Analysis of bank loan issuance for 12 months through June 2009

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

Rate (L+)

	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Below 125 bps	0	0	0.325	0	0	0.002	0.015	0	0.200	0	0	0
125	0	0	0.145	0	0.110	0	0	0	0	0.010	0	0
150	1.005	0.270	0	0.270	0.280	0	0	0	0	0	0	0
175	0.640	0.620	0.361	0.165	0.160	0	0	0	0	0	0	0
200	0.860	1.895	0.985	0.585	0.212	0	0	0.120	0	0	0	0
225	0.910	0.260	0	0.255	0.600	0.075	0	0	0.100	0	0	0.500
250	2.366	0.720	4.944	0.475	0.300	0	0	0.450	0	0.900	1.500	0
275	1.090	0.140	0.725	0.015	0.225	0.290	0	0.125	0	0	0.270	0
300	1.455	0.225	4.130	0.850	0.927	1.175	0.680	1.050	0.220	0.200	6.069	33.980
325 bps and upwards	14.490	2.461	6.772	5.164	4.759	2.196	9.473	2.185	2.997	6.727	5.187	4.644
Fixed rate	0.172	0.346	0.230	0.330	0.205	0.350	0	0.525	0.126	0.085	0.152	0.735
NA	3.926	4.318	1.903	5.212	7.500	1.399	0.530	0.385	2.213	5.260	0.960	3.380
Other	0.745	0.050	0	0.125	0	0.450	0	0.111	0.080	0	0	0.110
Prime based	0	0	0	0	0	0	0.160	0.165	0	0	0	0
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	0.325	2	0.002	1	0.215	2	0	0	0.215	2	0.542	5	0.24%
125	0.145	2	0.110	1	0	0	0.010	1	0.010	1	0.265	4	0.01%
150	1.275	4	0.550	3	0	0	0	0	0	0	1.825	7	0.00%
175	1.621	9	0.325	5	0	0	0	0	0	0	1.946	14	0.00%
200	3.740	20	0.797	4	0.120	1	0	0	0.120	1	4.657	25	0.13%
225	1.170	7	0.930	7	0.100	1	0.500	1	0.600	2	2.700	16	0.65%
250	8.030	28	0.775	6	0.450	3	2.400	6	2.850	5	11.655	43	3.08%
275	1.955	12	0.530	5	0.125	2	0.270	2	0.395	4	2.880	21	0.43%
300	5.810	15	2.953	14	1.950	6	40.249	9	42.199	14	50.962	44	45.58%
325 bps and upwards	23.723	83	12.119	52	14.655	43	16.557	77	31.215	91	67.056	255	33.71%
Fixed rate	0.748	8	0.884	9	0.650	4	0.972	7	1.622	11	3.255	28	1.75%
NA	10.147	45	14.111	39	3.128	13	9.600	36	12.727	37	36.986	133	13.75%
Other	0.795	5	0.575	2	0.191	2	0.110	2	0.301	3	1.671	11	0.33%
Prime based	0	0	0	0	0.325	3	0	0	0.325	3	0.325	3	0.35%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Upsized?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Yes	3.553	0.060	4.398	0.259	0.145	0.180	0.225	0	0.125	1.494	6.819	0.290
No	18.921	11.246	15.207	12.934	9.334	5.758	10.633	5.116	5.580	9.136	7.319	42.054
Downsized	5.185	0	0.915	0.252	5.800	0	0	0	0.230	2.553	0	1.004
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	8.011	15	0.584	4	0.350	2	8.603	10	8.953	10	17.548	31	9.67%
No	45.374	219	28.026	138	21.329	77	58.509	126	79.838	157	153.238	560	86.24%
Downsized	6.100	6	6.052	6	0.230	1	3.557	5	3.787	5	15.939	18	4.09%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Flex?
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Down	1.070	0	0	0	0	0	0	0	0	0	0	0
No	25.989	11.071	18.660	13.445	15.279	5.938	10.858	5.116	5.936	13.098	14.139	43.348
Up	0.600	0.235	1.860	0	0	0	0	0	0	0.085	0	0
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Down	1.070	1	0	0	0	0	0	0	0	0	1.070	1	0.00%
No	55.720	228	34.662	148	21.909	80	70.584	139	92.493	171	182.875	595	99.91%
Up	2.695	11	0	0	0	0	0.085	2	0.085	1	2.780	13	0.09%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Type
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Revolver	10.680	7.668	8.898	5.740	12.670	4.837	3.977	3.223	4.712	10.230	8.642	39.873
TLA	3.100	0.125	2.997	0.605	0.450	0	0	0.028	0.105	0.485	0	0.085
Term	5.547	2.747	4.029	6.639	1.619	1.101	6.656	1.840	1.068	1.683	4.186	2.484
Institutional	6.405	0.585	4.281	0.257	0.500	0	0	0	0	0.470	1.310	0.667
Second/third/junior lien	1.268	0.164	0.265	0.072	0.015	0	0.225	0	0.051	0.315	0	0.010
Delayed draw	0.115	0	0	0.132	0.025	0	0	0.025	0	0	0	0.030
LoC	0.545	0.017	0.050	0	0	0	0	0	0	0	0	0.200
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Revolver	27.246	126	23.247	91	11.912	52	58.745	86	70.657	117	121.149	355	76.32%
TLA	6.222	14	1.055	6	0.133	2	0.570	5	0.703	3	7.979	27	0.76%
Term	12.322	65	9.360	41	9.564	21	8.353	36	17.917	41	39.599	163	19.35%
Institutional	11.271	15	0.757	4	0	0	2.447	8	2.447	6	14.475	27	2.64%
Second/third/junior lien	1.696	11	0.087	2	0.276	3	0.325	4	0.600	4	2.384	20	0.65%
Delayed draw	0.115	2	0.157	4	0.025	2	0.030	1	0.055	2	0.327	9	0.06%
LoC	0.612	7	0	0	0	0	0.200	1	0.200	1	0.812	8	0.22%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Moody's Rating
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Baa2	0.300	0	0	0	0	0	0	0	0	0	0	0
Baa3	0.200	0	5.600	0	0	0	0	0	0	0	0	0
Ba1	1.335	0	1.607	0	1.200	0	0.200	0	0	0	0	0
Ba2	4.145	0	1.225	0	0.200	0	0	0	0	0	0.650	0
Ba3	1.225	0	0.265	0	0	0	0	0	0	0.525	0	0
B1	0.861	0.160	0	0	0	0	0	0	0	0	0	0.290
B3	0	0	0	0	0	0	0	0	0	0	0.525	0
NR	19.593	11.146	11.823	13.445	13.879	5.938	10.658	5.116	5.936	12.658	12.963	43.058
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Baa2	0.300	2	0	0	0	0	0	0	0	0	0.300	2	0.00%
Baa3	5.800	8	0	0	0	0	0	0	0	0	5.800	8	0.00%
Ba1	2.942	9	1.200	3	0.200	1	0	0	0.200	1	4.342	13	0.22%
Ba2	5.370	8	0.200	1	0	0	0.650	1	0.650	1	6.220	10	0.70%
Ba3	1.490	10	0	0	0	0	0.525	3	0.525	1	2.015	13	0.57%
B1	1.021	5	0	0	0	0	0.290	1	0.290	1	1.311	6	0.31%
B3	0	0	0	0	0	0	0.525	1	0.525	1	0.525	1	0.57%
NR	42.562	198	33.262	144	21.709	79	68.679	135	90.388	167	166.212	556	97.63%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Use of Proceeds
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Acquisition	11.185	1.783	10.597	3.321	1.673	0.280	0	0	0.434	0	0	0
Capex	0.510	0.550	0.280	3.960	0.280	0.650	0	0.120	0	0	0.853	0.586
Exit financing	0.125	0.240	0.459	0.880	0.245	0	0	0	0	0.352	0.800	1.198
GCP	3.397	2.184	0.921	1.610	2.719	2.577	9.770	2.048	1.667	4.270	6.888	35.170
LBO	3.856	1.045	0.519	1.051	0.435	0	0	0	0	0.230	0	0.235
Refinance	3.565	4.806	3.966	0.762	2.022	0.631	0.861	2.473	3.446	5.560	5.333	4.354
Multiple/Other/NA	5.021	0.698	3.778	1.861	7.905	1.800	0.227	0.475	0.389	2.770	0.265	1.804
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	23.565	28	5.273	15	0.434	3	0	0	0.434	3	29.273	46	0.47%
Capex	1.340	6	4.890	8	0.120	1	1.438	2	1.558	3	7.788	17	1.68%
Exit financing	0.824	4	1.125	5	0	0	2.351	8	2.351	8	4.300	17	2.54%
GCP	6.502	32	6.906	33	13.485	26	46.328	42	59.813	68	73.221	133	64.61%
LBO	5.420	15	1.486	9	0	0	0.465	4	0.465	4	7.371	28	0.50%
Refinance	12.337	35	3.415	16	6.779	22	15.248	41	22.027	63	37.779	113	23.79%
Multiple/Other/NA	9.497	34	11.566	26	1.091	8	4.840	15	5.931	23	26.993	83	6.41%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%
Industry Sector (by SIC code)
	7/2008	8/2008	9/2008	10/2008	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009
Agriculture (0xxx)	0	0	0	0.135	0	0	0	0	0	0.525	0	0.600
Mining (1xxx)	0.125	0.700	0	1.701	1.000	0	0	0	0	0.190	0	0
Oil and gas (13xx)	4.232	2.780	1.000	1.609	1.770	0.950	0	0.075	0.220	3.540	0.785	0
Construction (15xx)	0	0.150	0.250	0	1.100	0	0	0	0.115	0	0	0.200
Manufacturing (2xxx, 3xxx)	11.271	3.425	8.927	1.942	1.632	1.527	9.760	3.121	4.441	2.518	8.248	37.837
Transportation (4xxx)	0.435	0.835	0.326	1.090	0.240	0	0	0.120	0	0	0.840	0.150
Communications (48xx)	0	0	0.731	0.311	4.735	0	0	0.455	0	0.520	0.360	0.796
Electric, gas, sanitary services (49xx)	2.400	0.202	0.435	0.679	2.348	2.065	0.156	0.235	0.105	0.150	0	0.718
Wholesale (5xxx)	0.765	1.148	3.946	0.949	1.795	0.831	0.850	0.880	0.350	3.417	0.935	0.505
Finance, insurance, real estate (6xxx)	1.526	0.361	0.910	0.785	0.400	0.360	0.015	0	0	1.225	1.837	0.797
Services (7xxx)	6.140	0.475	1.045	3.885	0.100	0.204	0.077	0	0.704	1.008	1.134	1.066
Health services (8xxx)	0.765	1.230	2.950	0.150	0.160	0	0	0.230	0	0.090	0	0.680
Non-operating (9995)	0	0	0	0.209	0	0	0	0	0	0	0	0
Total	27.659	11.306	20.520	13.445	15.279	5.938	10.858	5.116	5.936	13.183	14.139	43.348
	Q3/2008	Count	Q4/2008	Count	Q1/2009	Count	Q2/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.135	1	0	0	1.125	3	1.125	3	1.260	4	1.22%
Mining (1xxx)	0.825	2	2.701	4	0	0	0.190	1	0.190	1	3.716	7	0.21%
Oil and gas (13xx)	8.012	23	4.329	12	0.295	2	4.325	8	4.620	10	16.961	45	4.99%
Construction (15xx)	0.400	2	1.100	1	0.115	1	0.200	1	0.315	2	1.815	5	0.34%
Manufacturing (2xxx, 3xxx)	23.623	51	5.101	34	17.322	33	48.602	45	65.923	78	94.647	163	71.21%
Transportation (4xxx)	1.596	8	1.330	5	0.120	1	0.990	2	1.110	3	4.036	16	1.20%
Communications (48xx)	0.731	2	5.046	4	0.455	2	1.676	6	2.131	8	7.908	14	2.30%
Electric, gas, sanitary services (49xx)	3.037	7	5.092	13	0.496	3	0.868	5	1.363	8	9.492	28	1.47%
Wholesale (5xxx)	5.859	13	3.575	16	2.080	12	4.857	11	6.938	23	16.372	52	7.49%
Finance, insurance, real estate (6xxx)	2.796	15	1.545	10	0.015	1	3.859	11	3.874	12	8.215	37	4.18%
Services (7xxx)	7.660	23	4.189	8	0.781	4	3.208	14	3.989	18	15.838	49	4.31%
Health services (8xxx)	4.945	8	0.310	2	0.230	1	0.770	5	1.000	6	6.255	16	1.08%
Non-operating (9995)	0	0	0.209	1	0	0	0	0	0	0	0.209	1	0.00%
Total	59.485	154	34.662	111	21.909	60	70.669	112	92.578	172	186.725	437	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• All deals from issuers with $75 million or more total bank debt outstanding (including unused portions of revolvers)

• 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).

• DIP facilities are included.

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