.597	14.694	45.271	67.644	59.683	62.659	49.055	18.198	22.138
Multiple/Other/NA	13.912	17.474	27.958	19.743	10.515	24.422	27.944	32.802	24.572	16.730	37.656	34.051	26.852
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	27.052	32	29.316	39	18.191	26	17.921	25	7.231	12	43.343	63	99.711	134	93.221	124	6.23%
Capex	0.330	1	0.660	3	0.835	4	0.659	3	0.240	1	1.734	8	2.724	12	2.394	11	0.25%
Dividend/recap	14.959	25	15.825	46	10.835	25	25.484	44	7.595	13	43.914	82	74.698	153	69.389	145	6.32%
Exit financing	0	0	2.250	2	0	0	1.045	3	0	0	1.045	3	3.295	5	3.295	5	0.15%
GCP	13.687	31	9.541	32	8.604	26	13.149	34	8.995	13	30.748	73	53.976	136	49.791	131	4.42%
LBO	13.223	25	19.234	33	26.986	23	11.119	22	11.024	13	49.130	58	81.587	116	76.369	108	7.07%
Refinance	61.948	97	70.619	104	172.599	208	129.911	190	22.138	36	324.648	434	457.215	635	442.810	613	46.70%
Multiple/Other/NA	59.344	131	54.680	133	85.318	146	88.436	146	26.852	49	200.606	341	314.631	605	300.718	569	28.86%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Agriculture (0xxx)	0	0	0	0	0	0	0.200	0	0	0.855	0.538	0	0
Mining (1xxx)	0.802	0.260	0.170	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255	1.376
Oil and gas (13xx)	2.940	2.118	10.072	3.820	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980	3.280
Construction (15xx)	0	1.160	1.050	1.690	1.045	0	0	0.320	0.920	0	0.150	1.125	1.400
Manufacturing (2xxx, 3xxx)	6.561	14.194	23.277	24.838	23.075	22.430	33.047	25.541	42.825	26.620	22.251	29.093	28.367
Transportation (4xxx)	2.035	3.664	2.211	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.570
Communications (48xx)	5.275	2.072	11.234	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.130
Electric, gas, sanitary services (49xx)	4.189	1.400	6.115	6.874	0.983	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.198
Wholesale (5xxx)	9.864	2.487	13.268	8.879	8.034	3.410	18.751	18.606	12.976	10.084	12.378	4.790	6.905
Finance, insurance, real estate (6xxx)	3.550	3.204	11.692	5.762	4.715	3.813	9.382	10.069	9.379	13.654	10.300	7.498	5.880
Services (7xxx)	9.709	8.403	15.501	21.284	8.899	16.292	14.661	23.960	19.154	20.478	24.039	10.484	26.572
Health services (8xxx)	4.925	4.567	2.573	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.544	2.397
Total	49.850	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.749	73.152	84.075
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.200	1	1.393	2	0	0	1.593	3	1.593	3	1.593	3	0.23%
Mining (1xxx)	1.232	3	1.875	4	0.800	3	2.630	7	1.376	4	4.806	14	7.913	21	7.111	20	0.69%
Oil and gas (13xx)	15.130	14	13.675	27	8.483	22	20.195	26	3.280	9	31.959	57	60.763	98	57.823	94	4.60%
Construction (15xx)	2.210	7	2.735	5	1.240	4	1.275	3	1.400	5	3.915	12	8.860	24	8.860	24	0.56%
Manufacturing (2xxx, 3xxx)	44.033	82	70.343	109	101.412	138	77.964	120	28.367	43	207.743	301	322.119	492	315.558	475	29.88%
Transportation (4xxx)	7.911	16	3.803	9	11.557	16	13.201	21	1.570	3	26.328	40	38.042	65	36.006	61	3.79%
Communications (48xx)	18.581	25	12.452	19	32.203	30	24.990	37	2.130	5	59.323	72	90.357	116	85.082	109	8.53%
Electric, gas, sanitary services (49xx)	11.704	11	9.357	16	11.984	17	18.898	24	4.198	6	35.080	47	56.141	74	51.952	70	5.05%
Wholesale (5xxx)	25.619	45	20.324	52	50.333	56	27.252	48	6.905	9	84.489	113	130.432	210	120.568	197	12.15%
Finance, insurance, real estate (6xxx)	18.446	49	14.290	41	28.830	52	31.452	54	5.880	18	66.162	124	98.898	214	95.348	203	9.52%
Services (7xxx)	33.613	71	46.474	92	57.775	87	55.002	96	26.572	28	139.348	211	219.436	374	209.728	351	20.05%
Health services (8xxx)	12.065	19	6.797	18	18.551	32	13.473	29	2.397	7	34.422	68	53.284	105	48.359	99	4.95%
Total	190.543	342	202.125	392	323.369	458	287.725	467	84.075	137	695.169	1062	1087.838	1796	1037.988	1706	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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