Analysis of leveraged loan issuance for 13 months through March 2014

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

Rate (L+)

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Below 150 bps	0	0.600	0	0	0	0	0	0	1.000	0	0.300	0	0.505
150	0.750	1.345	2.445	2.725	1.500	1.875	1.475	0.550	0	1.450	2.010	0.325	3.925
175	4.030	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.310	2.420	1.750	1.925	1.050
200	8.921	4.551	5.852	0.191	3.575	0.555	2.650	7.234	5.976	2.800	1.778	0.475	1.800
225	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.820	2.451	1.170	4.471	0.800	0.900
250	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.510	10.161	5.250	13.560	8.361	2.486
275	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300	8.807	9.050	14.607	2.183
300	8.905	9.102	8.344	1.571	3.674	6.777	14.116	6.650	9.590	6.733	15.354	12.475	14.382
325	9.782	8.828	12.632	4.567	5.633	1.720	1.525	6.031	8.574	8.124	13.039	8.311	5.533
350	2.457	5.192	10.846	2.615	1.165	0.513	10.551	3.655	4.239	2.742	5.538	4.191	4.948
375	6.374	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025	3.868	1.360	3.040	2.700
400	1.576	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.479	3.782	4.137	1.729	2.845
425	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.129	1.457	0.845	2.699	3.030	1.017
450	1.750	2.126	2.868	3.438	0.647	0.450	2.080	3.058	1.890	0.741	1.115	0.807	0.605
475	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.083	0.160	0.468	0.854	1.188
500 bps and upward	9.399	6.876	17.310	8.780	10.965	2.138	12.003	8.989	8.245	6.264	9.233	10.268	8.262
Fixed rate	0	0	0.478	0.406	0	0.210	1.740	0.075	0.060	0	0.072	0.370	0.150
NA	23.521	12.575	21.890	22.716	30.554	16.955	23.729	22.373	19.528	23.488	23.319	19.905	57.890
Other	0.125	0	0	0.147	0	0	0	0	0.100	0	0	0	0
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	0.805	3	0.805	2	2.405	5	2.405	3	0.26%
150	6.515	19	4.850	11	2.000	7	6.260	13	6.260	9	20.375	53	19.625	40	2.00%
175	8.325	22	8.155	19	9.020	28	4.725	17	4.725	12	34.255	96	30.225	63	1.51%
200	10.593	27	6.780	16	16.010	29	4.053	9	4.053	8	46.357	95	37.436	55	1.29%
225	16.319	29	8.240	20	4.441	12	6.171	17	6.171	11	40.976	88	35.171	51	1.97%
250	19.332	37	5.537	16	15.921	27	24.407	38	24.407	24	78.120	130	65.197	75	7.80%
275	20.498	37	12.957	21	17.015	21	25.840	32	25.840	25	84.682	130	76.310	76	8.25%
300	19.017	27	24.567	27	22.973	32	42.211	45	42.211	27	117.673	140	108.768	83	13.48%
325	26.027	47	8.877	18	22.729	40	26.883	38	26.883	25	94.298	162	84.516	93	8.59%
350	18.653	41	12.229	15	10.636	24	14.677	37	14.677	22	58.652	122	56.195	77	4.69%
375	11.549	26	13.767	24	6.656	25	7.100	26	7.100	9	45.447	117	39.072	54	2.27%
400	15.826	31	13.340	26	14.661	31	8.711	24	8.711	14	54.114	119	52.538	61	2.78%
425	6.824	24	5.804	16	3.432	11	6.746	23	6.746	11	27.463	88	22.806	35	2.15%
450	8.432	30	3.178	12	5.689	23	2.527	12	2.527	5	21.575	83	19.825	38	0.81%
475	2.355	14	3.442	7	1.183	5	2.510	7	2.510	6	9.935	36	9.490	16	0.80%
500 bps and upward	32.966	113	25.106	99	23.499	93	27.764	91	27.764	17	118.734	433	109.334	125	8.87%
Fixed rate	0.884	5	1.950	6	0.135	3	0.592	5	0.592	4	3.561	19	3.561	12	0.19%
NA	57.181	196	71.237	215	65.389	220	101.114	281	101.114	224	318.443	989	294.922	759	32.29%
Other	0.147	2	0	0	0.100	1	0	0	0	0	0.372	4	0.247	2	0.00%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Upsized?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	12.902	20.686	18.089	5.503	6.101	2.441	12.946	5.072	12.132	4.410	13.394	7.345	3.465
No	85.695	76.629	91.490	57.211	72.212	46.454	79.450	65.602	78.480	70.620	95.263	80.389	108.454
Downsized	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.702	0.855	3.615	0.595	3.740	0.450
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	24.204	36	24.204	16	124.486	198	111.584	84	7.73%
No	225.331	633	198.116	506	214.701	582	284.106	672	284.106	429	1007.949	2629	922.254	1595	90.74%
Downsized	12.435	29	10.413	25	6.172	13	4.785	10	4.785	6	45.000	82	33.805	35	1.53%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Flex?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Down	14.885	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625	4.016	15.990	5.089	4.785
No	93.647	73.004	88.814	60.804	76.211	44.941	79.936	58.046	81.572	74.054	90.630	83.865	106.169
Up	1.260	4.120	11.808	5.662	1.315	1.667	2.772	0.940	2.270	0.575	2.632	2.520	1.415
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	25.864	57	25.864	16	126.787	235	111.902	64	8.26%
No	222.622	614	201.088	509	213.672	576	280.664	654	280.664	433	1011.692	2595	918.045	1616	89.64%
Up	21.590	39	5.754	18	3.785	11	6.567	7	6.567	3	38.956	79	37.696	35	2.10%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Type
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Revolver	32.645	19.084	30.206	24.939	31.424	20.690	30.425	26.208	25.373	25.627	25.906	22.066	35.246
TLA	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.516	3.126	2.110	2.416	1.147	1.595
Term	20.324	33.633	33.042	24.404	30.070	13.094	21.351	23.864	19.058	23.380	51.803	32.415	42.497
Institutional	48.118	40.231	36.884	11.784	13.726	14.987	38.893	15.410	38.468	25.858	24.731	31.543	28.344
Second/third/junior lien	2.283	2.053	6.057	3.463	2.284	0.465	3.815	2.917	3.732	1.395	3.307	4.273	4.652
Delayed draw	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.655	0.275	1.090	0	0.035
LoC	0	0	0	0	0.850	0	0	0.211	1.055	0	0	0.030	0
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	77.208	262	83.218	273	83.218	267	349.840	1175	317.195	1036	26.58%
TLA	12.293	20	4.248	14	8.752	19	5.158	13	5.158	4	36.263	77	30.450	17	1.65%
Term	91.079	201	64.515	151	66.302	154	126.714	233	126.714	107	368.935	793	348.611	347	40.47%
Institutional	88.898	154	67.606	99	79.736	143	84.619	129	84.619	69	368.977	594	320.859	284	27.03%
Second/third/junior lien	11.573	55	6.564	36	8.043	43	12.232	65	12.232	4	40.696	215	38.413	20	3.91%
Delayed draw	3.970	21	3.693	12	1.180	7	1.125	4	1.125	2	10.576	47	9.969	9	0.36%
LoC	0	0	0.850	2	1.266	5	0.030	1	0.030	1	2.146	8	2.146	4	0.01%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Moody's Rating
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Baa2	0.600	0.755	0	1.000	0.850	0	0.250	0	2.000	0.475	0.300	0	0
Baa3	1.600	2.700	0.500	1.100	1.100	0	0	1.145	0	0	0	1.600	0
Ba1	7.412	0.290	0.625	4.050	0.060	0.100	6.300	8.160	4.855	3.625	4.590	1.800	5.340
Ba2	14.102	7.491	3.909	0.600	2.940	0.120	10.560	1.681	2.670	0.600	7.951	3.325	0
Ba3	4.688	9.724	8.560	2.560	7.580	5.460	10.000	6.375	3.089	0.675	8.226	7.842	6.232
B1	13.795	11.960	7.835	5.384	13.896	6.410	14.525	3.967	7.936	7.082	9.126	17.037	13.768
B2	5.400	7.730	12.911	7.428	3.829	2.635	10.165	6.540	4.517	3.275	11.525	7.392	5.948
B3	1.282	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970	0.180	0.768	2.374	1.745
Caa1	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.875	2.230	0.735	1.770	0.830	1.925
Caa2	0.700	0.538	1.095	0.530	0.419	0	0.710	0.650	0.475	0	1.431	0.452	0.545
Caa3	0	0	0	0	0	0	0	0	0	0	0.050	0	0
NR	59.388	55.995	68.561	40.758	47.691	35.350	42.755	39.374	62.726	61.997	63.515	48.822	76.867
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	5.630	6	0.10%
Baa3	4.300	5	1.100	2	1.145	2	1.600	2	1.600	2	9.745	16	8.145	9	0.51%
Ba1	4.965	4	6.460	11	16.640	22	11.730	16	11.730	8	47.207	65	39.795	26	3.75%
Ba2	12.000	18	13.620	13	4.951	9	11.276	12	11.276	6	55.949	60	41.847	31	3.60%
Ba3	20.844	46	23.039	40	10.139	15	22.300	37	22.300	22	81.010	149	76.322	85	7.12%
B1	25.179	65	34.831	72	18.986	54	39.931	83	39.931	46	132.721	305	118.926	155	12.75%
B2	28.070	89	16.629	42	14.332	41	24.865	74	24.865	43	89.295	261	83.895	131	7.94%
B3	7.070	29	4.615	19	4.760	12	4.887	14	4.887	6	22.614	80	21.332	38	1.56%
Caa1	10.383	23	1.697	14	3.840	16	4.525	25	4.525	2	21.270	84	20.445	8	1.45%
Caa2	2.163	15	1.129	7	1.125	5	2.429	14	2.429	2	7.545	45	6.845	3	0.78%
Caa3	0	0	0	0	0	0	0.050	1	0.050	1	0.050	1	0.050	1	0.02%
NR	165.314	431	125.797	346	164.096	453	189.203	439	189.203	314	703.798	1831	644.410	1223	60.43%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	2.660	7.230	4.041	6.650	7.392	2.954	16.916	14.040	10.149	7.525	24.338	9.675	11.742
Capex	0.725	0.590	0.069	0	0.240	0	0	0.150	0.130	0	0	1.025	1.800
Dividend/recap	3.740	5.445	13.859	5.935	4.150	3.285	6.275	3.595	2.367	2.096	3.550	5.882	7.640
Exit financing	0	0	1.045	0	0	0	0.100	0	0	0	0	0	0
GCP	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.840	6.025	8.110	3.445	2.870
LBO	13.260	4.576	3.110	3.433	10.700	1.268	16.453	7.280	6.997	2.268	8.495	5.318	7.745
Refinance	59.683	62.659	49.105	17.856	22.503	21.005	30.508	16.705	48.268	36.370	42.059	43.131	40.273
Multiple/Other/NA	24.572	16.730	37.656	28.851	29.012	19.393	20.863	25.432	19.716	24.361	22.700	22.997	40.300
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	45.755	61	45.755	61	125.312	185	122.652	179	14.61%
Capex	0.659	3	0.240	1	0.280	3	2.825	3	2.825	3	4.729	13	4.004	10	0.90%
Dividend/recap	25.239	43	13.710	30	8.059	24	17.072	35	17.072	35	67.820	140	64.079	132	5.45%
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	14.425	31	14.425	31	64.819	153	59.667	139	4.61%
LBO	11.119	22	28.422	29	16.545	27	21.558	33	21.558	33	90.904	115	77.644	111	6.89%
Refinance	129.619	189	74.015	93	101.343	131	125.462	148	125.462	148	490.123	636	430.440	560	40.07%
Multiple/Other/NA	83.236	145	69.269	139	69.509	155	85.998	139	85.998	139	332.584	628	308.012	578	27.47%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Agriculture (0xxx)	0	0.855	0.538	0	0	0.825	0	1.237	0	1.080	0	0	0
Mining (1xxx)	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.796	0.978	2.500	0.775	3.748
Oil and gas (13xx)	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.713	5.220	1.701	6.518	5.774
Construction (15xx)	0.920	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865	0.600	0	1.210	0.475
Manufacturing (2xxx, 3xxx)	42.825	26.620	22.251	23.648	27.219	13.967	31.401	20.105	20.786	26.109	39.669	24.930	34.405
Transportation (4xxx)	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.398	2.598	2.783	5.780	2.602	4.380
Communications (48xx)	7.578	9.641	12.312	3.037	2.147	4.575	3.116	4.170	11.335	6.892	10.895	2.179	5.292
Electric, gas, sanitary services (49xx)	2.447	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995	3.113	2.027	6.230	0.270
Wholesale (5xxx)	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.959	7.508	9.986	16.319	12.540
Finance, insurance, real estate (6xxx)	9.379	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.125	5.905	12.329	5.412	20.631
Services (7xxx)	19.154	20.478	24.089	10.484	22.995	9.188	23.006	15.033	11.126	15.980	13.455	21.223	19.413
Health services (8xxx)	7.683	5.179	4.749	3.202	2.700	4.361	4.942	0.195	3.170	2.479	10.911	4.076	5.440
Total	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	91.474	112.370
	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	7.023	8	7.023	8	29.491	38	28.892	36	2.24%
Oil and gas (13xx)	20.195	26	16.390	28	14.370	27	13.993	27	13.993	27	67.398	116	64.948	108	4.47%
Construction (15xx)	1.275	3	2.910	10	2.586	6	1.685	6	1.685	6	9.376	28	8.456	25	0.54%
Manufacturing (2xxx, 3xxx)	72.519	118	72.587	102	67.000	127	99.004	131	99.004	131	353.936	528	311.111	478	31.62%
Transportation (4xxx)	13.201	21	3.415	6	5.778	11	12.762	20	12.762	20	38.937	64	35.157	58	4.08%
Communications (48xx)	24.990	37	9.839	17	22.397	20	18.366	19	18.366	19	83.170	101	75.592	93	5.87%
Electric, gas, sanitary services (49xx)	18.898	24	6.360	10	13.644	19	8.527	14	8.527	14	49.877	74	47.430	67	2.72%
Wholesale (5xxx)	27.252	48	20.536	33	31.396	57	38.845	65	38.845	65	131.004	219	118.028	203	12.41%
Finance, insurance, real estate (6xxx)	31.507	54	22.098	61	23.645	52	38.372	57	38.372	57	125.001	245	115.622	224	12.26%
Services (7xxx)	55.052	96	55.188	75	42.138	77	54.091	79	54.091	79	225.623	357	206.469	327	17.28%
Health services (8xxx)	13.131	28	12.002	20	5.844	16	20.427	24	20.427	24	59.087	98	51.404	88	6.52%
Total	282.043	464	230.016	373	242.488	426	313.095	450	313.095	450	1177.434	1874	1067.643	1713	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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