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

Total: $244.522 billion in 414 deals year to date

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

Rate (L+)

	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Below 125 bps	1.850	3.400	3.825	4.100	6.100	1.550	1.725	2.100	2.000	5.800	6.384	1.379
125	8.300	0.325	0.300	0.550	0	1.295	0.400	5.115	3.935	1.975	0.300	5.952
150	6.590	1.080	1.680	2.770	5.230	2.712	0.855	10.080	4.190	9.090	1.540	6.391
175	5.135	5.275	0.865	1.632	0.775	6.053	2.228	1.600	1.953	6.940	7.666	5.355
200	2.145	2.485	1.841	2.587	1.515	3.869	2.474	13.140	4.710	8.815	4.420	3.311
225	2.575	4.095	1.975	2.930	3.105	6.295	2.840	7.306	3.015	4.260	5.607	4.610
250	1.722	5.085	0.385	3.910	1.289	6.384	1.337	2.423	1.646	1.280	1.892	4.654
275	1.808	2.585	1.202	1.510	3.455	1.908	2.765	1.667	1.360	1.630	6.325	3.092
300	1.102	0.260	0.305	1.754	3.659	1.590	1.350	2.775	0.706	0.945	0.452	3.447
325 bps and upwards	5.579	3.768	1.254	3.761	3.384	3.680	2.308	5.878	8.419	6.552	2.762	3.151
Fixed rate	0.123	0	0.027	0.076	0.025	0.212	0.540	0.025	0.335	0.212	0.444	0.503
NA	10.570	4.912	7.320	6.870	6.561	6.247	9.900	4.590	5.295	6.442	7.041	9.421
Other	0	0	0	0.200	0	0	0	0	0	0	0	0
Prime based	0	0	0	0	1.000	0.040	0.095	0	0	0.117	0	0.100
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	7.763	15	17.663	27	40.213	79	7.22%
125	1.175	5	1.695	8	11.025	20	6.253	9	17.277	20	28.448	62	7.07%
150	5.530	18	8.797	27	23.360	42	7.931	16	31.291	37	52.208	119	12.80%
175	7.772	25	9.055	35	10.493	24	13.021	31	23.514	26	45.476	128	9.62%
200	6.913	30	7.857	26	26.665	40	7.731	17	34.396	28	51.311	120	14.07%
225	9.000	33	12.240	40	14.581	44	10.217	36	24.798	43	48.613	163	10.14%
250	9.380	23	9.011	50	5.349	35	6.546	25	11.895	35	32.007	141	4.86%
275	5.297	25	8.128	32	4.657	27	9.417	20	14.074	22	29.307	117	5.76%
300	2.319	19	6.599	37	4.426	17	3.900	16	8.325	13	18.346	95	3.40%
325 bps and upwards	8.785	72	9.370	91	20.850	86	5.914	45	26.761	57	50.496	331	0.1094
Fixed rate	0.103	2	0.777	8	0.573	4	0.947	4	1.519	5	2.522	20	0.62%
NA	19.102	78	22.709	81	16.328	74	16.462	85	32.789	118	85.171	356	13.41%
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	0.100	2	0.217	2	1.352	13	0.09%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Upsized?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Yes	2.685	2.627	0.880	6.373	2.514	3.532	0.350	12.659	1.738	8.370	8.625	2.475
No	42.839	28.269	20.099	25.627	32.560	36.852	27.387	44.040	34.015	42.565	35.533	48.812
Downsized	1.975	2.375	0	0.650	1.024	1.450	1.080	0	1.810	3.125	0.675	0.080
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	22.767	27	11.100	17	33.867	17	52.828	95	13.85%
No	73.994	314	96.799	439	120.620	396	84.345	301	204.965	394	418.598	1612	83.82%
Downsized	3.025	5	3.554	16	4.935	12	0.755	3	5.690	4	14.245	38	2.33%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Flex?
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Down	10.540	14.843	2.292	10.758	3.458	7.133	1.610	25.449	6.295	18.538	12.342	2.346
No	35.625	18.302	15.906	20.811	29.267	26.666	27.037	31.005	27.603	35.312	30.140	47.771
Up	1.334	0.125	2.780	1.081	3.374	8.034	0.170	0.245	3.665	0.210	2.350	1.250
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	50.282	90	14.689	28	64.971	25	115.607	265	26.57%
No	55.019	252	82.970	388	93.920	337	77.911	288	171.831	386	345.445	1403	70.27%
Up	3.986	9	11.579	47	4.120	8	3.600	5	7.720	4	24.619	77	3.16%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Type
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Revolver	23.470	12.232	13.110	12.640	16.815	18.472	16.357	17.310	14.520	20.290	11.870	17.260
Term	9.185	8.069	3.671	5.351	8.392	10.999	5.618	9.098	12.486	13.125	12.939	9.085
TLA	4.660	0.740	0.085	2.350	1.625	0.955	0.400	8.005	1.475	0.912	3.819	5.386
Institutional	8.119	10.264	3.165	9.642	5.478	8.243	4.332	16.250	7.866	16.235	12.158	17.051
Second/third/junior lien	1.475	1.288	0.448	1.056	1.655	1.631	0.870	4.252	1.005	1.665	1.825	1.690
Delayed draw	0.050	0.553	0.500	0.605	1.200	1.043	0.725	0.345	0.050	1.242	2.172	0.570
LoC	0.540	0.125	0	1.007	0.935	0.490	0.515	1.439	0.162	0.590	0.050	0.325
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	52.120	199	29.130	134	81.250	326	194.346	811	33.23%
Term	17.090	68	25.009	93	34.708	96	22.024	67	56.733	43	108.017	357	23.20%
TLA	3.175	9	2.980	11	10.393	15	9.206	11	19.598	2	30.413	56	8.01%
Institutional	23.070	55	18.052	62	40.351	69	29.209	66	69.560	40	118.802	282	28.45%
Second/third/junior lien	2.792	34	4.156	51	6.922	36	3.514	30	10.437	4	18.859	163	4.27%
Delayed draw	1.658	8	2.968	11	1.637	11	2.742	8	4.379	2	9.055	39	1.79%
LoC	1.132	6	1.940	12	2.191	9	0.375	5	2.566	3	6.178	37	1.05%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Moody's Rating
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Baa3	0	0	0	0	1.650	0	0	0	0	0	0	0
Ba1	0.475	0.900	0	2.100	3.000	2.520	0	2.200	0	0.650	0	2.100
Ba2	2.950	3.035	2.700	0	3.090	5.403	0.690	22.805	2.450	5.335	0.500	3.500
Ba3	1.475	4.855	2.625	2.262	3.025	2.467	1.975	7.324	3.120	8.515	5.240	0.650
B1	7.897	2.183	0.550	6.203	4.775	7.213	4.535	7.103	2.683	5.770	7.051	7.842
B2	3.767	2.999	1.000	3.960	3.432	4.713	1.345	1.059	6.706	4.225	14.824	6.291
B3	1.245	0.232	0.237	0.798	0.710	0.450	0.150	0.576	0.651	2.085	0.669	1.048
Caa1	0.115	0.050	0.080	0.102	0.075	0.342	0	0	0.120	0.415	1.173	0.385
Caa2	0	0	0	0.178	0	0	0	0	0.115	0.040	0	0
NR	29.575	19.016	13.786	17.047	16.343	18.727	20.122	15.633	21.718	27.025	15.376	29.552
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	2.100	2	4.950	3	13.945	25	2.02%
Ba2	5.735	7	9.183	23	30.590	30	4.000	4	34.590	17	52.458	74	14.15%
Ba3	9.742	31	7.467	23	18.959	39	5.890	18	24.849	26	43.533	114	10.16%
B1	8.936	42	16.523	70	15.556	72	14.893	44	30.449	55	63.805	266	12.45%
B2	7.959	45	9.489	52	11.990	44	21.115	48	33.105	48	54.320	202	13.54%
B3	1.268	13	1.310	16	3.312	16	1.717	18	5.029	10	8.851	70	2.06%
Caa1	0.233	4	0.417	3	0.535	7	1.558	7	2.093	2	2.857	22	0.86%
Caa2	0.178	2	0	0	0.155	2	0	0	0.155	1	0.333	4	0.06%
NR	49.849	196	55.192	269	64.376	220	44.927	180	109.303	255	243.918	964	44.70%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Use of Proceeds
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Acquisition	9.647	4.095	4.636	5.771	7.226	3.833	2.040	29.934	6.631	7.840	12.263	19.437
Capex	0.583	0.230	0.911	0.851	1.315	0.233	2.775	0.675	1.160	1.107	0.467	0.225
Dividend/recap	1.383	1.307	1.183	1.708	2.240	2.590	1.588	2.935	1.541	3.600	0.961	3.416
Exit financing	0	0	0	0	0.285	0.650	1.865	3.080	0	0	0.215	0.133
GCP	9.500	4.342	7.574	6.315	10.260	9.975	5.870	7.683	10.190	10.650	4.554	5.185
LBO	5.652	9.732	0.670	7.087	2.527	12.724	1.560	3.258	2.550	9.065	6.067	2.692
Refinance	17.159	10.746	4.080	9.895	8.295	8.264	12.168	8.559	11.591	15.857	17.506	15.395
Multiple/Other/NA	3.575	2.818	1.925	1.025	3.950	3.565	0.950	0.575	3.900	5.940	2.800	4.884
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	44.405	46	31.700	36	76.105	82	113.354	157	31.12%
Capex	1.992	6	4.322	9	2.942	7	0.692	3	3.635	10	10.533	27	1.49%
Dividend/recap	4.197	16	6.418	14	8.076	13	4.377	13	12.453	26	24.451	61	5.09%
Exit financing	0	0	2.800	5	3.080	2	0.348	2	3.428	4	6.228	9	1.40%
GCP	18.231	57	26.105	77	28.523	73	9.739	38	38.262	111	92.098	271	15.65%
LBO	17.489	23	16.811	34	14.873	32	8.759	19	23.632	51	63.585	118	9.66%
Refinance	24.721	38	28.728	68	36.008	49	32.901	48	68.909	97	139.516	235	28.18%
Multiple/Other/NA	5.768	25	8.465	22	10.415	19	7.684	14	18.099	33	35.907	87	7.40%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	100.00%
Industry Sector (by SIC code)
	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006
Agriculture (0xxx)	0.600	0	0	0.520	0	0.710	0	0	0.338	1.400	0	0
Mining (1xxx)	0.607	0	0.480	0	1.050	2.050	0.225	0.709	0.080	0	0	0.497
Oil and gas (13xx)	1.615	1.900	2.255	1.200	1.575	2.945	1.750	2.400	2.215	3.467	4.740	1.065
Construction (15xx)	1.200	0.125	1.675	3.185	1.405	2.120	2.300	0.350	1.030	0.525	0.400	1.337
Manufacturing (2xxx, 3xxx)	12.157	9.577	6.002	5.728	13.483	11.246	6.251	19.795	5.383	12.473	12.821	22.102
Transportation (4xxx)	1.580	4.600	0.850	2.325	1.466	0.840	0	3.300	2.050	4.438	0.726	0
Communications (48xx)	4.728	1.436	0.890	1.200	4.165	1.343	1.040	0.780	4.853	7.685	13.452	3.520
Electric, gas, sanitary services (49xx)	4.688	1.370	1.320	2.536	4.484	3.555	2.685	9.425	0.750	5.735	1.964	3.599
Wholesale (5xxx)	10.615	0.470	3.760	7.870	5.149	1.220	4.940	2.950	3.495	7.860	2.881	5.999
Finance, insurance, real estate (6xxx)	1.601	4.535	0.831	0.250	1.450	4.192	0.890	6.715	2.380	3.035	3.775	3.300
Services (7xxx)	2.590	8.068	1.740	6.252	0.540	10.125	7.696	8.745	7.461	4.345	3.679	7.508
Health services (8xxx)	5.517	1.190	1.175	1.585	1.332	1.488	1.040	1.530	7.529	3.097	0.395	2.440
Total	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.833	51.367
	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	0.71%
Mining (1xxx)	0.480	2	3.325	9	0.789	3	0.497	2	1.286	5	5.699	18	0.53%
Oil and gas (13xx)	5.355	10	6.270	18	8.082	14	5.805	13	13.887	27	27.127	61	5.68%
Construction (15xx)	4.985	7	5.825	9	1.905	7	1.738	4	3.643	11	15.652	28	1.49%
Manufacturing (2xxx, 3xxx)	21.307	60	30.980	87	37.650	74	34.922	63	72.573	137	137.017	311	29.68%
Transportation (4xxx)	7.775	10	2.306	6	9.788	9	0.726	3	10.514	12	22.175	32	4.30%
Communications (48xx)	3.526	11	6.548	17	13.318	12	16.972	18	30.290	30	45.092	67	12.39%
Electric, gas, sanitary services (49xx)	5.226	15	10.724	17	15.910	15	5.563	8	21.473	23	42.111	64	8.78%
Wholesale (5xxx)	12.100	16	11.309	32	14.305	26	8.880	15	23.185	41	57.209	104	9.48%
Finance, insurance, real estate (6xxx)	5.616	13	6.532	17	12.130	25	7.075	14	19.205	39	32.955	77	7.85%
Services (7xxx)	16.059	31	18.360	35	20.551	33	11.187	23	31.738	56	68.748	129	12.98%
Health services (8xxx)	3.950	15	3.861	16	12.156	20	2.835	10	14.991	30	28.318	68	6.13%
Total	86.899	191	106.750	264	148.322	241	96.200	173	244.522	414	485.671	965	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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