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

Total: $327.230 billion in 539 deals year to date

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

Rate (L+)

	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Below 125 bps	3.400	3.825	4.100	6.100	1.550	1.725	2.100	2.000	5.800	6.384	1.479	7.225
125	0.325	0.300	0.550	0	1.295	0.400	5.115	3.935	1.975	0.300	6.478	1.790
150	1.080	1.680	2.770	5.230	2.712	0.855	10.080	4.190	9.090	1.655	6.366	4.175
175	5.275	0.865	1.632	0.775	6.053	2.228	1.600	1.953	6.940	7.666	6.080	3.480
200	2.485	1.841	2.587	1.515	3.869	2.474	13.140	4.710	8.815	4.545	4.386	3.460
225	4.095	1.975	2.930	3.105	6.295	2.840	7.306	3.015	4.260	5.607	7.032	2.137
250	5.085	0.385	3.910	1.289	6.384	1.337	2.423	1.646	1.280	2.377	5.647	4.811
275	2.585	1.202	1.510	3.455	1.908	2.765	1.667	1.360	1.630	6.325	3.563	2.945
300	0.260	0.305	1.754	3.659	1.590	1.350	2.775	0.706	0.945	0.452	4.487	2.145
325 bps and upwards	3.768	1.254	3.761	3.384	3.680	2.308	5.878	8.419	7.252	2.762	3.912	9.978
Fixed rate	0	0.027	0.076	0.025	0.212	0.540	0.025	0.335	0.212	0.444	0.503	0
NA	4.912	7.320	6.870	6.561	6.247	9.900	4.590	5.295	5.742	6.401	5.733	36.069
Other	0	0	0.200	0	0	0	0	0	0	0	0	0
Prime based	0	0	0	1.000	0.040	0.095	0	0	0.117	0	0.100	0.010
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	15.088	26	24.988	34	45.688	87	7.64%
125	1.175	5	1.695	8	11.025	20	8.568	16	19.593	25	22.462	49	5.99%
150	5.530	18	8.797	27	23.360	42	12.196	28	35.556	46	49.883	115	10.87%
175	7.772	25	9.055	35	10.493	24	17.226	42	27.719	36	44.546	126	8.47%
200	6.913	30	7.857	26	26.665	40	12.391	30	39.056	36	53.826	126	11.94%
225	9.000	33	12.240	40	14.581	44	14.776	56	29.357	56	50.597	173	8.97%
250	9.380	23	9.011	50	5.349	35	12.835	54	18.183	49	36.574	162	5.56%
275	5.297	25	8.128	32	4.657	27	12.834	35	17.491	29	30.915	119	5.35%
300	2.319	19	6.599	37	4.426	17	7.085	28	11.511	19	20.429	101	3.52%
325 bps and upwards	8.785	72	9.370	91	21.550	88	16.653	106	38.199	76	56.355	357	11.65%
Fixed rate	0.103	2	0.777	8	0.573	4	0.947	4	1.519	5	2.399	18	0.46%
NA	19.102	78	22.709	81	15.627	72	48.203	124	63.831	145	105.642	355	19.51%
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	0.110	3	0.227	2	1.362	14	0.07%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Upsized?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Yes	2.627	0.880	6.373	2.514	3.532	0.350	12.659	1.738	8.370	8.925	6.250	22.885
No	28.269	20.099	25.627	32.560	36.852	27.387	44.040	34.015	42.565	35.318	49.062	54.457
Downsized	2.375	0	0.650	1.024	1.450	1.080	0	1.810	3.125	0.675	0.455	0.882
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	38.059	35	60.827	22	77.103	104	18.59%
No	73.994	314	96.799	439	120.620	396	138.836	507	259.457	511	430.250	1656	79.29%
Downsized	3.025	5	3.554	16	4.935	12	2.012	10	6.947	7	13.527	43	2.12%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Flex?
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Down	14.843	2.292	10.758	3.458	7.133	1.610	25.449	6.295	18.538	12.342	4.056	1.090
No	18.302	15.906	20.811	29.267	26.666	27.037	31.005	27.603	35.312	30.225	44.994	68.927
Up	0.125	2.780	1.081	3.374	8.034	0.170	0.245	3.665	0.210	2.350	6.716	8.207
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	17.489	43	67.771	30	107.867	253	20.71%
No	55.019	252	82.970	388	93.920	337	144.146	471	238.066	494	376.055	1448	72.75%
Up	3.986	9	11.579	47	4.120	8	17.273	38	21.393	15	36.958	102	6.54%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Type
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Revolver	12.232	13.110	12.640	16.815	18.472	16.357	17.310	14.520	20.240	11.920	18.455	44.776
Term	8.069	3.671	5.351	8.392	10.999	5.618	9.098	12.486	12.725	12.949	9.663	14.403
TLA	0.740	0.085	2.350	1.625	0.955	0.400	8.005	1.475	0.912	3.819	5.518	0.835
Institutional	10.264	3.165	9.642	5.478	8.243	4.332	16.250	7.866	16.235	12.083	19.736	13.586
Second/third/junior lien	1.288	0.448	1.056	1.655	1.631	0.870	4.252	1.005	1.665	1.825	1.599	2.899
Delayed draw	0.553	0.500	0.605	1.200	1.043	0.725	0.345	0.050	1.692	2.202	0.470	0.945
LoC	0.125	0	1.007	0.935	0.490	0.515	1.439	0.162	0.590	0.120	0.325	0.780
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	52.070	199	75.151	233	127.221	423	216.847	828	38.88%
Term	17.090	68	25.009	93	34.308	95	37.015	119	71.323	56	113.422	375	21.80%
TLA	3.175	9	2.980	11	10.393	15	10.171	14	20.564	2	26.719	49	6.28%
Institutional	23.070	55	18.052	62	40.351	69	45.405	104	85.757	48	126.879	290	26.21%
Second/third/junior lien	2.792	34	4.156	51	6.922	36	6.323	54	13.245	7	20.194	175	4.05%
Delayed draw	1.658	8	2.968	11	2.087	12	3.617	16	5.704	2	10.330	47	1.74%
LoC	1.132	6	1.940	12	2.191	9	1.225	12	3.416	5	6.488	39	1.04%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Moody's Rating
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Baa3	0	0	0	1.650	0	0	0	0	0	0	0	0
Ba1	0.900	0	2.100	3.000	2.520	0	2.200	0	0.650	3.200	3.250	0.300
Ba2	3.035	2.700	0	3.090	5.403	0.690	22.805	2.450	5.335	0.500	4.175	0.925
Ba3	4.855	2.625	2.262	3.025	2.467	1.975	7.324	3.120	8.515	5.280	2.820	5.995
B1	2.183	0.550	6.203	4.775	7.213	4.535	7.103	2.683	5.770	7.051	7.888	6.809
B2	2.999	1.000	3.960	3.432	4.713	1.345	1.059	6.706	4.225	14.869	9.216	8.936
B3	0.232	0.237	0.798	0.710	0.450	0.150	0.576	0.651	2.085	0.669	1.423	0.875
Caa1	0.050	0.080	0.102	0.075	0.342	0	0	0.120	0.415	1.173	0.485	0.180
Caa2	0	0	0.178	0	0	0	0	0.115	0.040	0	0	0.019
NR	19.016	13.786	17.047	16.343	18.727	20.122	15.633	21.718	27.025	12.176	26.510	54.185
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	6.750	8	9.600	6	18.120	29	2.93%
Ba2	5.735	7	9.183	23	30.590	30	5.600	9	36.190	21	51.108	69	11.06%
Ba3	9.742	31	7.467	23	18.959	39	14.095	46	33.054	38	50.263	139	10.10%
B1	8.936	42	16.523	70	15.556	72	21.748	78	37.303	72	62.762	262	11.40%
B2	7.959	45	9.489	52	11.990	44	33.021	73	45.011	59	62.459	214	13.76%
B3	1.268	13	1.310	16	3.312	16	2.967	27	6.279	13	8.856	72	1.92%
Caa1	0.233	4	0.417	3	0.535	7	1.838	12	2.373	3	3.022	26	0.73%
Caa2	0.178	2	0	0	0.155	2	0.019	1	0.174	1	0.352	5	0.05%
NR	49.849	196	55.192	269	64.376	220	92.870	298	157.246	328	262.287	983	48.05%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Use of Proceeds
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Acquisition	4.095	4.636	5.771	7.226	3.833	2.040	29.934	6.631	7.840	12.308	23.248	11.790
Capex	0.230	0.911	0.851	1.315	0.233	2.775	0.675	1.160	1.107	0.467	0.225	0.837
Dividend/recap	1.307	1.183	1.708	2.240	2.590	1.588	2.935	1.541	3.600	0.961	3.683	2.099
Exit financing	0	0	0	0.285	0.650	1.865	3.080	0	0	0.215	0.133	3.175
GCP	4.342	7.574	6.315	10.260	9.975	5.870	7.683	10.190	10.650	4.554	5.710	37.539
LBO	9.732	0.670	7.087	2.527	12.724	1.560	3.258	2.550	9.065	6.107	2.692	7.082
Refinance	10.746	4.080	9.895	8.295	8.264	12.168	8.559	11.591	15.857	17.506	14.541	10.827
Multiple/Other/NA	2.818	1.925	1.025	3.950	3.565	0.950	0.575	3.900	5.940	2.800	5.534	4.875
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	47.346	61	91.751	107	119.352	168	28.04%
Capex	1.992	6	4.322	9	2.942	7	1.529	6	4.471	13	10.786	28	1.37%
Dividend/recap	4.197	16	6.418	14	8.076	13	6.742	21	14.818	34	25.433	64	4.53%
Exit financing	0	0	2.800	5	3.080	2	3.523	4	6.603	6	9.403	11	2.02%
GCP	18.231	57	26.105	77	28.523	73	47.803	72	76.326	145	120.663	279	23.32%
LBO	17.489	23	16.811	34	14.873	32	15.882	35	30.754	67	65.055	124	9.40%
Refinance	24.721	38	28.728	68	36.008	49	42.874	75	78.882	124	132.331	230	24.11%
Multiple/Other/NA	5.768	25	8.465	22	10.415	19	13.209	24	23.624	43	37.857	90	7.22%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	100.00%
Industry Sector (by SIC code)
	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006
Agriculture (0xxx)	0	0	0.520	0	0.710	0	0	0.338	1.400	0	0	0
Mining (1xxx)	0	0.400	0	0.700	0.800	0.225	0.709	0	0	0	0	3.115
Oil and gas (13xx)	1.900	2.255	1.200	1.575	2.945	1.750	2.400	2.215	3.467	4.785	1.165	1.542
Construction (15xx)	0.125	1.755	3.185	1.755	3.370	2.300	0.350	1.110	0.525	0.400	1.835	3.175
Manufacturing (2xxx, 3xxx)	9.577	6.002	5.728	13.482	11.246	6.251	19.795	5.383	12.473	12.861	22.079	23.221
Transportation (4xxx)	4.600	0.850	2.325	1.466	0.840	0	3.300	2.050	4.438	0.726	0	0.660
Communications (48xx)	1.436	0.890	1.200	4.165	1.343	1.040	0.780	4.853	7.685	13.452	7.071	5.055
Electric, gas, sanitary services (49xx)	1.370	1.320	2.536	4.484	3.555	2.685	9.425	0.750	5.735	1.964	3.599	1.615
Wholesale (5xxx)	0.470	3.760	7.870	5.149	1.220	4.940	2.950	3.495	7.860	2.881	5.999	4.204
Finance, insurance, real estate (6xxx)	4.535	0.831	0.250	1.450	4.192	0.890	6.715	2.380	3.035	3.775	3.400	23.175
Services (7xxx)	8.068	1.740	6.252	0.540	10.125	7.696	8.745	7.461	4.345	3.679	7.784	9.435
Health services (8xxx)	1.190	1.175	1.585	1.332	1.488	1.040	1.530	7.529	3.097	0.395	2.835	2.572
Total	33.270	20.979	32.651	36.099	41.834	28.817	56.699	37.563	54.060	44.918	55.766	78.224
	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	2.967	5	0.53%
Mining (1xxx)	0.400	1	1.725	6	0.709	2	3.115	6	3.824	8	5.949	15	1.17%
Oil and gas (13xx)	5.355	10	6.270	18	8.082	14	7.492	20	15.574	34	27.199	62	4.76%
Construction (15xx)	5.065	8	7.425	12	1.985	8	5.410	11	7.394	19	19.884	39	2.26%
Manufacturing (2xxx, 3xxx)	21.307	60	30.980	87	37.650	74	58.161	103	95.812	177	148.099	324	29.28%
Transportation (4xxx)	7.775	10	2.306	6	9.788	9	1.387	9	11.175	18	21.255	34	3.42%
Communications (48xx)	3.526	11	6.548	17	13.318	12	25.578	26	38.896	38	48.970	66	11.89%
Electric, gas, sanitary services (49xx)	5.226	15	10.724	17	15.910	15	7.178	11	23.088	26	39.038	58	7.06%
Wholesale (5xxx)	12.100	16	11.309	32	14.305	26	13.084	27	27.389	53	50.798	101	8.37%
Finance, insurance, real estate (6xxx)	5.616	13	6.532	17	12.130	25	30.350	20	42.480	45	54.628	75	12.98%
Services (7xxx)	16.059	31	18.360	35	20.551	33	20.898	42	41.449	75	75.868	141	12.67%
Health services (8xxx)	3.950	15	3.861	16	12.156	20	5.802	21	17.958	41	25.768	72	5.49%
Total	86.899	191	106.750	264	148.322	241	178.908	298	327.230	539	520.879	994	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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