Analysis of leveraged loan issuance for 13 months through August 2013

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

Rate (L+)

	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Below 150 bps	0	0	0	0	0	0	0	0	0.600	0	0	0	0
150	3.460	1.425	0.150	0.500	1.685	3.410	0.450	0.750	1.345	2.445	2.725	1.500	1.875
175	2.485	1.175	3.620	1.470	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350	1.860
200	0.080	1.760	4.230	5.250	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.400
225	0.180	1.680	0	0.580	2.000	1.850	1.989	5.805	5.649	6.456	4.159	2.845	2.795
250	4.175	5.100	0.225	1.995	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900
275	0.230	5.363	2.639	2.016	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.825	4.982
300	2.150	3.751	0.985	5.412	3.613	14.429	21.230	8.905	9.102	8.344	1.571	3.474	6.777
325	2.165	9.333	3.486	0.633	4.795	13.208	14.547	9.782	8.828	12.632	4.567	7.282	1.720
350	1.754	5.360	3.612	1.346	2.395	8.147	15.882	2.457	5.192	10.846	5.615	1.165	0.513
375	0.675	10.697	2.883	4.202	1.632	6.303	5.454	6.374	3.336	3.163	4.950	3.353	1.403
400	0.945	7.033	4.305	4.229	1.575	3.445	9.036	1.576	9.382	4.794	3.850	7.817	2.455
425	0	1.595	12.220	1.890	0	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.889
450	2.942	6.995	3.328	3.394	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450
475	0.025	2.510	2.180	1.278	0.640	0.921	1.599	0.445	1.120	0.350	0.885	0.020	1.948
500 bps and upward	6.160	9.899	14.015	11.178	4.072	10.488	7.446	9.399	6.876	17.310	8.780	12.065	1.950
Fixed rate	0.429	0.250	0	0.725	0.065	0.052	0.055	0	0	0.478	0.406	0	0.120
NA	15.675	23.238	22.383	13.679	31.078	11.488	18.343	23.521	12.575	21.989	22.961	30.404	18.338
Other	0	0	0	0.130	0	0	0	0.125	0	0	0.147	0.375	0
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	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	0.600	1	0	0	0.600	1	0.600	1	0.600	1	0.08%
150	2.335	9	4.610	9	6.515	19	3.375	8	14.500	32	21.720	54	18.260	42	1.94%
175	7.150	23	4.080	11	8.325	22	4.210	8	16.615	32	27.425	76	24.940	53	2.22%
200	13.630	31	10.706	21	10.593	27	3.975	8	25.274	38	40.744	95	40.664	66	3.38%
225	2.580	12	9.644	18	16.264	29	5.640	16	31.548	41	35.988	82	35.808	51	4.22%
250	3.365	16	18.328	22	19.332	37	3.837	11	41.496	44	54.136	96	49.961	57	5.55%
275	4.766	13	38.459	51	20.498	37	9.807	16	68.765	67	79.124	128	78.894	78	9.20%
300	10.011	22	44.564	47	19.017	27	10.252	18	73.832	64	89.744	127	87.594	82	9.87%
325	8.914	16	37.538	55	26.027	47	9.002	15	72.567	75	92.979	148	90.814	89	9.70%
350	7.353	18	26.486	35	21.653	42	1.679	7	49.818	54	64.284	118	62.530	74	6.66%
375	8.716	24	18.131	45	11.449	25	4.756	10	34.337	44	54.425	128	53.750	67	4.59%
400	10.109	21	14.056	31	18.026	32	10.272	18	42.354	42	60.441	116	59.496	55	5.66%
425	14.111	16	6.257	22	6.824	24	3.814	11	16.895	25	32.601	77	32.601	32	2.26%
450	7.662	25	6.627	22	8.432	30	1.097	6	16.157	35	33.755	103	30.813	59	2.16%
475	4.098	18	2.965	12	2.355	14	1.968	3	7.289	13	13.922	54	13.897	24	0.97%
500 bps and upward	29.265	134	27.334	99	32.966	113	14.015	60	74.314	101	119.638	477	113.478	172	9.94%
Fixed rate	0.790	5	0.107	4	0.884	5	0.120	1	1.111	7	2.580	20	2.151	11	0.15%
NA	67.141	234	53.351	202	57.526	198	48.742	135	159.619	441	265.673	910	249.998	697	21.35%
Other	0.130	1	0.125	1	0.147	2	0.375	1	0.647	3	0.777	5	0.777	3	0.09%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Upsized?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Yes	6.170	19.517	17.695	4.840	4.630	13.696	23.796	12.902	20.686	18.089	5.503	6.101	1.902
No	37.025	73.887	58.981	51.612	55.076	76.973	91.868	85.695	76.629	91.435	62.656	75.637	47.174
Downsized	0.335	3.760	3.585	3.457	2.250	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.300
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	27.164	37	50.393	64	44.278	66	8.003	16	102.674	84	155.525	221	149.355	117	13.73%
No	165.669	574	254.535	625	230.721	636	122.811	323	608.067	1057	884.648	2495	847.623	1564	81.32%
Downsized	9.292	27	18.440	18	12.435	29	6.121	13	36.996	17	50.383	99	50.048	31	4.95%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Flex?
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Down	1.815	14.589	9.115	2.590	3.423	13.663	13.110	14.885	22.700	14.232	0.900	6.258	3.706
No	40.940	81.825	65.951	54.088	57.946	77.921	96.477	93.647	73.004	88.759	66.249	78.986	45.123
Up	0.775	0.750	5.195	3.230	0.587	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.547
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.128	23	41.657	63	37.832	75	9.965	23	89.454	61	120.986	213	119.171	78	11.96%
No	177.985	588	268.045	621	228.012	617	124.109	319	620.165	1066	920.915	2496	879.975	1592	82.94%
Up	9.012	27	13.666	23	21.590	39	2.862	10	38.118	30	48.655	106	47.880	41	5.10%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Type
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Revolver	20.967	21.329	22.854	16.727	29.560	15.194	20.700	32.645	19.084	30.151	24.939	31.449	17.335
TLA	1.397	4.859	4.760	2.640	2.550	1.199	1.389	5.813	2.063	8.006	2.224	2.600	0.165
Term	13.945	40.364	32.153	21.897	17.037	43.997	50.602	20.324	33.633	33.042	24.404	30.070	14.316
Institutional	6.881	28.392	14.678	15.096	11.805	31.426	42.547	48.118	40.231	36.884	17.229	15.376	17.841
Second/third/junior lien	0.300	2.175	4.160	3.140	0.775	1.728	2.386	2.283	2.053	6.057	3.463	3.384	0.655
Delayed draw	0.040	0.045	1.657	0.155	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064
LoC	0	0	0	0.253	0.030	0	0	0	0	0	0	0.850	0
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	69.141	285	68.539	260	74.174	277	48.784	156	191.497	656	302.934	1144	281.967	1011	25.61%
TLA	9.950	18	8.401	17	12.293	20	2.765	8	23.459	7	39.665	77	38.268	13	3.14%
Term	71.086	186	114.923	207	91.079	201	44.386	98	250.388	258	375.783	826	361.838	387	33.49%
Institutional	41.578	87	122.091	174	94.343	157	33.218	58	249.652	212	326.504	533	319.622	268	33.39%
Second/third/junior lien	8.075	45	6.397	42	11.573	55	4.039	21	22.009	16	32.559	176	32.259	20	2.94%
Delayed draw	2.012	10	3.018	7	3.970	21	2.893	9	9.882	9	11.978	50	11.938	11	1.32%
LoC	0.283	7	0	0	0	0	0.850	2	0.850	2	1.133	9	1.133	4	0.11%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Moody's Rating
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Baa2	1.000	0	0	0	0	0	0	0.600	0.755	0	1.000	0.850	0
Baa3	0.750	0	3.200	0	0	0	0	1.600	2.700	0.500	1.100	1.100	0
Ba1	0	7.300	8.955	4.665	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100
Ba2	5.365	0.900	3.546	0.703	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0
Ba3	6.615	6.854	5.405	9.458	1.390	3.130	9.235	4.688	9.724	8.560	2.560	9.905	6.609
B1	1.215	14.802	7.377	13.045	5.455	20.000	23.572	13.795	11.960	7.835	5.384	13.896	5.260
B2	0	7.950	10.022	2.880	1.000	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635
B3	0	1.987	1.080	1.110	0	0	1.135	1.282	2.255	2.240	2.575	3.940	0
Caa1	0	1.265	2.025	1.735	0.185	1.885	1.075	0.825	0.385	8.618	1.380	1.930	0.240
Caa2	0	0.745	0.735	0.490	0.255	0	0.285	0.700	0.538	1.095	0.530	0.419	0
NR	28.585	55.361	37.916	25.823	46.283	63.051	66.418	59.388	55.995	68.506	46.203	47.691	35.532
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0.600	2	1.755	3	0.850	1	3.205	4	4.205	7	3.205	4	0.43%
Baa3	3.200	3	1.600	5	4.300	5	1.100	2	7.000	7	10.950	16	10.200	8	0.94%
Ba1	14.825	21	11.524	21	4.965	4	0.160	2	16.649	18	38.774	53	38.774	32	2.23%
Ba2	10.432	20	21.674	18	12.000	18	2.940	6	36.614	25	53.311	73	47.946	39	4.90%
Ba3	16.253	37	17.053	31	20.844	46	16.514	38	54.411	66	84.133	186	77.518	96	7.28%
B1	25.877	75	57.367	112	25.179	65	19.156	47	101.702	125	143.595	343	142.381	189	13.60%
B2	13.902	60	17.507	49	28.070	89	6.463	18	52.040	82	73.892	244	73.892	129	6.96%
B3	2.190	8	2.417	13	7.070	29	3.940	15	13.427	31	17.604	68	17.604	37	1.80%
Caa1	3.945	18	3.785	23	10.383	23	2.170	10	16.338	9	21.548	80	21.548	10	2.18%
Caa2	1.480	10	0.985	6	2.163	15	0.419	3	3.567	1	5.792	39	5.792	1	0.48%
NR	110.022	386	188.856	427	170.704	434	83.223	210	442.783	791	636.752	1706	608.166	1168	59.22%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Use of Proceeds
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Acquisition	8.273	12.290	4.965	12.433	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.392	4.574
Capex	0	0	0.185	0.075	0.400	0	0.110	0.725	0.590	0.069	0	0.240	0
Dividend/recap	2.580	7.070	9.237	4.418	2.170	3.410	3.685	3.740	5.445	13.859	6.180	7.575	2.185
Exit financing	0	0	0	2.250	0	0	0	0	0	1.045	0	0	0
GCP	7.205	2.297	1.646	4.000	3.895	0.875	2.578	5.152	2.593	5.915	4.641	9.137	1.990
LBO	0.900	7.105	8.157	6.620	4.457	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.113
Refinance	7.098	40.444	36.328	19.597	14.694	45.271	67.644	59.683	62.659	49.105	17.856	22.503	20.937
Multiple/Other/NA	17.474	27.958	19.743	10.515	24.422	27.944	32.802	24.572	16.730	37.656	34.051	29.012	19.578
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	29.316	39	18.191	26	17.921	25	11.966	20	48.078	71	97.956	132	89.683	125	6.43%
Capex	0.660	3	0.835	4	0.659	3	0.240	1	1.734	8	2.394	11	2.394	11	0.23%
Dividend/recap	15.825	46	10.835	25	25.484	44	9.760	19	46.079	88	71.554	151	68.974	147	6.16%
Exit financing	2.250	2	0	0	1.045	3	0	0	1.045	3	3.295	5	3.295	5	0.14%
GCP	9.541	32	8.604	26	13.149	34	11.127	25	32.880	85	51.923	143	44.718	129	4.40%
LBO	19.234	33	26.986	23	11.119	22	11.813	15	49.919	60	77.158	110	76.258	107	6.68%
Refinance	70.619	104	172.599	208	129.619	189	43.440	62	345.658	459	463.819	638	456.721	619	46.22%
Multiple/Other/NA	54.680	133	85.318	146	88.436	146	48.590	91	222.344	383	322.456	611	304.983	568	29.74%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	100.00%
Industry Sector (by SIC code)
	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013
Agriculture (0xxx)	0	0	0	0	0	0.200	0	0	0.855	0.538	0	0	0.825
Mining (1xxx)	0.260	0.170	1.000	0.525	0.350	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685
Oil and gas (13xx)	2.118	10.072	3.820	5.215	4.640	2.384	3.650	2.450	1.695	13.520	4.980	4.155	0.745
Construction (15xx)	1.160	1.050	1.690	1.045	0	0	0.320	0.920	0	0.150	1.125	1.400	1.210
Manufacturing (2xxx, 3xxx)	14.194	23.277	24.838	23.075	22.430	33.047	25.541	42.825	26.620	22.251	29.093	27.219	15.544
Transportation (4xxx)	3.664	2.211	3.000	0.205	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850
Communications (48xx)	2.072	11.234	2.212	2.167	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575
Electric, gas, sanitary services (49xx)	1.400	6.115	6.874	0.983	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.200
Wholesale (5xxx)	2.487	13.268	8.879	8.034	3.410	18.751	18.606	12.976	10.084	12.378	4.790	7.734	2.978
Finance, insurance, real estate (6xxx)	3.204	11.692	5.762	4.715	3.813	9.382	10.069	9.379	13.654	10.300	7.498	7.445	3.940
Services (7xxx)	8.403	15.501	21.284	8.899	16.292	14.661	23.960	19.154	20.478	24.089	10.484	26.420	11.463
Health services (8xxx)	4.567	2.573	0.902	5.045	0.850	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361
Total	43.530	97.164	80.261	59.908	61.956	94.244	119.333	109.792	99.824	114.799	72.810	86.559	50.376
	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	0.200	1	1.393	2	0.825	1	2.418	4	2.418	4	2.418	4	0.32%
Mining (1xxx)	1.875	4	0.800	3	2.630	7	5.015	9	8.445	19	10.750	25	10.490	24	1.13%
Oil and gas (13xx)	13.675	27	8.483	22	20.195	26	4.900	15	33.578	63	59.443	100	57.325	98	4.49%
Construction (15xx)	2.735	5	1.240	4	1.275	3	2.610	8	5.125	15	10.070	27	8.910	23	0.69%
Manufacturing (2xxx, 3xxx)	70.343	109	101.412	138	77.964	120	42.763	63	222.139	321	329.954	495	315.759	470	29.71%
Transportation (4xxx)	3.803	9	11.557	16	13.201	21	2.665	4	27.423	41	37.101	62	33.437	55	3.67%
Communications (48xx)	12.452	19	32.203	30	24.990	37	6.722	12	63.916	79	89.674	116	87.602	113	8.55%
Electric, gas, sanitary services (49xx)	9.357	16	11.984	17	18.898	24	4.395	7	35.277	48	52.149	71	50.749	69	4.72%
Wholesale (5xxx)	20.324	52	50.333	56	27.252	48	10.712	18	88.296	122	124.375	206	121.888	201	11.81%
Finance, insurance, real estate (6xxx)	14.290	41	28.830	52	31.452	54	11.385	35	71.667	141	100.853	220	97.649	206	9.58%
Services (7xxx)	46.474	92	57.775	87	55.052	96	37.883	47	150.709	230	221.089	370	212.685	350	20.16%
Health services (8xxx)	6.797	18	18.551	32	13.131	28	7.061	14	38.743	74	52.680	105	48.113	98	5.18%
Total	202.125	392	323.369	458	287.433	466	136.935	233	747.737	1157	1090.556	1801	1047.026	1711	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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