Analysis of leveraged loan issuance for 13 months through February 2014

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

Rate (L+)

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Below 150 bps	0	0	0.600	0	0	0	0	0	0	1.000	0	0.300	0
150	0.450	0.750	1.345	2.445	2.725	1.500	1.875	1.475	0.550	0	1.450	2.010	0
175	0	4.030	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.310	2.420	1.750	0.875
200	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650	7.234	5.976	2.800	1.778	0.475
225	1.989	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.820	2.451	1.170	4.471	0.600
250	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.510	10.161	5.250	13.560	9.236
275	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300	8.807	9.050	9.623
300	21.230	8.905	9.102	8.344	1.571	3.674	6.777	14.116	6.650	9.590	6.733	15.354	11.397
325	14.547	9.782	8.828	12.632	4.567	5.633	1.720	1.525	6.031	8.574	8.124	13.039	8.686
350	15.882	2.457	5.192	10.846	2.615	1.165	0.513	10.551	3.655	4.239	2.742	5.538	3.045
375	5.454	6.374	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025	3.868	1.360	2.595
400	9.036	1.576	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.479	3.782	4.137	0.754
425	0.320	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.129	1.457	0.845	2.699	0.830
450	1.897	1.750	2.126	2.868	3.438	0.647	0.450	2.080	3.058	1.890	0.741	1.115	0.425
475	1.599	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.083	0.160	0.468	0.460
500 bps and upward	7.446	9.399	6.876	17.310	8.780	10.965	2.138	12.003	9.165	8.245	6.264	9.283	10.219
Fixed rate	0.055	0	0	0.478	0.406	0	0.210	1.740	0.075	0.060	0	0.072	0.420
NA	18.343	23.521	12.575	21.890	22.716	30.554	16.955	23.729	22.398	19.758	23.488	24.044	25.892
Other	0	0.125	0	0	0.147	0	0	0	0	0.100	0	0	0.100
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	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	0.600	1	0	0	1.000	1	0.300	1	0.300	1	1.900	3	1.900	2	0.15%
150	6.515	19	4.850	11	2.000	7	2.010	5	2.010	4	16.575	46	16.125	38	1.03%
175	8.325	22	8.155	19	9.020	28	2.625	10	2.625	8	32.155	89	32.155	67	1.34%
200	10.593	27	6.780	16	16.010	29	2.253	8	2.253	8	45.082	98	44.557	64	1.15%
225	16.319	29	8.240	20	4.441	12	5.071	12	5.071	6	41.864	88	39.876	52	2.59%
250	19.332	37	5.537	16	15.921	27	22.796	33	22.796	19	78.508	131	76.508	76	11.65%
275	20.498	37	12.957	21	17.015	21	18.673	20	18.673	17	96.075	137	77.515	82	9.54%
300	19.017	27	24.567	27	22.973	32	26.751	27	26.751	21	123.443	147	102.213	80	13.67%
325	26.027	47	8.877	18	22.729	40	21.725	29	21.725	18	103.688	169	89.140	96	11.10%
350	18.653	41	12.229	15	10.636	24	8.583	21	8.583	13	68.440	126	52.558	71	4.39%
375	11.549	26	13.767	24	6.656	25	3.955	11	3.955	6	47.756	122	42.302	58	2.02%
400	15.826	31	13.340	26	14.661	31	4.891	15	4.891	10	59.329	125	50.294	61	2.50%
425	6.824	24	5.804	16	3.432	11	3.529	18	3.529	9	24.566	86	24.246	39	1.80%
450	8.432	30	3.178	12	5.689	23	1.540	8	1.540	4	22.485	84	20.588	41	0.79%
475	2.355	14	3.442	7	1.183	5	0.928	3	0.928	2	9.952	37	8.353	13	0.47%
500 bps and upward	32.966	113	25.106	99	23.674	95	19.502	60	19.502	17	118.093	443	110.647	140	9.97%
Fixed rate	0.884	5	1.950	6	0.135	3	0.492	3	0.492	3	3.516	19	3.461	11	0.25%
NA	57.181	196	71.237	215	65.644	223	49.935	155	49.935	122	285.861	942	267.519	720	25.52%
Other	0.147	2	0	0	0.100	1	0.100	1	0.100	1	0.472	5	0.472	4	0.05%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Upsized?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	23.796	12.902	20.686	18.089	5.503	6.101	2.441	12.946	5.072	12.132	4.410	13.394	6.120
No	91.868	85.695	76.629	91.490	57.211	72.212	46.454	79.450	65.802	78.710	70.620	96.038	76.372
Downsized	3.670	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.702	0.855	3.615	0.595	3.140
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	44.278	66	21.488	37	21.615	38	19.514	28	19.514	13	143.591	211	119.796	92	9.97%
No	225.331	633	198.116	506	215.131	587	172.410	406	172.410	270	988.550	2600	896.682	1588	88.12%
Downsized	12.435	29	10.413	25	6.172	13	3.735	6	3.735	3	47.620	86	43.950	32	1.91%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Flex?
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Down	13.110	14.885	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625	4.016	16.040	3.720
No	96.477	93.647	73.004	88.814	60.804	76.211	44.941	79.936	58.116	81.802	74.054	91.355	80.512
Up	9.746	1.260	4.120	11.808	5.662	1.315	1.667	2.772	1.070	2.270	0.575	2.632	1.400
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	37.832	75	23.174	41	25.031	46	19.760	39	19.760	11	133.792	240	120.683	63	10.10%
No	222.622	614	201.088	509	213.972	580	171.867	397	171.867	273	999.672	2565	903.195	1613	87.84%
Up	21.590	39	5.754	18	3.915	12	4.032	4	4.032	2	46.297	92	36.550	36	2.06%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Type
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Revolver	20.700	32.645	19.084	30.206	24.939	31.424	20.690	30.425	26.233	25.433	25.627	25.931	19.335
TLA	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.516	3.126	2.110	2.416	0.572
Term	50.602	20.324	33.633	33.042	24.404	30.070	13.094	21.351	23.994	19.058	23.380	52.353	31.342
Institutional	42.547	48.118	40.231	36.884	11.784	13.726	14.987	38.893	15.410	38.638	25.858	24.731	29.997
Second/third/junior lien	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.815	2.962	3.732	1.395	3.506	4.355
Delayed draw	1.710	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.655	0.275	1.090	0
LoC	0	0	0	0	0	0.850	0	0	0.211	1.055	0	0	0.030
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	74.229	277	82.540	254	77.293	264	45.267	160	45.267	155	332.673	1153	311.974	1025	23.14%
TLA	12.293	20	4.248	14	8.752	19	2.988	7	2.988	3	35.482	75	34.093	17	1.53%
Term	91.079	201	64.515	151	66.432	155	83.695	146	83.695	72	376.648	797	326.046	339	42.78%
Institutional	88.898	154	67.606	99	79.906	144	54.728	87	54.728	52	381.804	613	339.257	298	27.97%
Second/third/junior lien	11.573	55	6.564	36	8.088	44	7.862	37	7.862	4	38.756	203	36.370	22	4.02%
Delayed draw	3.970	21	3.693	12	1.180	7	1.090	2	1.090	1	12.252	48	10.541	9	0.56%
LoC	0	0	0.850	2	1.266	5	0.030	1	0.030	1	2.146	8	2.146	4	0.02%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Moody's Rating
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Baa2	0	0.600	0.755	0	1.000	0.850	0	0.250	0	2.000	0.475	0.300	0
Baa3	0	1.600	2.700	0.500	1.100	1.100	0	0	1.145	0	0	0	1.600
Ba1	2.763	7.412	0.290	0.625	4.050	0.060	0.100	6.300	8.160	4.855	3.625	4.590	0
Ba2	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560	1.681	2.670	0.600	7.951	3.325
Ba3	9.235	4.688	9.724	8.560	2.560	7.580	5.460	10.000	6.375	3.089	0.675	8.226	5.650
B1	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.525	3.967	7.936	7.082	9.126	13.165
B2	7.979	5.400	7.730	12.911	7.428	3.829	2.635	10.165	6.695	4.517	3.275	10.935	5.340
B3	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970	0.180	0.768	2.229
Caa1	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.875	2.230	0.735	1.770	0.280
Caa2	0.285	0.700	0.538	1.095	0.530	0.419	0	0.710	0.695	0.475	0	1.482	0.327
Caa3	0	0	0	0	0	0	0	0	0	0	0	0.050	0
NR	66.418	59.388	55.995	68.561	40.758	47.691	35.350	42.755	39.374	62.956	61.997	64.830	53.716
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	1.755	3	1.100	2	2.475	4	0.300	1	0.300	1	6.230	12	6.230	7	0.15%
Baa3	4.300	5	1.100	2	1.145	2	1.600	2	1.600	2	9.745	16	9.745	11	0.82%
Ba1	4.965	4	6.460	11	16.640	22	4.590	6	4.590	3	42.830	60	40.067	27	2.35%
Ba2	12.000	18	13.620	13	4.951	9	11.276	12	11.276	6	62.821	68	55.949	35	5.76%
Ba3	20.844	46	23.039	40	10.139	15	13.876	23	13.876	13	81.821	147	72.586	82	7.09%
B1	25.179	65	34.831	72	18.986	54	22.291	40	22.291	24	138.653	307	115.081	148	11.39%
B2	28.070	89	16.629	42	14.487	43	16.275	46	16.275	25	88.839	253	80.860	123	8.32%
B3	7.070	29	4.615	19	4.760	12	2.997	7	2.997	4	21.859	80	20.724	39	1.53%
Caa1	10.383	23	1.697	14	3.840	16	2.050	12	2.050	2	19.869	78	18.794	8	1.05%
Caa2	2.163	15	1.129	7	1.170	6	1.808	10	1.808	2	7.255	44	6.970	3	0.92%
Caa3	0	0	0	0	0	0	0.050	1	0.050	1	0.050	1	0.050	1	0.03%
NR	165.314	431	125.797	346	164.326	455	118.545	280	118.545	206	699.788	1831	633.370	1231	60.59%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	7.685	2.660	7.230	4.041	6.650	7.392	2.954	16.916	14.040	10.149	7.525	25.063	8.900
Capex	0.110	0.725	0.590	0.069	0	0.240	0	0	0.150	0.130	0	0	0.075
Dividend/recap	3.685	3.740	5.445	13.859	5.935	4.150	3.285	6.275	3.595	2.367	2.096	3.550	5.852
Exit financing	0	0	0	1.045	0	0	0	0.100	0	0	0	0	0
GCP	2.578	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.840	6.025	8.110	3.245
LBO	4.829	13.260	4.576	3.110	3.433	10.700	1.268	16.453	7.280	6.997	2.268	8.495	5.318
Refinance	67.644	59.683	62.659	49.105	17.856	22.503	21.005	30.508	16.705	48.498	36.370	42.109	39.071
Multiple/Other/NA	32.802	24.572	16.730	37.656	28.851	29.012	19.393	20.863	25.632	19.716	24.361	22.700	23.171
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	17.921	25	27.261	41	31.714	52	33.963	42	33.963	42	121.205	175	113.520	166	17.36%
Capex	0.659	3	0.240	1	0.280	3	0.075	1	0.075	1	2.089	12	1.979	11	0.04%
Dividend/recap	25.239	43	13.710	30	8.059	24	9.402	22	9.402	22	63.834	138	60.150	127	4.81%
Exit financing	1.045	3	0.100	1	0	0	0	0	0	0	1.145	4	1.145	4	0.00%
GCP	13.204	34	17.000	40	15.038	34	11.355	21	11.355	21	64.327	151	61.749	143	5.80%
LBO	11.119	22	28.422	29	16.545	27	13.813	25	13.813	25	87.988	113	83.159	107	7.06%
Refinance	129.619	189	74.015	93	101.573	132	81.180	90	81.180	90	513.715	654	446.071	579	41.49%
Multiple/Other/NA	83.236	145	69.269	139	69.709	156	45.871	84	45.871	84	325.459	631	292.657	574	23.44%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	1711	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0.855	0.538	0	0	0.825	0	1.237	0	1.080	0	0
Mining (1xxx)	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.796	0.978	2.500	0.775
Oil and gas (13xx)	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.713	5.220	1.701	5.950
Construction (15xx)	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865	0.600	0	1.210
Manufacturing (2xxx, 3xxx)	25.541	42.825	26.620	22.251	23.648	27.219	13.967	31.401	20.305	21.016	26.109	39.719	24.225
Transportation (4xxx)	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.398	2.598	2.783	5.780	2.602
Communications (48xx)	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.116	4.170	11.335	6.892	10.895	2.179
Electric, gas, sanitary services (49xx)	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995	3.113	2.027	5.935
Wholesale (5xxx)	18.606	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.959	7.508	9.986	16.262
Finance, insurance, real estate (6xxx)	10.069	9.379	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.125	5.905	13.054	4.786
Services (7xxx)	23.960	19.154	20.478	24.089	10.484	22.995	9.188	23.006	15.033	11.126	15.980	13.455	18.476
Health services (8xxx)	5.488	7.683	5.179	4.749	3.202	2.700	4.361	4.942	0.195	3.170	2.479	10.911	3.232
Total	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.576	91.697	78.645	110.027	85.632
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.393	2	0.825	1	2.317	3	0	0	0	0	4.535	6	4.535	6	0.00%
Mining (1xxx)	2.630	7	7.865	10	11.373	11	3.275	4	3.275	4	25.744	34	25.744	34	1.67%
Oil and gas (13xx)	20.195	26	16.390	28	14.370	27	7.651	13	7.651	13	64.706	111	61.056	102	3.91%
Construction (15xx)	1.275	3	2.910	10	2.586	6	1.210	3	1.210	3	9.220	26	8.900	25	0.62%
Manufacturing (2xxx, 3xxx)	72.519	118	72.587	102	67.430	129	63.944	80	63.944	80	344.846	526	319.305	479	32.68%
Transportation (4xxx)	13.201	21	3.415	6	5.778	11	8.382	13	8.382	13	41.829	64	34.557	57	4.28%
Communications (48xx)	24.990	37	9.839	17	22.397	20	13.074	11	13.074	11	94.898	106	77.878	93	6.68%
Electric, gas, sanitary services (49xx)	18.898	24	6.360	10	13.644	19	7.962	11	7.962	11	56.719	78	49.312	71	4.07%
Wholesale (5xxx)	27.252	48	20.536	33	31.396	57	26.248	44	26.248	44	137.013	219	118.407	198	13.42%
Finance, insurance, real estate (6xxx)	31.507	54	22.098	61	23.645	52	17.840	41	17.840	41	114.538	246	104.469	229	9.12%
Services (7xxx)	55.052	96	55.188	75	42.138	77	31.931	48	31.931	48	227.424	357	203.463	326	16.32%
Health services (8xxx)	13.131	28	12.002	20	5.844	16	14.143	17	14.143	17	58.291	105	52.803	91	7.23%
Total	282.043	464	230.016	373	242.918	428	195.659	285	195.659	285	1179.761	1878	1060.428	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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