Analysis of bank loan issuance for year to date and 12 months through November

Total: $583.415 billion in 955 deals year to date

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

Rate (L+)

	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Below 125 bps	1.725	2.100	2.000	5.800	6.384	1.479	7.890	3.641	0.450	7.598	1.965	6.025
125	0.400	5.115	3.935	1.975	0.300	6.478	2.490	1.660	0.925	0.148	0.725	0.600
150	0.855	10.080	4.190	9.090	1.655	6.366	3.710	1.010	0.865	1.740	3.080	2.750
175	2.228	1.600	1.953	6.940	7.666	6.080	3.760	3.385	2.165	4.863	6.692	6.722
200	2.474	13.140	4.710	8.815	4.545	4.386	3.996	3.085	6.775	4.255	6.375	9.035
225	2.840	7.306	3.015	4.285	5.607	7.032	6.869	2.317	1.900	3.455	3.320	4.027
250	1.337	2.423	1.823	1.280	2.377	5.647	4.806	2.792	1.382	6.227	12.976	4.955
275	2.765	1.667	1.360	1.630	6.325	3.614	3.300	6.660	0.890	1.485	16.315	1.790
300	1.350	2.775	0.706	0.945	0.452	4.607	3.115	6.162	0.970	1.314	6.572	8.347
325 bps and upwards	2.308	5.878	8.518	7.252	2.762	3.735	9.937	5.450	2.633	5.148	3.355	7.986
Fixed rate	0.540	0.025	0.335	0.212	0.444	0.503	0	0	0.103	0	0.180	0.400
NA	9.900	4.590	5.295	5.742	6.601	5.565	30.325	5.578	5.580	6.563	13.447	16.694
Other	0	0	0	0	0	0	0	0	0	0.210	0	0
Prime based	0.095	0	0	0.117	0	0.100	0.010	0	0.085	0.075	0	0
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	9.900	19	15.753	29	11.689	20	7.990	14	45.332	61	47.057	86	7.77%
125	11.025	20	9.268	19	2.733	13	1.325	5	24.351	42	24.751	59	4.17%
150	23.360	42	11.731	28	3.615	16	5.830	15	44.536	69	45.391	108	7.63%
175	10.493	24	17.506	44	10.413	29	13.414	26	51.826	66	54.054	135	8.88%
200	26.665	40	12.927	37	14.114	32	15.410	14	69.117	61	71.591	132	11.85%
225	14.606	44	19.508	60	7.673	23	7.347	20	49.134	82	51.974	159	8.42%
250	5.526	38	12.829	56	10.401	43	17.930	39	46.687	90	48.024	188	8.00%
275	4.657	27	13.239	41	9.035	27	18.105	29	45.035	59	47.800	129	7.72%
300	4.426	17	8.175	37	8.446	50	14.919	29	35.965	58	37.316	143	6.16%
325 bps and upwards	21.649	91	16.435	108	13.230	95	11.341	69	62.652	122	64.960	387	10.73%
Fixed rate	0.573	4	0.947	4	0.103	2	0.580	3	2.202	8	2.742	18	0.38%
NA	15.627	72	42.491	111	17.721	76	30.141	79	105.981	250	115.881	363	18.17%
Other	0	0	0	0	0.210	1	0	0	0.210	1	0.210	1	0.04%
Prime based	0.117	3	0.110	3	0.160	3	0	0	0.387	3	0.482	14	0.07%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Upsized?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Yes	0.350	12.659	1.738	8.665	8.925	6.250	26.550	1.185	0.525	1.755	3.895	1.450
No	27.387	44.040	34.291	42.295	35.518	48.887	52.425	40.050	24.198	39.412	71.107	66.431
Downsized	1.080	0	1.810	3.125	0.675	0.455	1.232	0.505	0	1.913	0	1.450
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	23.062	28	41.724	39	3.465	10	5.345	10	73.597	32	73.947	88	12.61%
No	120.626	401	136.829	525	103.660	408	137.538	328	498.654	913	526.040	1787	85.47%
Downsized	4.935	12	2.362	13	2.418	12	1.450	4	11.165	11	12.245	47	1.91%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Flex?
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Down	1.610	25.449	6.295	18.563	12.342	4.056	1.860	1.455	1.350	10.650	16.680	10.282
No	27.037	31.005	27.879	35.312	30.425	44.349	66.006	30.808	21.973	29.798	53.877	58.184
Up	0.170	0.245	3.665	0.210	2.350	7.186	12.341	9.477	1.400	2.632	4.445	0.865
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Down	50.307	90	18.259	48	13.455	40	26.962	45	108.983	53	110.593	227	18.68%
No	94.196	343	140.780	473	82.579	344	112.061	285	429.616	865	456.652	1571	73.64%
Up	4.120	8	21.877	56	13.509	46	5.310	12	44.816	38	44.986	124	7.68%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Type
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Revolver	16.357	17.310	14.520	20.240	11.970	18.455	44.963	15.204	7.183	14.085	21.170	23.770
TLA	0.400	8.005	1.475	0.912	3.819	5.518	1.133	0.810	0.550	5.058	4.598	4.330
Term	5.618	9.098	12.761	12.750	13.049	9.488	15.354	10.155	10.036	12.082	21.231	16.111
Institutional	4.332	16.250	7.866	16.235	12.083	19.786	13.664	11.705	4.670	8.662	26.036	19.614
Second/third/junior lien	0.870	4.252	1.005	1.665	1.825	1.550	2.714	2.458	1.205	2.921	1.395	3.661
Delayed draw	0.725	0.345	0.050	1.692	2.252	0.470	1.295	0.785	0.410	0.165	0.289	0.385
LoC	0.515	1.439	0.162	0.590	0.120	0.325	1.085	0.625	0.669	0.108	0.284	1.460
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	52.070	199	75.388	245	36.471	187	44.940	139	208.869	746	225.227	833	35.80%
TLA	10.393	15	10.470	16	6.418	10	8.928	11	36.208	7	36.608	55	6.21%
Term	34.609	101	37.891	122	32.272	96	37.341	86	142.113	101	147.731	432	24.36%
Institutional	40.351	69	45.532	108	25.037	71	45.650	51	156.571	78	160.902	318	26.84%
Second/third/junior lien	6.922	36	6.088	53	6.583	46	5.056	32	24.650	10	25.520	180	4.23%
Delayed draw	2.087	12	4.017	18	1.360	13	0.674	8	8.138	4	8.863	53	1.39%
LoC	2.191	9	1.530	15	1.402	7	1.744	15	6.867	12	7.382	51	1.18%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Moody's Rating
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Baa2	0	0	0	0	0	0	0	0	0	0	0	0.144
Ba1	0	2.200	0	0.650	4.050	3.250	0.300	1.150	0	2.750	0.850	1.000
Ba2	0.690	22.805	2.450	5.335	0.500	4.175	4.225	2.010	6.625	4.785	10.090	1.860
Ba3	1.975	7.324	3.120	8.515	5.280	2.820	6.340	3.138	2.075	9.614	10.863	23.233
B1	4.535	7.103	2.683	5.770	7.051	7.713	7.168	12.204	0.135	2.880	6.105	2.040
B2	1.345	1.059	6.706	4.225	14.869	9.658	8.483	2.175	0.530	1.193	5.210	2.720
B3	0.150	0.576	0.651	2.085	0.669	1.543	1.445	1.170	0	1.065	0.780	1.630
Caa1	0	0	0.120	0.415	1.173	0.485	0.725	0.743	0.325	0.635	0.445	0.515
Caa2	0	0	0.115	0.040	0	0	0.019	0	0	0.062	0.210	0.150
NR	20.122	15.633	21.994	27.050	11.526	25.948	51.502	19.151	15.033	20.096	40.450	36.039
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0	0	0.144	2	0.144	1	0.144	2	0.02%
Ba1	2.850	5	7.600	10	3.900	4	1.850	4	16.200	12	16.200	23	2.78%
Ba2	30.590	30	8.900	14	13.420	31	11.950	14	64.860	49	65.550	94	11.12%
Ba3	18.959	39	14.440	49	14.827	42	34.096	44	82.322	83	84.296	181	14.11%
B1	15.556	72	21.932	84	15.219	48	8.145	42	60.851	120	65.386	261	10.43%
B2	11.990	44	33.010	76	3.898	31	7.930	22	56.828	84	58.173	182	9.74%
B3	3.312	16	3.657	32	2.235	14	2.410	9	11.614	21	11.764	73	1.99%
Caa1	0.535	7	2.383	15	1.702	15	0.960	9	5.580	3	5.580	46	0.96%
Caa2	0.155	2	0.019	1	0.062	1	0.360	3	0.596	1	0.596	7	0.10%
NR	64.677	226	88.975	296	54.280	244	76.488	193	284.420	585	304.542	1053	48.75%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Use of Proceeds
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Acquisition	2.040	29.934	6.631	7.865	12.308	23.073	12.227	8.117	5.618	15.705	7.321	14.708
Capex	2.775	0.675	1.436	1.107	0.467	0.225	0.437	2.179	0.393	0.950	0.920	1.785
Dividend/recap	1.588	2.935	1.541	3.600	0.961	3.683	3.024	2.415	0.518	1.426	4.055	2.510
Exit financing	1.865	3.080	0	0	0.215	0.133	3.175	0.795	0.125	1.100	0.840	0
GCP	5.870	7.683	10.190	10.650	4.754	5.710	37.547	5.236	5.217	5.493	5.405	21.366
LBO	1.560	3.258	2.550	9.065	6.107	2.692	7.132	11.461	2.491	6.240	30.320	13.319
Refinance	12.168	8.559	11.591	15.857	17.506	14.541	11.790	7.015	5.458	8.091	15.347	13.993
Multiple/Other/NA	0.950	0.575	3.900	5.940	2.800	5.534	4.875	4.521	4.903	4.075	10.795	1.650
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	44.430	46	47.609	62	29.441	50	22.029	30	143.508	188	145.548	198	24.60%
Capex	3.219	8	1.129	5	3.522	9	2.705	6	10.575	28	13.350	31	1.81%
Dividend/recap	8.076	13	7.667	22	4.359	12	6.565	13	26.667	60	28.255	63	4.57%
Exit financing	3.080	2	3.523	4	2.020	5	0.840	2	9.463	13	11.328	16	1.62%
GCP	28.523	73	48.011	79	15.946	51	26.771	40	119.250	243	125.120	266	20.44%
LBO	14.873	32	15.931	35	20.192	36	43.639	33	94.636	136	96.196	139	16.22%
Refinance	36.008	49	43.837	79	20.564	40	29.340	43	129.748	211	141.917	240	22.24%
Multiple/Other/NA	10.415	19	13.209	24	13.499	21	12.445	13	49.568	76	50.518	81	8.50%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%
Industry Sector (by SIC code)
	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006	10/2006	11/2006
Agriculture (0xxx)	0	0	0.338	1.400	0	0	0	0	0	0.138	0	0
Mining (1xxx)	0.225	0.709	0	0	0	0	2.715	0.465	0.175	3.177	0	0.335
Oil and gas (13xx)	1.750	2.400	2.215	3.467	4.785	1.165	1.816	2.600	1.850	3.915	1.275	1.895
Construction (15xx)	2.300	0.350	1.110	0.525	0.400	1.609	3.175	0.420	1.067	0.535	1.350	0.275
Manufacturing (2xxx, 3xxx)	6.251	19.795	5.659	12.473	12.861	22.529	23.326	17.303	14.217	9.831	20.212	41.345
Transportation (4xxx)	0	3.300	2.050	4.438	0.726	0	0.660	1.475	1.350	4.628	0.570	0.130
Communications (48xx)	1.040	0.780	4.853	7.685	13.652	7.071	5.030	2.183	0.493	4.145	2.660	0.535
Electric, gas, sanitary services (49xx)	2.685	9.925	0.750	5.735	1.964	3.599	2.010	3.900	0.778	1.603	2.052	5.595
Wholesale (5xxx)	4.940	2.450	3.495	7.885	2.881	5.999	5.022	4.123	1.210	3.465	8.185	2.954
Finance, insurance, real estate (6xxx)	0.890	6.715	2.380	3.035	3.775	3.400	23.175	1.785	0.705	2.440	2.285	4.439
Services (7xxx)	7.696	8.745	7.461	4.345	3.679	7.784	10.675	7.072	2.222	6.946	17.458	10.663
Health services (8xxx)	1.040	1.530	7.529	3.097	0.395	2.435	2.602	0.415	0.655	2.257	18.956	1.165
Total	28.817	56.699	37.839	54.085	45.118	55.591	80.207	41.740	24.723	43.080	75.002	69.331
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	1.738	3	0	0	0.138	1	0	0	1.875	4	1.875	4	0.32%
Mining (1xxx)	0.709	2	2.715	5	3.817	4	0.335	2	7.576	13	7.801	14	1.30%
Oil and gas (13xx)	8.082	14	7.766	22	8.365	15	3.170	11	27.383	62	29.133	67	4.69%
Construction (15xx)	1.985	8	5.184	10	2.022	8	1.625	5	10.817	31	13.117	33	1.85%
Manufacturing (2xxx, 3xxx)	37.926	75	58.715	110	41.351	78	61.557	67	199.550	330	205.801	355	34.20%
Transportation (4xxx)	9.788	9	1.387	9	7.453	9	0.700	4	19.328	31	19.328	31	3.31%
Communications (48xx)	13.318	12	25.753	27	6.821	14	3.195	6	49.086	59	50.126	65	8.41%
Electric, gas, sanitary services (49xx)	16.410	16	7.573	12	6.281	12	7.647	10	37.911	50	40.596	55	6.50%
Wholesale (5xxx)	13.830	25	13.902	31	8.798	23	11.139	17	47.669	96	52.609	106	8.17%
Finance, insurance, real estate (6xxx)	12.130	25	30.350	20	4.930	18	6.724	12	54.134	75	55.024	82	9.28%
Services (7xxx)	20.551	33	22.138	42	16.239	31	28.121	34	87.050	140	94.745	152	14.92%
Health services (8xxx)	12.156	20	5.432	22	3.328	10	20.120	12	41.036	64	42.076	70	7.03%
Total	148.623	242	180.916	310	109.543	223	144.333	180	583.415	955	612.232	1034	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• Deals must be $75 million or bigger for inclusion.

• 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).

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