Analysis of bank loan issuance for 13 months through October 2010

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

Rate (L+)

	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
175	0	0.300	0	0	0	0	0	0.100	0	0.750	0.285	0.100	0.220
200	0	0	0	0	0	0.725	0	0	0	0	0.670	0	1.363
225	0	0	0	0.130	0	1.130	1.500	1.900	1.415	0	1.133	0.525	3.315
250	0.775	0	0.200	0.956	0	0	0	1.600	5.877	0.541	2.010	4.015	1.730
275	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.800	0.125	0.785	4.492	0.350	3.634
300	0.100	0.525	0.850	1.690	1.886	3.225	6.120	5.350	4.239	2.523	1.290	4.716	2.795
325	0.185	2.550	0	0.075	1.734	1.272	1.975	0.530	5.700	0.475	0.558	0	0.246
350	1.725	2.810	1.917	4.136	0.955	6.457	3.875	3.919	1.084	0.595	1.175	1.950	0.875
375	0.300	0.625	0.550	3.254	0.325	2.810	1.295	1.070	0	0.675	0.365	1.770	0.375
400	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.840	1.800	2.035	0.665	3.249	3.745
425 bps and upward	11.480	2.506	4.006	5.405	3.842	6.237	8.218	14.560	6.349	11.090	7.664	18.672	15.046
Fixed rate	0	0	0	0.515	0	0.135	0	0.427	0.495	0.764	0.150	0	1.679
NA	5.920	11.362	2.897	2.175	2.690	9.746	3.056	6.350	5.532	7.230	5.547	11.880	17.790
Other	0.080	0.465	0.425	0	0	0	0.078	0.180	0	0	0	0	0
Prime based	0	0	0	0	0	0	0	0.018	0	0	0	0	0
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
175	0.300	1	0	0	0.100	1	1.135	3	0.220	2	1.455	6	1.755	7	1.755	7	0.45%
200	0	0	0.725	2	0	0	0.670	3	1.363	5	2.758	8	2.758	10	2.758	8	0.85%
225	0	0	1.260	2	4.815	7	1.657	5	3.315	9	11.047	18	11.047	23	11.047	18	3.41%
250	0.975	4	0.956	1	7.477	16	6.566	19	1.730	7	16.729	31	17.704	47	16.929	32	5.17%
275	1.150	3	2.950	7	2.025	9	5.627	14	3.634	10	14.236	23	15.386	43	15.276	25	4.40%
300	1.475	4	6.801	12	15.709	29	8.529	25	2.795	4	33.834	51	35.309	74	35.209	52	10.45%
325	2.735	6	3.081	10	8.205	17	1.033	4	0.246	4	12.565	23	15.300	41	15.115	24	3.88%
350	6.452	25	11.549	25	8.877	22	3.720	12	0.875	4	25.020	41	31.473	88	29.747	54	7.73%
375	1.475	8	6.389	15	2.365	6	2.810	15	0.375	2	11.939	22	13.414	46	13.114	25	3.69%
400	3.575	15	6.064	34	4.881	24	5.949	20	3.745	5	20.638	44	24.213	98	23.738	50	6.37%
425 bps and upward	17.992	68	15.484	56	29.126	104	37.427	106	15.046	43	97.083	166	115.075	377	103.595	192	29.99%
Fixed rate	0	0	0.650	5	0.922	7	0.914	5	1.679	5	4.166	14	4.166	22	4.166	14	1.29%
NA	20.179	45	14.611	53	14.938	66	24.657	79	17.790	57	71.996	184	92.175	300	86.255	207	22.24%
Other	0.970	4	0	0	0.258	2	0	0	0	0	0.258	2	1.228	6	1.148	4	0.08%
Prime based	0	0	0	0	0.018	1	0	0	0	0	0.018	1	0.018	1	0.018	1	0.01%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Upsized?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Yes	2.715	0.685	1.370	4.065	0.405	2.035	6.902	5.604	4.930	3.212	5.128	7.498	3.100
No	18.435	21.404	10.535	15.426	12.942	30.466	19.070	30.630	26.880	22.871	20.097	39.103	48.788
Downsized	0	0.644	1.490	1.595	1.189	2.396	2.485	2.410	0.805	1.380	0.780	0.625	0.925
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.770	11	6.505	17	17.437	28	15.838	25	3.100	4	42.880	46	47.650	85	44.935	49	13.25%
No	50.374	165	58.834	189	76.580	271	82.072	271	48.788	151	266.273	557	316.648	1047	298.213	629	82.25%
Downsized	2.134	7	5.180	16	5.700	12	2.785	14	0.925	2	14.590	26	16.724	51	16.724	30	4.51%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Flex?
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Down	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.570	2.615	3.045	0.475	9.783	4.975
No	18.715	20.143	12.870	14.755	12.307	31.879	22.599	31.405	27.009	22.607	25.174	35.143	46.938
Up	1.000	0.150	0.350	0	1.217	1.782	0.410	6.670	2.991	1.812	0.355	2.300	0.900
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	4.050	9	8.578	28	8.633	25	13.303	22	4.975	6	35.490	40	39.540	90	38.105	43	10.96%
No	51.728	171	58.941	185	81.013	251	82.925	275	46.938	150	269.817	565	321.545	1032	302.830	639	83.34%
Up	1.500	3	2.999	9	10.070	35	4.466	13	0.900	1	18.436	24	19.936	61	18.936	26	5.69%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Type
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Revolver	8.310	14.432	5.930	8.141	6.469	17.174	9.649	19.828	13.277	11.930	13.132	18.791	21.361
TLA	0	0.700	0.200	0.674	0.472	0.800	0.400	0.560	4.938	1.195	0.823	5.795	2.372
Term	9.635	4.865	4.895	10.306	6.214	9.473	11.131	13.202	6.968	10.575	5.652	9.494	21.921
Institutional	2.655	2.515	2.370	1.790	1.156	7.135	6.890	3.724	5.971	3.744	5.690	12.328	5.142
Second/third/junior lien	0.550	0.195	0	0.175	0.185	0.315	0.235	0.230	0.145	0	0.140	0.504	1.195
Delayed draw	0	0.025	0	0	0.040	0	0.152	0.750	0.517	0	0.567	0.125	0
LoC	0	0	0	0	0	0	0	0.350	0.800	0.020	0	0.190	0.822
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	28.672	100	31.784	120	42.754	164	43.853	162	21.361	76	139.752	421	168.425	622	160.115	474	43.17%
TLA	0.900	3	1.946	6	5.898	15	7.813	19	2.372	9	18.029	9	18.929	52	18.929	10	5.57%
Term	19.396	55	25.993	73	31.300	84	25.721	77	21.921	44	104.935	142	124.331	333	114.696	161	32.41%
Institutional	7.540	21	10.081	17	16.585	33	21.762	38	5.142	14	53.570	46	61.110	123	58.455	52	16.55%
Second/third/junior lien	0.745	3	0.675	5	0.610	5	0.644	6	1.195	8	3.124	7	3.869	27	3.319	7	0.96%
Delayed draw	0.025	1	0.040	1	1.419	7	0.692	6	0	0	2.151	3	2.176	15	2.176	3	0.66%
LoC	0	0	0	0	1.150	3	0.210	2	0.822	6	2.182	5	2.182	11	2.182	5	0.67%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Moody's Rating
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Baa2	0	0	0	0	0	0.850	0	0	0	0	0	0	0
Baa3	0	0	0	1.100	0.400	0.575	1.525	0.350	2.675	0	0	0	5.000
Ba1	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500	3.415	0.800	0.665	0.800	1.775
Ba2	3.100	3.350	0.350	2.125	1.740	7.355	5.360	3.580	4.843	3.370	0.777	4.735	3.315
Ba3	1.625	2.150	0	2.975	1.865	1.794	4.585	7.215	6.283	2.525	4.016	9.981	5.770
B1	0.355	0	1.330	1.980	1.939	0.620	5.899	1.575	1.470	2.700	1.140	5.218	0.225
B2	0	0	1.300	2.191	0.275	0.611	1.915	2.414	0	0.860	0.675	1.930	0.470
B3	1.000	0.120	0	0	0	0.375	0.330	0.200	0.260	0.435	0.180	0.135	0.275
Caa1	0	0.200	0	0.175	0	0.150	0	0	0	0	0	0.180	0.260
NR	14.965	15.763	10.265	10.045	8.317	20.067	8.394	22.810	13.670	16.773	18.550	24.247	35.723
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0.850	2	0	0	0	0	0	0	0.850	1	0.850	2	0.850	1	0.26%
Baa3	0	0	2.075	5	4.550	8	0	0	5.000	1	11.625	8	11.625	14	11.625	8	3.59%
Ba1	1.405	5	2.995	4	4.365	8	2.265	5	1.775	5	11.400	15	12.805	27	12.700	17	3.52%
Ba2	6.800	16	11.220	24	13.783	27	8.883	20	3.315	5	37.200	39	44.000	92	40.900	43	11.49%
Ba3	3.775	20	6.634	19	18.083	46	16.523	34	5.770	11	47.010	52	50.785	130	49.160	58	14.52%
B1	1.685	8	4.539	21	8.944	30	9.058	33	0.225	2	22.765	46	24.451	94	24.096	49	7.03%
B2	1.300	3	3.077	16	4.330	17	3.465	8	0.470	5	11.342	25	12.642	49	12.642	27	3.50%
B3	1.120	2	0.375	3	0.790	5	0.750	7	0.275	1	2.191	10	3.311	18	2.311	10	0.68%
Caa1	0.200	1	0.325	2	0	0	0.180	1	0.260	1	0.765	3	0.965	5	0.965	4	0.24%
NR	40.993	128	38.428	126	44.873	170	59.571	202	35.723	126	178.596	431	219.589	752	204.624	492	55.17%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Use of Proceeds
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Acquisition	2.215	2.581	0.850	0.865	1.023	7.069	5.548	0.910	5.410	2.385	1.245	8.415	7.537
Capex	0	0.400	0.100	1.270	0	0.665	0.165	4.750	0.567	0.472	0.640	1.070	2.935
Dividend/recap	0	0.240	0	0.185	0.700	1.663	0.580	0	0	0	1.611	0.908	5.610
Exit financing	0.950	0.345	0.598	6.715	0.109	2.250	0.330	2.160	0.772	0.591	1.550	0.600	0.195
GCP	3.695	2.286	1.825	1.971	1.330	1.545	1.128	2.750	1.172	0.650	3.810	1.365	11.130
LBO	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.870	4.396	3.695	3.115	4.905	2.355
Refinance	9.345	6.370	7.182	6.270	10.659	14.272	17.216	15.886	13.736	12.330	8.610	19.024	12.265
Multiple/Other/NA	3.300	8.878	2.665	0.665	0.375	6.713	2.060	6.319	6.562	7.340	5.423	10.939	10.786
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	5.646	10	8.957	12	11.867	17	12.045	18	7.537	14	40.407	61	46.053	71	43.837	66	12.48%
Capex	0.500	2	1.935	5	5.482	9	2.183	10	2.935	4	12.534	28	13.034	30	13.034	30	3.87%
Dividend/recap	0.240	1	2.547	7	0.580	1	2.519	5	5.610	8	11.257	21	11.497	22	11.497	22	3.48%
Exit financing	1.893	6	9.074	9	3.263	12	2.741	7	0.195	2	15.273	30	17.166	36	16.216	35	4.72%
GCP	7.806	30	4.846	16	5.050	15	5.825	18	11.130	17	26.851	66	34.657	96	30.962	82	8.29%
LBO	3.453	10	4.205	7	11.696	25	11.715	18	2.355	9	29.971	59	33.424	69	31.779	66	9.26%
Refinance	22.897	45	31.201	68	46.838	84	39.964	68	12.265	28	130.269	248	153.166	293	143.821	277	40.24%
Multiple/Other/NA	14.843	18	7.753	15	14.940	31	23.702	56	10.786	14	57.182	116	72.025	134	68.725	130	17.66%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	100.00%
Industry Sector (by SIC code)
	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010
Agriculture (0xxx)	0	0	0	0.780	1.200	0	0.475	0	0.865	0	0.950	0.700	0
Mining (1xxx)	0.160	0.400	0	0	0.350	0	0.723	2.350	2.000	0.950	0.850	0	0.325
Oil and gas (13xx)	2.460	0.315	0.700	0.100	0.900	4.015	2.125	2.486	1.860	3.095	2.500	8.093	1.925
Construction (15xx)	0	0	0	0	0.550	0.120	0	0.700	0.365	1.100	0.275	0	0.885
Manufacturing (2xxx, 3xxx)	4.615	11.659	7.588	6.040	2.825	11.120	4.417	13.201	7.919	3.075	9.402	19.893	17.894
Transportation (4xxx)	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530	0.847	0.253	0.185	0.300	2.537
Communications (48xx)	0.980	0.701	1.410	1.304	0.745	2.398	1.915	4.269	0	1.028	0.270	3.685	10.120
Electric, gas, sanitary services (49xx)	0.455	0.840	0.600	0.220	0.820	0	1.109	1.710	2.915	2.663	0	1.900	1.050
Wholesale (5xxx)	1.590	2.329	0.800	1.057	1.049	5.358	1.369	4.325	1.240	1.344	5.281	4.675	2.185
Finance, insurance, real estate (6xxx)	5.800	0.685	1.397	3.045	0.623	2.832	3.955	1.865	3.604	6.595	1.545	1.770	3.050
Services (7xxx)	3.760	1.540	0.200	7.825	2.826	5.489	11.945	6.285	5.456	6.211	3.839	1.476	8.477
Health services (8xxx)	0.250	2.319	0.500	0.490	1.898	1.205	0.326	0.925	5.544	1.150	0.907	4.734	4.365
Total	21.150	22.733	13.395	21.086	14.536	34.897	28.457	38.645	32.615	27.464	26.004	47.226	52.813
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.980	2	1.340	2	1.650	4	0	0	4.970	8	4.970	8	4.970	8	1.54%
Mining (1xxx)	0.560	3	0.350	2	5.072	7	1.800	3	0.325	2	7.548	14	8.107	17	7.947	15	2.33%
Oil and gas (13xx)	3.475	7	5.015	13	6.471	17	13.688	20	1.925	4	27.099	54	30.574	61	28.114	58	8.37%
Construction (15xx)	0	0	0.670	2	1.065	3	1.375	2	0.885	1	3.995	8	3.995	8	3.995	8	1.23%
Manufacturing (2xxx, 3xxx)	23.862	40	19.985	39	25.537	53	32.370	57	17.894	35	95.786	184	119.648	224	115.033	214	29.59%
Transportation (4xxx)	3.225	6	3.335	6	1.477	5	0.738	4	2.537	3	8.087	18	11.312	24	10.232	21	2.50%
Communications (48xx)	3.091	7	4.447	11	6.183	13	4.983	11	10.120	10	25.734	45	28.825	52	27.845	49	7.95%
Electric, gas, sanitary services (49xx)	1.895	5	1.040	3	5.734	7	4.563	6	1.050	2	12.386	18	14.281	23	13.826	21	3.83%
Wholesale (5xxx)	4.719	13	7.464	12	6.934	20	11.300	24	2.185	9	27.883	65	32.602	78	31.012	74	8.61%
Finance, insurance, real estate (6xxx)	7.882	12	6.500	14	9.424	17	9.910	24	3.050	6	28.884	61	36.766	73	30.966	69	8.92%
Services (7xxx)	5.500	19	16.140	25	23.686	37	11.526	33	8.477	19	59.828	114	65.328	133	61.568	122	18.48%
Health services (8xxx)	3.069	10	3.593	10	6.795	13	6.792	12	4.365	5	21.544	40	24.613	50	24.363	49	6.65%
Total	57.278	122	70.519	139	99.717	194	100.695	200	52.813	96	323.743	629	381.022	751	359.872	708	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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