Analysis of leveraged loan issuance for 13 months through April 2014

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

Rate (L+)

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Below 150 bps	0.600	0	0	0	0	0	0	1.000	0	0.300	0	0.505	0
150	1.345	2.445	2.725	1.500	1.875	1.475	0.550	0	1.450	2.010	0.325	3.925	0.200
175	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.310	2.420	1.750	2.150	1.225	1.075
200	4.551	5.852	0.191	3.575	0.555	2.650	7.234	5.976	2.800	1.778	0.475	2.725	1.448
225	5.649	6.511	4.159	2.845	2.795	2.600	0.820	2.451	1.170	4.471	0.800	2.150	0
250	10.968	7.148	1.215	2.937	0.900	1.700	0.510	10.161	5.250	13.560	8.361	2.486	0.700
275	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300	8.807	9.050	14.607	2.923	0.969
300	9.102	8.344	1.571	3.674	6.777	14.116	6.650	9.590	6.733	15.354	12.475	18.447	8.106
325	8.828	12.632	4.567	5.633	1.720	1.525	6.031	8.574	8.124	13.039	8.386	10.450	2.150
350	5.192	10.846	2.615	1.165	0.513	10.551	3.655	4.239	2.742	5.538	4.191	7.833	7.289
375	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025	3.868	1.360	3.040	3.220	6.607
400	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.479	3.782	4.137	1.729	3.263	1.137
425	1.354	1.200	4.270	1.925	1.739	2.140	1.129	1.457	0.845	2.699	3.030	3.750	1.025
450	2.126	2.868	3.438	0.647	0.450	2.080	3.058	1.890	0.741	1.115	0.807	1.290	3.905
475	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.083	0.160	0.468	0.854	1.188	0.550
500 bps and upward	6.876	17.310	8.780	10.965	2.138	12.003	8.989	8.245	6.264	9.233	8.658	9.539	8.089
Fixed rate	0	0.478	0.406	0	0.210	1.740	0.075	0.060	0	0.072	0.370	0.150	0.696
NA	12.575	21.890	22.716	30.554	16.955	23.729	22.373	19.528	23.488	23.319	19.566	40.446	31.424
Other	0	0	0.147	0	0	0	0	0.100	0	0	0	0	0.545
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0.805	2	2.405	5	1.805	2	0.21%
150	6.515	19	4.850	11	2.000	7	6.260	13	0.200	1	6.460	10	19.825	51	18.480	38	1.65%
175	8.325	22	8.155	19	9.020	28	5.125	19	1.075	3	6.200	16	31.700	91	28.090	60	1.59%
200	10.593	27	6.780	16	16.010	29	4.978	12	1.448	5	6.426	13	39.809	89	35.259	50	1.65%
225	16.319	29	8.240	20	4.441	12	7.421	19	0	0	7.421	13	36.421	80	30.772	49	1.90%
250	19.332	37	5.537	16	15.921	27	24.407	38	0.700	2	25.107	26	65.897	120	54.928	67	6.43%
275	20.498	37	12.957	21	17.015	21	26.580	35	0.969	3	27.549	30	78.019	117	64.810	66	7.05%
300	19.017	27	24.567	27	22.973	32	46.276	51	8.106	9	54.382	38	120.939	146	111.837	88	13.93%
325	26.027	47	8.877	18	22.729	40	31.875	47	2.150	7	34.025	29	91.658	159	82.830	85	8.71%
350	18.653	41	12.229	15	10.636	24	17.562	42	7.289	11	24.851	27	66.369	133	61.177	74	6.36%
375	11.549	26	13.767	24	6.656	25	7.620	24	6.607	9	14.227	11	46.199	108	42.863	50	3.64%
400	15.826	31	13.340	26	14.661	31	9.129	25	1.137	7	10.266	17	54.093	120	44.711	55	2.63%
425	6.824	24	5.804	16	3.432	11	9.479	27	1.025	5	10.504	14	26.564	83	25.210	36	2.69%
450	8.432	30	3.178	12	5.689	23	3.212	14	3.905	11	7.117	9	24.415	90	22.289	35	1.82%
475	2.355	14	3.442	7	1.183	5	2.510	7	0.550	1	3.060	7	10.040	34	8.920	14	0.78%
500 bps and upward	32.966	113	25.106	99	23.499	93	27.431	99	8.089	34	35.520	32	117.090	438	110.215	129	9.10%
Fixed rate	0.884	5	1.950	6	0.135	3	0.592	5	0.696	4	1.289	7	4.257	23	4.257	15	0.33%
NA	57.181	196	71.237	215	65.389	220	83.330	248	31.424	120	114.754	302	308.562	999	295.986	786	29.39%
Other	0.147	2	0	0	0.100	1	0	0	0.545	2	0.545	2	0.792	5	0.792	4	0.14%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Upsized?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	20.686	18.089	5.503	6.101	2.441	12.946	5.072	12.132	4.410	13.394	7.345	7.180	5.129
No	76.629	91.490	57.211	72.212	46.454	79.450	65.602	78.480	70.620	95.263	78.739	108.135	67.621
Downsized	2.508	5.275	4.652	4.821	1.420	4.172	1.702	0.855	3.615	0.595	3.740	0.200	3.165
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	44.278	66	21.488	37	21.615	38	27.919	41	5.129	7	33.048	21	120.428	189	99.742	72	8.46%
No	225.331	633	198.116	506	214.701	582	282.137	677	67.621	224	349.758	569	987.906	2622	911.276	1588	89.57%
Downsized	12.435	29	10.413	25	6.172	13	4.535	10	3.165	3	7.700	6	36.720	80	34.212	34	1.97%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Flex?
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Down	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625	4.016	15.990	5.089	8.245	6.055
No	73.004	88.814	60.804	76.211	44.941	79.936	58.046	81.572	74.054	90.630	82.215	102.705	65.503
Up	4.120	11.808	5.662	1.315	1.667	2.772	0.940	2.270	0.575	2.632	2.520	4.565	4.357
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	37.832	75	23.174	41	25.031	46	29.324	65	6.055	5	35.379	18	121.417	232	98.717	48	9.06%
No	222.622	614	201.088	509	213.672	576	275.550	651	65.503	220	341.053	573	978.434	2570	905.430	1611	87.34%
Up	21.590	39	5.754	18	3.785	11	9.717	12	4.357	9	14.074	5	45.203	89	41.083	35	3.60%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Type
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Revolver	19.084	30.206	24.939	31.424	20.690	30.425	26.208	25.373	25.627	25.906	20.416	37.956	22.811
TLA	2.063	8.006	2.224	1.950	1.015	1.283	3.516	3.126	2.110	2.416	1.147	1.895	1.225
Term	33.633	33.042	24.404	30.070	13.094	21.351	23.864	19.058	23.380	51.803	32.860	40.709	20.988
Institutional	40.231	36.884	11.784	13.726	14.987	38.893	15.410	38.468	25.858	24.731	31.098	29.508	25.492
Second/third/junior lien	2.053	6.057	3.463	2.284	0.465	3.815	2.917	3.732	1.395	3.307	4.273	4.812	5.154
Delayed draw	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.655	0.275	1.090	0	0.635	0.245
LoC	0	0	0	0.850	0	0	0.211	1.055	0	0	0.030	0	0
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	74.229	277	82.540	254	77.208	262	84.278	278	22.811	98	107.089	370	341.066	1169	321.982	1054	27.42%
TLA	12.293	20	4.248	14	8.752	19	5.458	14	1.225	4	6.683	6	31.975	71	29.912	18	1.71%
Term	91.079	201	64.515	151	66.302	154	125.371	236	20.988	66	146.359	133	368.256	808	334.623	333	37.48%
Institutional	88.898	154	67.606	99	79.736	143	85.338	128	25.492	38	110.829	79	347.070	562	306.839	258	28.38%
Second/third/junior lien	11.573	55	6.564	36	8.043	43	12.392	66	5.154	24	17.546	6	43.727	224	41.674	21	4.49%
Delayed draw	3.970	21	3.693	12	1.180	7	1.725	5	0.245	4	1.970	4	10.813	49	8.055	9	0.50%
LoC	0	0	0.850	2	1.266	5	0.030	1	0	0	0.030	1	2.146	8	2.146	4	0.01%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Moody's Rating
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Baa2	0.755	0	1.000	0.850	0	0.250	0	2.000	0.475	0.300	0	0	0
Baa3	2.700	0.500	1.100	1.100	0	0	1.145	0	0	0	1.600	1.000	0
Ba1	0.290	0.625	4.050	0.060	0.100	6.300	8.160	4.855	3.625	4.590	1.800	6.040	6.300
Ba2	7.491	3.909	0.600	2.940	0.120	10.560	1.681	2.670	0.600	7.951	3.325	0	3.200
Ba3	9.724	8.560	2.560	7.580	5.460	10.000	6.375	3.089	0.675	8.226	7.842	8.557	3.740
B1	11.960	7.835	5.384	13.896	6.410	14.525	3.967	7.936	7.082	9.126	17.037	20.766	7.225
B2	7.730	12.911	7.428	3.829	2.635	10.165	6.540	4.517	3.275	11.525	7.392	8.543	3.874
B3	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970	0.180	0.768	2.674	1.745	1.904
Caa1	0.385	8.618	1.380	0.830	0.240	0.627	0.875	2.230	0.735	1.770	0.830	1.925	0.280
Caa2	0.538	1.095	0.530	0.419	0	0.710	0.650	0.475	0	1.431	0.452	1.135	1.283
Caa3	0	0	0	0	0	0	0	0	0	0.050	0	0	0
NR	55.995	68.561	40.758	47.691	35.350	42.755	39.374	62.726	61.997	63.515	46.872	65.804	48.109
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0.300	1	5.630	10	4.875	5	0.08%
Baa3	4.300	5	1.100	2	1.145	2	2.600	3	0	0	2.600	3	9.145	12	6.445	8	0.67%
Ba1	4.965	4	6.460	11	16.640	22	12.430	18	6.300	4	18.730	11	46.795	59	46.505	28	4.80%
Ba2	12.000	18	13.620	13	4.951	9	11.276	12	3.200	5	14.476	8	45.047	57	37.556	25	3.71%
Ba3	20.844	46	23.039	40	10.139	15	24.625	41	3.740	7	28.365	27	82.387	149	72.662	79	7.26%
B1	25.179	65	34.831	72	18.986	54	46.929	96	7.225	18	54.154	63	133.149	305	121.189	153	13.87%
B2	28.070	89	16.629	42	14.332	41	27.460	81	3.874	20	31.334	56	90.364	273	82.634	132	8.02%
B3	7.070	29	4.615	19	4.760	12	5.187	15	1.904	9	7.091	12	23.536	84	21.281	37	1.82%
Caa1	10.383	23	1.697	14	3.840	16	4.525	25	0.280	2	4.805	2	20.724	80	20.340	7	1.23%
Caa2	2.163	15	1.129	7	1.125	5	3.018	17	1.283	5	4.301	2	8.718	49	8.181	3	1.10%
Caa3	0	0	0	0	0	0	0.050	1	0	0	0.050	1	0.050	1	0.050	1	0.01%
NR	165.314	431	125.797	346	164.096	453	176.191	418	48.109	164	224.300	412	679.507	1812	623.512	1218	57.44%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	7.230	4.041	6.650	7.392	2.954	16.916	14.040	10.149	7.525	24.338	9.675	12.407	12.661
Capex	0.590	0.069	0	0.240	0	0	0.150	0.130	0	0	1.025	1.800	0.100
Dividend/recap	5.445	13.859	5.935	4.150	3.285	6.275	3.595	2.367	2.096	3.550	5.882	7.335	5.888
Exit financing	0	1.045	0	0	0	0.100	0	0	0	0	0	0	0
GCP	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.840	6.025	8.110	3.445	3.570	3.933
LBO	4.576	3.110	3.433	10.700	1.268	16.453	7.280	6.997	2.268	8.495	5.318	7.745	7.864
Refinance	62.659	49.105	17.856	22.503	21.005	30.508	16.705	48.268	36.370	42.059	43.131	40.720	21.907
Multiple/Other/NA	16.730	37.656	28.851	29.012	19.393	20.863	25.432	19.716	24.361	22.700	21.348	41.938	23.562
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	17.921	25	27.261	41	31.714	52	46.420	62	12.661	18	59.081	80	135.978	198	128.748	188	15.13%
Capex	0.659	3	0.240	1	0.280	3	2.825	3	0.100	1	2.925	4	4.104	11	3.514	9	0.75%
Dividend/recap	25.239	43	13.710	30	8.059	24	16.767	33	5.888	13	22.655	46	69.662	143	64.218	132	5.80%
Exit financing	1.045	3	0.100	1	0	0	0	0	0	0	0	0	1.145	4	1.145	4	0.00%
GCP	13.204	34	17.000	40	15.038	34	15.125	34	3.933	13	19.058	47	64.300	155	61.707	143	4.88%
LBO	11.119	22	28.422	29	16.545	27	21.558	33	7.864	13	29.422	46	85.508	124	80.931	115	7.53%
Refinance	129.619	189	74.015	93	101.343	131	125.910	148	21.907	37	147.818	185	452.795	597	390.136	509	37.85%
Multiple/Other/NA	83.236	145	69.269	139	69.509	155	85.986	142	23.562	45	109.547	187	331.561	626	314.831	593	28.05%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0.855	0.538	0	0	0.825	0	1.237	0	1.080	0	0	0	0.400
Mining (1xxx)	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.796	0.978	2.500	0.775	3.748	2.680
Oil and gas (13xx)	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.713	5.220	1.701	6.518	5.926	6.844
Construction (15xx)	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865	0.600	0	1.210	0.475	0.135
Manufacturing (2xxx, 3xxx)	26.620	22.251	23.648	27.219	13.967	31.401	20.105	20.786	26.109	39.669	24.930	36.469	25.867
Transportation (4xxx)	4.971	2.529	5.701	1.815	0.850	0.750	0.398	2.598	2.783	5.780	2.602	4.681	0.675
Communications (48xx)	9.641	12.312	3.037	2.147	4.575	3.116	4.170	11.335	6.892	10.895	0.529	3.319	3.068
Electric, gas, sanitary services (49xx)	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995	3.113	2.027	6.230	1.270	2.665
Wholesale (5xxx)	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.959	7.508	9.986	16.319	12.705	8.099
Finance, insurance, real estate (6xxx)	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.125	5.905	12.329	5.412	20.631	5.892
Services (7xxx)	20.478	24.089	10.484	22.995	9.188	23.006	15.033	11.126	15.980	13.455	21.223	20.851	15.521
Health services (8xxx)	5.179	4.749	3.202	2.700	4.361	4.942	0.195	3.170	2.479	10.911	4.076	5.440	4.069
Total	99.824	114.854	67.365	83.134	50.315	96.567	72.376	91.467	78.645	109.252	89.824	115.515	75.915
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.393	2	0.825	1	2.317	3	0	0	0.400	1	0.400	1	4.935	7	4.080	6	0.10%
Mining (1xxx)	2.630	7	7.865	10	11.373	11	7.023	8	2.680	5	9.703	13	31.572	41	31.422	40	2.48%
Oil and gas (13xx)	20.195	26	16.390	28	14.370	27	14.145	28	6.844	12	20.989	40	71.944	121	70.249	117	5.37%
Construction (15xx)	1.275	3	2.910	10	2.586	6	1.685	6	0.135	1	1.820	7	8.591	26	8.591	26	0.47%
Manufacturing (2xxx, 3xxx)	72.519	118	72.587	102	67.000	127	101.068	132	25.867	37	126.935	169	339.042	516	312.423	469	32.51%
Transportation (4xxx)	13.201	21	3.415	6	5.778	11	13.062	21	0.675	3	13.738	24	36.132	62	31.161	56	3.52%
Communications (48xx)	24.990	37	9.839	17	22.397	20	14.743	17	3.068	5	17.811	22	75.037	96	65.396	86	4.56%
Electric, gas, sanitary services (49xx)	18.898	24	6.360	10	13.644	19	9.527	15	2.665	7	12.192	22	51.095	75	44.598	66	3.12%
Wholesale (5xxx)	27.252	48	20.536	33	31.396	57	39.010	65	8.099	14	47.109	79	126.292	217	116.208	196	12.06%
Finance, insurance, real estate (6xxx)	31.507	54	22.098	61	23.645	52	38.372	57	5.892	11	44.264	68	121.514	235	107.860	221	11.34%
Services (7xxx)	55.052	96	55.188	75	42.138	77	55.529	82	15.521	35	71.050	117	223.428	365	202.950	325	18.19%
Health services (8xxx)	13.131	28	12.002	20	5.844	16	20.427	24	4.069	9	24.496	33	55.473	97	50.294	85	6.27%
Total	282.043	464	230.016	373	242.488	426	314.591	455	75.915	140	390.506	595	1145.053	1858	1045.230	1693	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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