Analysis of bank loan issuance for 12 months through November 2007

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

Rate (L+)

	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Below 125 bps	0.200	1.650	1.590	2.000	5.800	3.950	8.450	1.200	3.425	5.050	2.650	0
125	0.325	3.500	0.400	3.360	0.950	2.435	0.840	1.850	0.200	0.675	0	0.144
150	1.180	3.370	11.559	10.250	11.040	3.962	6.280	2.700	1.115	3.650	3.325	2.015
175	0.475	5.794	12.680	8.428	8.515	5.585	4.684	2.043	0.660	1.730	3.595	1.510
200	1.515	7.800	11.140	12.040	3.610	6.464	4.206	0.986	0.545	1.855	0.747	1.373
225	3.398	10.763	20.672	13.313	11.300	6.692	11.450	1.312	0.925	2.814	2.235	3.481
250	4.410	3.163	3.235	3.660	5.900	7.505	4.280	8.416	0.925	2.195	1.850	0.960
275	4.846	2.092	1.680	6.055	3.269	2.260	12.469	0.700	0.725	15.000	1.100	21.285
300	1.395	1.086	2.018	4.500	9.941	3.545	4.571	2.015	1.163	5.114	7.450	4.840
325 bps and upwards	4.548	6.780	7.253	10.220	4.652	5.133	19.218	9.335	0.568	5.797	33.535	25.192
Fixed rate	0.265	0	0.141	0.925	0	0.530	0.029	0.075	0	0.361	0.220	0
NA	2.085	2.772	3.222	5.743	8.240	10.775	29.287	5.995	8.320	26.768	6.357	5.912
Other	0	0	0	0.350	0	0	0	0	0	0	0	0
Prime based	0.075	0	0.075	0	0	0	0	0	0	0	0	0
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	5.240	13	18.200	19	9.675	21	2.650	2	35.765	44	35.965	56	5.12%
125	7.260	11	4.225	11	2.725	6	0.144	2	14.354	22	14.679	32	2.05%
150	25.178	57	21.282	41	7.465	16	5.340	10	59.266	80	60.446	131	8.48%
175	26.902	38	18.784	43	4.433	19	5.105	12	55.224	57	55.699	116	7.90%
200	30.980	70	14.280	44	3.386	14	2.119	10	50.765	77	52.280	142	7.26%
225	44.748	98	29.443	85	5.051	17	5.716	19	84.957	97	88.356	229	12.15%
250	10.059	42	17.684	66	11.536	23	2.810	10	42.089	68	46.499	153	6.02%
275	9.828	45	17.998	45	16.425	21	22.385	16	66.636	53	71.482	133	9.53%
300	7.604	28	18.057	46	8.292	25	12.290	25	46.243	57	47.637	130	6.61%
325 bps and upwards	24.252	138	29.001	142	15.700	102	58.727	101	127.681	167	132.228	510	18.28%
Fixed rate	1.066	7	0.559	5	0.436	4	0.220	2	2.281	9	2.546	20	0.33%
NA	11.737	70	48.301	100	41.083	89	12.269	47	113.391	222	115.476	322	16.22%
Other	0.350	1	0	0	0	0	0	0	0.350	1	0.350	1	0.05%
Prime based	0.075	1	0	0	0	0	0	0	0.075	1	0.150	2	0.01%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Upsized?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Yes	4.760	11.890	15.945	8.547	6.312	3.368	8.456	3.175	0.600	0.435	3.955	0
No	19.956	36.750	59.529	70.862	65.505	55.258	97.107	32.630	17.971	69.315	57.759	66.712
Downsized	0	0.130	0.190	1.435	1.400	0.210	0.200	0.821	0	1.259	1.350	0
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	36.383	59	18.136	34	4.210	7	3.955	5	62.684	38	67.444	110	8.97%
No	167.142	550	217.869	606	119.915	339	124.471	250	629.397	891	649.354	1838	90.03%
Downsized	1.755	10	1.810	7	2.080	11	1.350	1	6.995	6	6.995	29	1.00%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Flex?
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Down	9.239	19.757	23.951	12.885	9.389	7.722	6.495	0	0.300	0	0.830	0
No	13.707	28.533	49.088	56.742	51.406	46.654	74.279	28.728	18.271	71.009	61.809	66.562
Up	1.770	0.480	2.625	11.217	12.423	4.460	24.989	7.898	0	0	0.425	0.150
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Down	56.594	146	23.605	69	0.300	2	0.830	4	81.329	46	90.568	236	11.63%
No	134.363	442	172.338	500	118.008	309	128.371	249	553.080	840	566.788	1574	79.12%
Up	14.322	31	41.872	78	7.898	46	0.575	3	64.667	48	66.437	167	9.25%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Type
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Revolver	5.640	11.955	15.923	23.760	19.423	20.623	44.962	12.271	11.298	32.245	15.966	15.457
TLA	0.110	0.750	2.730	2.125	1.050	1.385	2.860	2.300	0.975	5.894	2.710	3.100
Term	6.330	12.584	22.418	26.739	21.983	13.291	25.848	6.838	4.853	8.498	8.095	6.013
Institutional	7.883	19.887	28.555	16.178	24.325	17.503	22.018	12.399	1.113	20.830	29.026	38.247
Second/third/junior lien	3.938	2.325	3.313	6.922	2.753	3.614	6.869	2.315	0.095	0.542	1.347	2.315
Delayed draw	0.250	0.255	2.353	2.765	3.178	1.515	2.875	0.324	0.237	2.050	4.520	1.530
LoC	0.565	1.015	0.373	2.355	0.505	0.905	0.330	0.180	0	0.950	1.400	0.050
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Revolver	51.638	231	85.008	251	55.814	151	31.423	117	223.883	712	229.523	787	32.03%
TLA	5.605	10	5.295	9	9.169	15	5.810	11	25.879	7	25.989	46	3.70%
Term	61.741	150	61.122	153	20.189	86	14.107	47	157.159	122	163.490	459	22.48%
Institutional	64.621	102	63.846	104	34.342	52	67.273	48	230.081	68	237.964	324	32.91%
Second/third/junior lien	12.559	72	13.236	82	2.951	34	3.662	18	32.409	15	36.347	217	4.64%
Delayed draw	5.372	24	7.568	35	2.611	15	6.050	11	21.602	9	21.852	87	3.09%
LoC	3.743	30	1.740	13	1.130	4	1.450	4	8.063	4	8.628	57	1.15%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Moody's Rating
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Baa3	0.225	0	0.500	0	0	2.500	0	0	0	0	0	0
Ba1	2.000	1.700	2.785	4.320	0.150	1.405	0.471	0.030	0.375	6.909	3.200	0
Ba2	2.050	5.320	13.709	4.675	19.177	2.805	2.499	9.075	1.650	0	2.627	0
Ba3	9.154	8.453	13.495	26.513	9.610	9.986	14.741	2.285	0	19.925	32.795	1.150
B1	3.035	8.520	17.545	12.220	11.805	8.149	17.731	6.114	2.025	3.318	3.940	5.167
B2	2.035	4.865	2.965	5.563	3.970	4.543	5.150	2.174	0	1.932	1.480	0
B3	1.090	0.150	0.215	2.370	1.840	3.440	3.930	0.410	0	0.280	0.275	0
Caa1	0.167	1.736	1.600	1.070	1.596	1.775	2.960	0.940	0	0	0.472	0.140
Caa2	0	0.100	0.795	0.235	0	1.315	0.120	0.729	0	0	0	0
NR	4.960	17.926	22.056	23.879	25.069	22.918	58.161	14.869	14.521	38.645	18.275	60.255
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Baa3	0.500	1	2.500	3	0	0	0	0	3.000	2	3.225	5	0.43%
Ba1	8.805	17	2.026	5	7.314	14	3.200	4	21.345	24	23.345	42	3.05%
Ba2	23.703	39	24.481	40	10.725	17	2.627	6	61.536	45	63.587	109	8.80%
Ba3	48.461	85	34.337	77	22.210	32	33.945	30	138.953	97	148.107	240	19.88%
B1	38.285	91	37.685	114	11.457	35	9.107	26	96.534	125	99.569	278	13.81%
B2	13.393	39	13.662	44	4.106	17	1.480	3	32.642	47	34.676	110	4.67%
B3	2.735	12	9.210	25	0.690	4	0.275	3	12.910	8	14.000	49	1.85%
Caa1	4.406	25	6.331	36	0.940	7	0.612	4	12.289	7	12.456	74	1.76%
Caa2	1.130	4	1.435	8	0.729	5	0	0	3.294	3	3.294	17	0.47%
NR	63.861	306	106.148	295	68.035	226	78.530	180	316.574	578	321.534	1053	45.28%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Use of Proceeds
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Acquisition	10.174	6.635	25.410	8.585	7.433	9.611	19.906	5.170	7.398	8.914	9.167	27.236
Capex	0	0	2.142	2.200	2.025	0.377	0.650	0.556	0.370	3.376	1.535	0.916
Dividend/recap	3.350	6.225	2.869	9.630	5.184	5.479	6.281	0.750	0.600	0.950	0.890	0
Exit financing	0.175	0.975	0	2.590	0	0.080	0	0	0.320	0	0.452	0.425
GCP	5.870	5.791	8.948	5.965	7.985	11.365	27.347	2.303	4.601	23.995	2.850	3.554
LBO	1.047	14.729	12.618	20.256	26.498	14.499	23.471	16.153	0.895	27.076	41.528	26.785
Refinance	3.220	10.095	22.038	23.882	16.332	16.099	15.355	10.252	2.155	5.341	3.097	3.385
Multiple/Other/NA	0.880	4.320	1.640	7.737	7.760	1.325	12.753	1.443	2.232	1.357	3.545	4.410
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	40.630	54	36.950	61	21.481	32	36.403	24	135.464	171	145.638	189	19.38%
Capex	4.342	14	3.052	5	4.302	9	2.451	4	14.147	32	14.147	32	2.02%
Dividend/recap	18.724	29	16.944	35	2.300	5	0.890	2	38.857	71	42.207	74	5.56%
Exit financing	3.565	4	0.080	1	0.320	1	0.877	3	4.842	9	5.017	10	0.69%
GCP	20.704	46	46.697	46	30.899	39	6.404	17	104.703	148	110.574	162	14.98%
LBO	47.603	55	64.469	61	44.124	38	68.314	36	224.509	190	225.556	193	32.12%
Refinance	56.015	80	47.787	83	17.748	37	6.482	17	128.032	217	131.252	227	18.31%
Multiple/Other/NA	13.697	24	21.838	26	5.032	25	7.955	20	48.522	95	49.402	98	6.94%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	100.00%
Industry Sector (by SIC code)
	12/2006	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007
Agriculture (0xxx)	0	0.525	0	0	0	0.160	0	0	0	0	0	0
Mining (1xxx)	0.125	0	11.960	0.200	0	0.300	5.050	0.219	0.800	0	0.627	0
Oil and gas (13xx)	1.280	1.280	2.665	7.275	1.945	1.375	6.269	0.880	2.800	0.787	0.600	4.665
Construction (15xx)	0.310	1.030	0.200	0	0	1.090	0.155	1.965	0	0.775	0.325	0.545
Manufacturing (2xxx, 3xxx)	11.414	17.128	16.045	30.579	28.189	24.401	21.690	17.800	1.834	11.467	16.017	35.754
Transportation (4xxx)	0.712	2.480	0.650	5.160	4.135	0.961	2.455	0.525	1.780	1.485	0.646	2.226
Communications (48xx)	0.875	3.770	22.185	2.275	1.585	7.760	4.910	1.500	0	2.983	1.050	17.050
Electric, gas, sanitary services (49xx)	2.200	2.715	11.104	8.475	7.290	3.469	6.410	1.250	1.625	1.900	27.760	2.068
Wholesale (5xxx)	2.400	7.168	1.555	6.580	7.319	4.497	5.580	3.515	3.660	3.700	6.162	0.980
Finance, insurance, real estate (6xxx)	0.375	2.050	2.458	6.855	2.925	2.973	20.817	2.147	1.825	40.956	5.010	2.090
Services (7xxx)	4.426	5.459	6.577	11.562	17.485	10.410	12.234	5.292	3.927	4.081	3.052	1.081
Health services (8xxx)	0.600	5.165	0.266	1.883	2.344	1.135	20.192	1.008	0.320	2.875	1.815	0.253
Non-operating (9995)	0	0	0	0	0	0.305	0	0	0	0	0	0
Total	24.716	48.770	75.664	80.845	73.217	58.836	105.763	36.626	18.571	71.009	63.064	66.712
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.525	2	0.160	1	0	0	0	0	0.685	3	0.685	3	0.10%
Mining (1xxx)	12.160	4	5.350	4	1.019	2	0.627	2	19.156	12	19.281	13	2.74%
Oil and gas (13xx)	11.220	18	9.589	19	4.467	15	5.265	12	30.541	64	31.821	66	4.37%
Construction (15xx)	1.230	3	1.245	2	2.740	5	0.870	4	6.085	14	6.395	16	0.87%
Manufacturing (2xxx, 3xxx)	63.753	107	74.280	100	31.101	63	51.771	46	220.905	316	232.319	333	31.60%
Transportation (4xxx)	8.290	10	7.551	12	3.790	8	2.872	4	22.503	34	23.215	36	3.22%
Communications (48xx)	28.230	28	14.255	25	4.483	6	18.100	6	65.068	65	65.943	68	9.31%
Electric, gas, sanitary services (49xx)	22.294	23	17.169	24	4.775	8	29.828	10	74.066	65	76.266	67	10.59%
Wholesale (5xxx)	15.303	30	17.396	27	10.875	24	7.142	12	50.716	93	53.116	101	7.25%
Finance, insurance, real estate (6xxx)	11.363	16	26.715	20	44.928	14	7.100	6	90.106	56	90.481	60	12.89%
Services (7xxx)	23.599	49	40.129	57	13.300	31	4.133	14	81.160	151	85.586	161	11.61%
Health services (8xxx)	7.314	16	23.672	25	4.204	9	2.068	7	37.257	57	37.857	58	5.33%
Non-operating (9995)	0	0	0.305	2	0	0	0	0	0.305	2	0.305	2	0.04%
Total	205.279	306	237.815	318	126.206	186	129.776	123	699.076	933	723.793	985	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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