Analysis of bank loan issuance for year to date through February

Total: $101.973 billion in 136 deals

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

Rate (L+)

1/2006 2/2006

100 2.400 1.500

125 5.115 3.935

150 10.180 4.740

175 1.600 1.953

200 13.063 7.935

225 7.306 3.465

250 2.423 1.728

275 1.667 1.515

300 2.775 0.450

325 bps and upwards 5.758 6.660

Fixed rate 0.025 0

NA/Other 4.630 11.150

Total 56.942 45.030

	Q1/2006	Count	Total	Count	Share
100	3.900	6	3.900	6	3.82%
125	9.050	15	9.050	15	8.87%
150	14.920	21	14.920	21	14.63%
175	3.553	7	3.553	7	3.48%
200	20.998	20	20.998	20	20.59%
225	10.771	29	10.771	29	10.56%
250	4.151	23	4.151	23	4.07%
275	3.182	15	3.182	15	3.12%
300	3.225	7	3.225	7	3.16%
325 bps and upwards	12.417	47	12.417	47	0.1217
Fixed rate	0.025	1	0.025	1	0.02%
NA/Other	15.780	52	15.780	52	15.47%
Total	101.973	136	101.973	136	100.00%
Upsized?
	1/2006	2/2006
Yes	12.659	0.990
No	44.283	43.980
Downsized	0	0.060
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Yes	13.649	14	13.649	14	13.38%
No	88.264	228	88.264	228	86.56%
Downsized	0.060	1	0.060	1	0.06%
Total	101.973	136	101.973	136	100.00%
Flex?
	1/2006	2/2006
Down	25.449	1.565
No	31.248	41.415
Up	0.245	2.050
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Down	27.014	34	27.014	34	26.49%
No	72.664	205	72.664	205	71.26%
Up	2.295	4	2.295	4	2.25%
Total	101.973	136	101.973	136	100.00%
Type
	1/2006	2/2006
Revolver	17.333	16.112
Term	9.018	15.140
TLA	8.305	2.725
Institutional	16.250	9.473
Second/third/junior lien	4.252	0.870
Delayed draw	0.345	0.400
LoC	1.439	0.310
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Revolver	33.445	106	33.445	106	32.80%
Term	24.159	51	24.159	51	23.69%
TLA	11.030	12	11.030	12	10.82%
Institutional	25.723	41	25.723	41	25.23%
Second/third/junior lien	5.122	21	5.122	21	5.02%
Delayed draw	0.745	5	0.745	5	0.73%
LoC	1.749	7	1.749	7	1.72%
Total	101.973	136	101.973	136	100.00%
Moody's Rating
	1/2006	2/2006
Ba1	2.200	0
Ba2	23.205	0.650
Ba3	6.889	2.845
B1	6.963	1.753
B2	0.789	3.940
B3	0.576	0.550
Caa1	0	0.060
Caa2	0	0.115
NR	16.321	35.117
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Ba1	2.200	3	2.200	3	2.16%
Ba2	23.855	18	23.855	18	23.39%
Ba3	9.734	16	9.734	16	9.55%
B1	8.716	34	8.716	34	8.55%
B2	4.729	23	4.729	23	4.64%
B3	1.126	6	1.126	6	1.10%
Caa1	0.060	1	0.060	1	0.06%
Caa2	0.115	1	0.115	1	0.11%
NR	51.438	141	51.438	141	50.44%
Total	101.973	136	101.973	136	100.00%
Use of Proceeds
	1/2006	2/2006
Acquisition	29.934	10.293
Capex	0.675	1.962
Dividend/recap	2.855	1.545
Exit financing	3.080	0
GCP	7.683	9.815
LBO	3.258	2.525
Refinance	8.882	11.890
Multiple/Other/NA	0.575	7.000
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Acquisition	40.227	30	40.227	30	39.45%
Capex	2.637	5	2.637	5	2.59%
Dividend/recap	4.400	11	4.400	11	4.31%
Exit financing	3.080	2	3.080	2	3.02%
GCP	17.498	39	17.498	39	17.16%
LBO	5.783	12	5.783	12	5.67%
Refinance	20.773	28	20.773	28	20.37%
Multiple/Other/NA	7.575	9	7.575	9	7.43%
Total	101.973	136	101.973	136	100.00%
Industry Sector (by SIC code)
	1/2006	2/2006
Agriculture (0xxx)	0	0.338
Mining (1xxx)	0.709	0.080
Oil and gas (13xx)	2.400	2.965
Construction (15xx)	0.350	1.030
Manufacturing (2xxx, 3xxx)	20.115	5.283
Transportation (4xxx)	3.300	2.050
Communications (48xx)	0.780	4.853
Electric, gas, sanitary services (49xx)	9.425	0.827
Wholesale (5xxx)	2.950	7.395
Finance, insurance, real estate (6xxx)	6.715	1.510
Services (7xxx)	8.668	10.640
Health services (8xxx)	1.530	8.060
Total	56.942	45.030
	Q1/2006	Count	Total	Count	Share
Agriculture (0xxx)	0.338	2	0.338	2	0.33%
Mining (1xxx)	0.789	3	0.789	3	0.77%
Oil and gas (13xx)	5.365	7	5.365	7	5.26%
Construction (15xx)	1.380	5	1.380	5	1.35%
Manufacturing (2xxx, 3xxx)	25.398	38	25.398	38	24.91%
Transportation (4xxx)	5.350	3	5.350	3	5.25%
Communications (48xx)	5.633	8	5.633	8	5.52%
Electric, gas, sanitary services (49xx)	10.252	6	10.252	6	10.05%
Wholesale (5xxx)	10.345	14	10.345	14	10.14%
Finance, insurance, real estate (6xxx)	8.225	13	8.225	13	8.07%
Services (7xxx)	19.308	23	19.308	23	18.93%
Health services (8xxx)	9.590	14	9.590	14	9.40%
Total	101.973	136	101.973	136	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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.