Analysis of leveraged loan issuance for 13 months through January 2014

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

Rate (L+)

	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Below 150 bps	0	0	0	0.600	0	0	0	0	0	0	1.000	0	0.300
150	3.410	0.450	0.750	1.345	2.445	2.725	1.500	1.875	1.475	0.550	0	1.450	1.610
175	0.050	0	4.030	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.310	2.420	1.350
200	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650	7.234	5.976	2.800	1.703
225	1.850	1.989	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.820	2.451	1.170	3.446
250	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.510	10.161	5.250	9.060
275	11.528	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300	8.807	8.951
300	14.429	21.230	8.905	9.102	8.344	1.571	3.674	6.777	14.116	6.650	9.590	6.733	10.704
325	13.208	14.547	9.782	8.828	12.632	4.567	5.633	1.720	1.525	6.031	8.294	8.124	15.004
350	8.147	15.882	2.457	5.192	10.846	2.615	1.165	0.513	10.551	3.655	4.239	2.742	6.018
375	6.303	5.454	6.374	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025	3.868	1.255
400	3.445	9.036	1.576	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.479	3.782	3.202
425	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.129	1.457	0.845	1.355
450	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450	2.080	3.058	1.890	0.741	1.410
475	0.921	1.599	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.083	0.160	0.613
500 bps and upward	10.488	7.446	9.399	6.876	17.310	8.780	10.965	2.138	12.003	9.165	8.245	6.264	8.483
Fixed rate	0.052	0.055	0	0	0.478	0.406	0	0.210	1.740	0.075	0.060	0	0.072
NA	11.488	18.343	23.521	12.575	21.890	22.716	30.554	16.955	23.729	22.398	20.038	23.488	32.236
Other	0	0	0.125	0	0	0.147	0	0	0	0	0.100	0	0
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0.600	1	0	0	1.000	1	0.300	1	0.300	1	1.900	3	1.900	2	0.28%
150	4.610	9	6.515	19	4.850	11	2.000	7	1.610	4	1.610	3	19.585	50	16.175	38	1.51%
175	4.080	11	8.325	22	8.155	19	9.020	28	1.350	5	1.350	4	30.930	85	30.880	63	1.26%
200	10.706	21	10.593	27	6.780	16	16.010	29	1.703	5	1.703	5	45.792	98	44.532	63	1.59%
225	9.644	18	16.319	29	8.240	20	4.441	12	3.446	7	3.446	3	42.089	86	40.239	52	3.23%
250	18.328	22	19.332	37	5.537	16	15.921	27	9.060	14	9.060	6	68.177	116	64.772	66	8.49%
275	38.459	51	20.498	37	12.957	21	17.015	21	8.951	10	8.951	8	97.881	140	86.353	87	8.38%
300	44.564	47	19.017	27	24.567	27	22.973	32	10.704	8	10.704	7	121.825	141	107.396	85	10.03%
325	37.538	55	26.027	47	8.877	18	22.449	39	15.004	18	15.004	8	109.895	177	96.687	100	14.05%
350	26.486	35	18.653	41	12.229	15	10.636	24	6.018	10	6.018	6	74.022	125	65.875	75	5.64%
375	18.131	45	11.549	26	13.767	24	6.656	25	1.255	4	1.255	3	51.359	124	45.056	66	1.18%
400	14.056	31	15.826	31	13.340	26	14.661	31	3.202	8	3.202	5	61.085	127	57.640	63	3.00%
425	6.257	22	6.824	24	5.804	16	3.432	11	1.355	7	1.355	4	23.672	80	22.392	36	1.27%
450	6.627	22	8.432	30	3.178	12	5.689	23	1.410	3	1.410	1	25.335	90	22.355	40	1.32%
475	2.965	12	2.355	14	3.442	7	1.183	5	0.613	3	0.613	2	10.558	41	9.637	16	0.57%
500 bps and upward	27.334	99	32.966	113	25.106	99	23.674	95	8.483	27	8.483	6	117.562	433	107.074	145	7.94%
Fixed rate	0.107	4	0.884	5	1.950	6	0.135	3	0.072	1	0.072	1	3.148	19	3.096	10	0.07%
NA	53.351	202	57.181	196	71.237	215	65.924	224	32.236	99	32.236	77	279.930	936	268.443	733	30.19%
Other	0.125	1	0.147	2	0	0	0.100	1	0	0	0	0	0.372	4	0.372	3	0.00%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Upsized?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Yes	13.696	23.796	12.902	20.686	18.089	5.503	6.101	2.441	12.946	5.072	12.132	4.410	11.749
No	76.973	91.868	85.695	76.629	91.490	57.211	72.212	46.454	79.450	65.802	78.710	70.620	94.598
Downsized	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.702	0.855	3.615	0.425
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	50.393	64	44.278	66	21.488	37	21.615	38	11.749	16	11.749	8	149.522	221	135.826	102	11.00%
No	254.535	625	225.331	633	198.116	506	215.131	587	94.598	216	94.598	136	987.711	2567	910.738	1603	88.60%
Downsized	18.440	18	12.435	29	10.413	25	6.172	13	0.425	2	0.425	2	47.885	87	44.310	34	0.40%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Flex?
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Down	13.663	13.110	14.885	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625	4.016	9.775
No	77.921	96.477	93.647	73.004	88.814	60.804	76.211	44.941	79.936	58.116	81.802	74.054	96.997
Up	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.667	2.772	1.070	2.270	0.575	0
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.657	63	37.832	75	23.174	41	25.031	46	9.775	23	9.775	9	137.470	248	123.807	69	9.16%
No	268.045	621	222.622	614	201.088	509	213.972	580	96.997	211	96.997	137	1002.723	2535	924.802	1631	90.84%
Up	13.666	23	21.590	39	5.754	18	3.915	12	0	0	0	0	44.925	92	42.265	40	0.00%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Type
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Revolver	15.194	20.700	32.645	19.084	30.206	24.939	31.424	20.690	30.425	26.233	25.433	25.627	24.586
TLA	1.199	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.516	3.126	2.110	2.416
Term	43.632	50.602	20.324	33.633	33.042	24.404	30.070	13.094	21.351	23.994	19.058	23.380	55.875
Institutional	31.791	42.547	48.118	40.231	36.884	11.784	13.726	14.987	38.893	15.410	38.638	25.858	18.399
Second/third/junior lien	1.728	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.815	2.962	3.732	1.395	3.707
Delayed draw	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.655	0.275	1.790
LoC	0	0	0	0	0	0	0.850	0	0	0.211	1.055	0	0
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	68.539	260	74.229	277	82.540	254	77.293	264	24.586	81	24.586	80	327.187	1136	311.993	1027	23.03%
TLA	8.401	17	12.293	20	4.248	14	8.752	19	2.416	5	2.416	2	36.109	75	34.910	16	2.26%
Term	114.558	206	91.079	201	64.515	151	66.432	155	55.875	87	55.875	39	392.459	800	348.828	357	52.33%
Institutional	122.456	175	88.898	154	67.606	99	79.906	144	18.399	38	18.399	22	377.266	610	345.475	304	17.23%
Second/third/junior lien	6.397	42	11.573	55	6.564	36	8.088	44	3.707	20	3.707	2	36.329	197	34.601	22	3.47%
Delayed draw	3.018	7	3.970	21	3.693	12	1.180	7	1.790	3	1.790	1	13.652	50	12.951	10	1.68%
LoC	0	0	0	0	0.850	2	1.266	5	0	0	0	0	2.116	7	2.116	4	0.00%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Moody's Rating
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Baa2	0	0	0.600	0.755	0	1.000	0.850	0	0.250	0	2.000	0.475	0.300
Baa3	0	0	1.600	2.700	0.500	1.100	1.100	0	0	1.145	0	0	0
Ba1	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100	6.300	8.160	4.855	3.625	2.590
Ba2	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560	1.681	2.670	0.600	7.951
Ba3	3.130	9.235	4.688	9.724	8.560	2.560	7.580	5.460	10.000	6.375	3.089	0.675	4.701
B1	20.000	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.525	3.967	7.484	7.082	4.966
B2	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635	10.165	6.695	4.517	3.275	8.890
B3	0	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970	0.180	0.768
Caa1	1.885	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.875	2.230	0.735	0.475
Caa2	0	0.285	0.700	0.538	1.095	0.530	0.419	0	0.710	0.695	0.475	0	1.462
NR	63.051	66.418	59.388	55.995	68.561	40.758	47.691	35.350	42.755	39.374	63.408	61.997	74.670
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0.600	2	1.755	3	1.100	2	2.475	4	0.300	1	0.300	1	6.230	12	6.230	7	0.28%
Baa3	1.600	5	4.300	5	1.100	2	1.145	2	0	0	0	0	8.145	14	8.145	9	0.00%
Ba1	11.524	21	4.965	4	6.460	11	16.640	22	2.590	4	2.590	2	42.179	62	40.830	30	2.43%
Ba2	21.674	18	12.000	18	13.620	13	4.951	9	7.951	7	7.951	2	60.196	65	59.496	36	7.45%
Ba3	17.053	31	20.844	46	23.039	40	10.139	15	4.701	10	4.701	6	75.776	142	72.646	81	4.40%
B1	57.367	112	25.179	65	34.831	72	18.534	51	4.966	16	4.966	9	140.877	316	120.876	158	4.65%
B2	17.507	49	28.070	89	16.629	42	14.487	43	8.890	25	8.890	14	85.582	248	81.454	122	8.33%
B3	2.417	13	7.070	29	4.615	19	4.760	12	0.768	4	0.768	2	19.630	77	19.630	40	0.72%
Caa1	3.785	23	10.383	23	1.697	14	3.840	16	0.475	4	0.475	1	20.180	80	18.294	8	0.44%
Caa2	0.985	6	2.163	15	1.129	7	1.170	6	1.462	7	1.462	2	6.908	41	6.908	3	1.37%
NR	188.856	427	165.314	431	125.797	346	164.778	458	74.670	156	74.670	109	719.415	1818	656.365	1247	69.93%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Use of Proceeds
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Acquisition	7.846	7.685	2.660	7.230	4.041	6.650	7.392	2.954	16.916	14.040	10.149	7.525	22.113
Capex	0	0.110	0.725	0.590	0.069	0	0.240	0	0	0.150	0.130	0	0
Dividend/recap	3.410	3.685	3.740	5.445	13.859	5.935	4.150	3.285	6.275	3.595	2.367	2.096	3.550
Exit financing	0	0	0	0	1.045	0	0	0	0.100	0	0	0	0
GCP	0.875	2.578	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.840	6.025	8.110
LBO	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.268	16.453	7.280	6.997	2.268	8.520
Refinance	45.271	67.644	59.683	62.659	49.105	17.856	22.503	21.005	30.508	16.705	48.498	36.370	40.787
Multiple/Other/NA	27.944	32.802	24.572	16.730	37.656	28.851	29.012	19.393	20.863	25.632	19.716	24.361	23.692
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	18.191	26	17.921	25	27.261	41	31.714	52	22.113	27	22.113	27	117.201	171	109.355	160	20.71%
Capex	0.835	4	0.659	3	0.240	1	0.280	3	0	0	0	0	2.014	11	2.014	11	0.00%
Dividend/recap	10.835	25	25.239	43	13.710	30	8.059	24	3.550	7	3.550	7	61.392	129	57.983	123	3.32%
Exit financing	0	0	1.045	3	0.100	1	0	0	0	0	0	0	1.145	4	1.145	4	0.00%
GCP	8.604	26	13.204	34	17.000	40	15.038	34	8.110	12	8.110	12	61.957	146	61.082	142	7.60%
LBO	26.986	23	11.119	22	28.422	29	16.545	27	8.520	16	8.520	16	91.592	117	82.695	104	7.98%
Refinance	172.599	208	129.619	189	74.015	93	101.573	132	40.787	50	40.787	50	518.593	671	473.322	614	38.20%
Multiple/Other/NA	85.318	146	83.236	145	69.269	139	69.709	156	23.692	33	23.692	33	331.224	619	303.280	580	22.19%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	100.00%
Industry Sector (by SIC code)
	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014
Agriculture (0xxx)	0.200	0	0	0.855	0.538	0	0	0.825	0	1.237	0	1.080	0
Mining (1xxx)	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.796	0.978	2.500
Oil and gas (13xx)	2.384	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.713	5.220	1.701
Construction (15xx)	0	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865	0.600	0
Manufacturing (2xxx, 3xxx)	33.047	25.541	42.825	26.620	22.251	23.648	27.219	13.967	31.401	20.305	21.016	26.109	38.314
Transportation (4xxx)	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.398	2.598	2.783	5.780
Communications (48xx)	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.116	4.170	11.335	6.892	7.820
Electric, gas, sanitary services (49xx)	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995	3.113	2.027
Wholesale (5xxx)	18.751	18.606	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.959	7.508	9.586
Finance, insurance, real estate (6xxx)	9.382	10.069	9.379	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.125	5.905	15.029
Services (7xxx)	14.661	23.960	19.154	20.478	24.089	10.484	22.995	9.188	23.006	15.033	11.126	15.980	13.255
Health services (8xxx)	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361	4.942	0.195	3.170	2.479	10.761
Total	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	106.772
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.200	1	1.393	2	0.825	1	2.317	3	0	0	0	0	4.735	7	4.535	6	0.00%
Mining (1xxx)	0.800	3	2.630	7	7.865	10	11.373	11	2.500	1	2.500	1	25.169	32	24.968	31	2.34%
Oil and gas (13xx)	8.483	22	20.195	26	16.390	28	14.370	27	1.701	4	1.701	4	61.139	107	58.756	102	1.59%
Construction (15xx)	1.240	4	1.275	3	2.910	10	2.586	6	0	0	0	0	8.011	23	8.011	23	0.00%
Manufacturing (2xxx, 3xxx)	101.412	138	72.519	118	72.587	102	67.430	129	38.314	45	38.314	45	352.263	532	319.216	491	35.88%
Transportation (4xxx)	11.557	16	13.201	21	3.415	6	5.778	11	5.780	9	5.780	9	39.732	63	39.227	60	5.41%
Communications (48xx)	32.203	30	24.990	37	9.839	17	22.397	20	7.820	7	7.820	7	97.249	111	89.644	102	7.32%
Electric, gas, sanitary services (49xx)	11.984	17	18.898	24	6.360	10	13.644	19	2.027	2	2.027	2	52.914	72	50.784	69	1.90%
Wholesale (5xxx)	50.333	56	27.252	48	20.536	33	31.396	57	9.586	21	9.586	21	139.102	215	120.351	196	8.98%
Finance, insurance, real estate (6xxx)	28.830	52	31.507	54	22.098	61	23.645	52	15.029	28	15.029	28	121.108	247	111.727	233	14.08%
Services (7xxx)	57.775	87	55.052	96	55.188	75	42.138	77	13.255	19	13.255	19	223.408	354	208.747	328	12.41%
Health services (8xxx)	18.551	32	13.131	28	12.002	20	5.844	16	10.761	9	10.761	9	60.289	105	54.909	97	10.08%
Total	323.369	458	282.043	464	230.016	373	242.918	428	106.772	145	106.772	145	1185.118	1868	1090.874	1738	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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