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

Total: $192.391 billion in 317 deals year to date

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

Rate (L+)

	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Below 125 bps	0.320	1.850	3.400	3.825	4.100	6.100	1.550	1.725	2.100	2.000	5.800	6.094
125	0.120	8.300	0.325	0.300	0.550	0	1.295	0.400	5.115	3.935	1.975	0
150	1.400	6.590	1.080	1.680	2.770	5.230	2.712	0.855	10.080	4.190	9.290	1.495
175	0.105	5.135	5.275	0.865	1.632	0.775	6.053	2.228	1.600	1.953	6.665	6.291
200	5.040	2.145	2.485	1.841	2.587	1.515	3.869	2.474	13.140	4.710	8.815	1.370
225	3.665	2.575	4.095	1.975	2.930	3.105	6.295	2.840	7.306	3.015	4.260	3.525
250	1.185	1.722	5.085	0.385	3.910	1.289	6.384	1.337	2.423	1.646	1.135	2.842
275	0.835	1.808	2.585	1.202	1.510	3.455	1.908	2.765	1.667	1.360	1.790	6.250
300	1.320	1.102	0.260	0.305	1.754	3.659	1.590	1.350	2.775	0.706	1.055	0.342
325 bps and upwards	5.978	5.579	3.768	1.254	3.761	3.384	3.680	2.308	5.878	8.419	6.552	2.745
Fixed rate	0	0.123	0	0.027	0.076	0.025	0.212	0.540	0.025	0.335	0.212	0.444
NA	4.355	10.570	4.912	7.320	6.870	6.561	6.247	9.900	4.590	5.295	6.668	12.396
Other	0	0	0	0	0.200	0	0	0	0	0	0	0
Prime based	0.350	0	0	0	0	1.000	0.040	0.095	0	0	0.117	0
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	11.325	17	9.375	25	9.900	19	6.094	9	15.994	22	38.864	74	8.32%
125	1.175	5	1.695	8	11.025	20	0	0	11.025	14	22.315	54	5.73%
150	5.530	18	8.797	27	23.560	42	1.495	7	25.055	31	47.372	116	13.02%
175	7.772	25	9.055	35	10.218	22	6.291	12	16.509	17	38.576	108	8.58%
200	6.913	30	7.857	26	26.665	40	1.370	5	28.035	20	49.990	120	14.57%
225	9.000	33	12.240	40	14.581	44	3.525	9	18.106	29	45.586	142	9.41%
250	9.380	23	9.011	50	5.204	34	2.842	10	8.046	28	29.343	131	4.18%
275	5.297	25	8.128	32	4.817	26	6.250	6	11.067	14	27.135	108	5.75%
300	2.319	19	6.599	37	4.536	19	0.342	5	4.878	11	16.219	90	2.54%
325 bps and upwards	8.785	72	9.370	91	20.850	86	2.745	20	23.594	49	53.305	337	0.1225
Fixed rate	0.103	2	0.777	8	0.573	4	0.444	2	1.016	4	2.019	18	0.53%
NA	19.102	78	22.709	81	16.552	75	12.396	55	28.948	95	85.685	343	15.05%
Other	0.200	1	0	0	0	0	0	0	0	0	0.200	1	0.00%
Prime based	0	0	1.135	8	0.117	3	0	0	0.117	1	1.602	13	0.06%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Upsized?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	1.525	2.685	2.627	0.880	6.373	2.514	3.532	0.350	12.659	1.738	8.120	6.985
No	22.047	42.839	28.269	20.099	25.627	32.560	36.852	27.387	44.040	34.015	44.035	36.809
Downsized	1.100	1.975	2.375	0	0.650	1.024	1.450	1.080	0	1.810	2.180	0
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	9.880	29	6.396	13	22.517	26	6.985	9	29.502	14	49.988	89	15.33%
No	73.994	314	96.799	439	122.090	399	36.809	131	158.899	301	394.579	1532	82.59%
Downsized	3.025	5	3.554	16	3.990	9	0	0	3.990	4	13.645	34	2.07%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Flex?
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Down	0.430	10.540	14.843	2.292	10.758	3.458	7.133	1.610	25.449	6.295	18.108	9.750
No	16.732	35.625	18.302	15.906	20.811	29.267	26.666	27.037	31.005	27.603	36.017	34.044
Up	7.511	1.334	0.125	2.780	1.081	3.374	8.034	0.170	0.245	3.665	0.210	0
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Down	27.894	87	12.201	33	49.852	84	9.750	9	59.602	21	110.668	242	30.98%
No	55.019	252	82.970	388	94.625	342	34.044	131	128.669	295	319.014	1324	66.88%
Up	3.986	9	11.579	47	4.120	8	0	0	4.120	3	28.529	89	2.14%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Type
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Revolver	9.643	23.470	12.232	13.110	12.640	16.815	18.472	16.357	17.310	14.520	20.315	11.030
Term	5.559	9.185	8.069	3.671	5.351	8.392	10.999	5.618	9.098	12.486	13.375	12.679
TLA	0.845	4.660	0.740	0.085	2.350	1.625	0.955	0.400	8.005	1.475	0.912	3.819
Institutional	7.426	8.119	10.264	3.165	9.642	5.478	8.243	4.332	16.250	7.866	16.320	12.729
Second/third/junior lien	0.988	1.475	1.288	0.448	1.056	1.655	1.631	0.870	4.252	1.005	1.665	1.820
Delayed draw	0	0.050	0.553	0.500	0.605	1.200	1.043	0.725	0.345	0.050	1.157	1.667
LoC	0.212	0.540	0.125	0	1.007	0.935	0.490	0.515	1.439	0.162	0.590	0.050
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	37.982	168	51.644	228	52.145	199	11.030	59	63.175	252	185.914	774	32.84%
Term	17.090	68	25.009	93	34.958	96	12.679	30	47.637	31	104.481	340	24.76%
TLA	3.175	9	2.980	11	10.393	15	3.819	4	14.211	3	25.872	52	7.39%
Institutional	23.070	55	18.052	62	40.436	69	12.729	29	53.165	28	109.832	260	27.63%
Second/third/junior lien	2.792	34	4.156	51	6.922	36	1.820	12	8.742	4	18.153	156	4.54%
Delayed draw	1.658	8	2.968	11	1.552	10	1.667	5	3.219	1	7.895	35	1.67%
LoC	1.132	6	1.940	12	2.191	9	0.050	1	2.241	2	6.066	38	1.16%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Moody's Rating
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Baa3	0	0	0	0	0	1.650	0	0	0	0	0	0
Ba1	0.550	0.475	0.900	0	2.100	3.000	2.520	0	2.200	0	0.650	0
Ba2	0	2.950	3.035	2.700	0	3.090	5.403	0.690	22.805	2.450	5.410	0.500
Ba3	0.600	1.475	4.855	2.625	2.262	3.025	2.467	1.975	7.324	3.120	7.990	5.290
B1	4.450	7.897	2.183	0.550	6.203	4.775	7.213	4.535	7.103	2.683	5.545	7.471
B2	1.915	3.767	2.999	1.000	3.960	3.432	4.713	1.345	1.059	6.706	4.300	12.125
B3	0.308	1.245	0.232	0.237	0.798	0.710	0.450	0.150	0.576	0.651	2.085	0.492
Caa1	0.210	0.115	0.050	0.080	0.102	0.075	0.342	0	0	0.120	0.415	0.498
Caa2	0.115	0	0	0	0.178	0	0	0	0	0.115	0.040	0
NR	16.524	29.575	19.016	13.786	17.047	16.343	18.727	20.122	15.633	21.718	27.900	17.418
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	1.650	4	0	0	0	0	0	0	1.650	4	0.00%
Ba1	3.000	8	5.520	8	2.850	5	0	0	2.850	2	12.395	24	1.48%
Ba2	5.735	7	9.183	23	30.665	30	0.500	1	31.165	16	49.033	71	16.20%
Ba3	9.742	31	7.467	23	18.434	36	5.290	12	23.724	21	43.008	108	12.33%
B1	8.936	42	16.523	70	15.331	70	7.471	20	22.802	43	60.608	253	11.85%
B2	7.959	45	9.489	52	12.065	45	12.125	21	24.190	34	47.320	184	12.57%
B3	1.268	13	1.310	16	3.312	16	0.492	5	3.804	7	7.934	62	1.98%
Caa1	0.233	4	0.417	3	0.535	7	0.498	4	1.033	1	2.007	21	0.54%
Caa2	0.178	2	0	0	0.155	2	0	0	0.155	1	0.448	5	0.08%
NR	49.849	196	55.192	269	65.251	223	17.418	77	82.668	194	233.808	923	42.97%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Use of Proceeds
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Acquisition	7.997	9.647	4.095	4.636	5.771	7.226	3.833	2.040	29.934	6.631	7.965	12.176
Capex	0	0.583	0.230	0.911	0.851	1.315	0.233	2.775	0.675	1.160	1.157	0.467
Dividend/recap	1.125	1.383	1.307	1.183	1.708	2.240	2.590	1.588	2.935	1.541	3.600	0.859
Exit financing	0.300	0	0	0	0	0.285	0.650	1.865	3.080	0	0	0.215
GCP	1.190	9.500	4.342	7.574	6.315	10.260	9.975	5.870	7.683	10.190	10.650	4.254
LBO	1.351	5.652	9.732	0.670	7.087	2.527	12.724	1.560	3.258	2.550	9.065	5.972
Refinance	11.879	17.159	10.746	4.080	9.895	8.295	8.264	12.168	8.559	11.591	15.932	17.301
Multiple/Other/NA	0.830	3.575	2.818	1.925	1.025	3.950	3.565	0.950	0.575	3.900	5.965	2.550
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	14.501	26	13.100	35	44.530	46	12.176	13	56.706	59	101.952	142	29.47%
Capex	1.992	6	4.322	9	2.993	7	0.467	2	3.459	9	10.358	26	1.80%
Dividend/recap	4.197	16	6.418	14	8.076	13	0.859	5	8.935	18	22.058	57	4.64%
Exit financing	0	0	2.800	5	3.080	2	0.215	1	3.295	3	6.395	9	1.71%
GCP	18.231	57	26.105	77	28.523	73	4.254	19	32.777	92	87.803	259	17.04%
LBO	17.489	23	16.811	34	14.873	32	5.972	12	20.845	44	62.148	115	10.83%
Refinance	24.721	38	28.728	68	36.083	50	17.301	20	53.384	70	135.870	230	27.75%
Multiple/Other/NA	5.768	25	8.465	22	10.440	19	2.550	3	12.990	22	31.628	80	6.75%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
Industry Sector (by SIC code)
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Agriculture (0xxx)	0	0.600	0	0	0.520	0	0.710	0	0	0.338	1.400	0
Mining (1xxx)	1.035	0.607	0	0.480	0	1.050	2.050	0.225	0.709	0.080	0	0
Oil and gas (13xx)	1.050	1.615	1.900	2.255	1.200	1.575	2.945	1.750	2.400	2.215	3.467	4.463
Construction (15xx)	0	1.200	0.125	1.675	3.185	1.405	2.120	2.300	0.350	1.030	0.475	0.400
Manufacturing (2xxx, 3xxx)	7.531	12.157	9.577	6.002	5.728	13.483	11.246	6.251	19.795	5.383	12.423	12.864
Transportation (4xxx)	0.320	1.580	4.600	0.850	2.325	1.466	0.840	0	3.300	2.050	4.438	0.726
Communications (48xx)	2.892	4.728	1.436	0.890	1.200	4.165	1.343	1.040	0.780	4.853	7.685	13.447
Electric, gas, sanitary services (49xx)	0.845	4.688	1.370	1.320	2.536	4.484	3.555	2.685	9.425	0.750	5.785	1.964
Wholesale (5xxx)	0.960	10.615	0.470	3.760	7.870	5.149	1.220	4.940	2.950	3.495	7.935	2.316
Finance, insurance, real estate (6xxx)	0.600	1.601	4.535	0.831	0.250	1.450	4.192	0.890	6.715	2.380	3.210	3.675
Services (7xxx)	4.650	2.590	8.068	1.740	6.252	0.540	10.125	7.696	8.745	7.461	4.420	3.544
Health services (8xxx)	4.790	5.517	1.190	1.175	1.585	1.332	1.488	1.040	1.530	7.529	3.097	0.395
Total	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.335	43.794
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.520	1	0.710	1	1.738	3	0	0	1.738	3	3.567	6	0.90%
Mining (1xxx)	0.480	2	3.325	9	0.789	3	0	0	0.789	3	6.237	20	0.41%
Oil and gas (13xx)	5.355	10	6.270	18	8.082	14	4.463	8	12.545	22	26.835	58	6.52%
Construction (15xx)	4.985	7	5.825	9	1.855	7	0.400	1	2.255	8	14.265	25	1.17%
Manufacturing (2xxx, 3xxx)	21.307	60	30.980	87	37.600	74	12.864	22	50.464	96	122.439	287	26.23%
Transportation (4xxx)	7.775	10	2.306	6	9.788	9	0.726	3	10.514	12	22.495	33	5.46%
Communications (48xx)	3.526	11	6.548	17	13.318	12	13.447	11	26.765	23	44.458	67	13.91%
Electric, gas, sanitary services (49xx)	5.226	15	10.724	17	15.960	15	1.964	3	17.924	18	39.407	62	9.32%
Wholesale (5xxx)	12.100	16	11.309	32	14.380	26	2.316	6	16.696	32	51.681	98	8.68%
Finance, insurance, real estate (6xxx)	5.616	13	6.532	17	12.305	25	3.675	7	15.980	32	30.330	71	8.31%
Services (7xxx)	16.059	31	18.360	35	20.626	34	3.544	12	24.170	46	65.829	124	12.56%
Health services (8xxx)	3.950	15	3.861	16	12.156	20	0.395	2	12.551	22	30.668	67	6.52%
Total	86.899	191	106.750	264	148.597	242	43.794	75	192.391	317	458.212	918	100.00%
(c) 2006 Prospect News Inc. Copying and redistribution are prohibited by law without written permission in advance from Prospect News.

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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