Analysis of bank loan issuance for 12 months through February 2010

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

Rate (L+)

	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Below 150 bps	0.200	0.010	0	0	0	0	0	0	0	0	0	0
150	0	0	0	0	0.184	0	0	0	0	0	0	0
175	0	0	0	0	0	0	0	0	0.300	0	0	0
200	0	0	0	0	0.075	0	0	0	0	0	0	0
225	0.100	0	0	0.500	0	0	0	0	0	0	0.100	0
250	0	0.900	1.500	0.120	0.420	0	0	0.775	0	0.200	0.956	0
275	0	0	0.270	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500	0
300	0.220	0.200	6.096	33.980	1.105	0.150	0.100	0.100	0.525	0.850	1.690	0.890
325	0	0.200	0.500	0	0.465	0	1.535	0.185	2.550	0	0.075	1.734
350	0.301	0.525	1.500	1.120	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.150
375	0	0	0	0.450	0.985	0	2.045	0.300	0.625	0.550	2.455	0.325
400	0.965	2.675	0.527	1.677	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.429
425 bps and upward	1.731	3.328	2.460	3.441	6.217	2.897	6.625	11.480	2.506	4.206	5.405	1.680
Fixed rate	0.126	0.085	0.152	0.735	0.850	0.175	0.650	0	0	0	0.515	0
NA	2.213	5.330	0.960	2.803	0.728	2.430	2.547	5.920	12.962	2.697	2.689	6.996
Other	0.080	0	0	0.110	0	0.100	0	0.080	0.465	0.425	0	0
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Below 150 bps	0.010	1	0	0	0	0	0	0	0	0	0.210	2	0.00%
150	0	0	0.184	3	0	0	0	0	0	0	0.184	3	0.00%
175	0	0	0	0	0.300	1	0	0	0	0	0.300	1	0.00%
200	0	0	0.075	1	0	0	0	0	0	0	0.075	1	0.00%
225	0.500	1	0	0	0	0	0.100	1	0.100	1	0.700	3	0.29%
250	2.520	7	0.420	2	0.975	4	0.956	1	0.956	1	4.871	14	2.73%
275	0.370	3	0.580	2	1.150	3	1.500	3	1.500	2	3.600	11	4.29%
300	40.276	9	1.355	8	1.475	4	2.580	4	2.580	4	45.906	26	7.38%
325	0.700	3	2.000	7	2.735	6	1.809	6	1.809	4	7.244	22	5.17%
350	3.145	12	3.190	9	6.532	25	4.286	10	4.286	7	17.454	60	12.25%
375	0.450	2	3.030	10	1.475	8	2.780	5	2.780	3	7.735	25	7.95%
400	4.879	13	1.568	9	3.575	15	3.679	20	3.679	11	14.666	61	10.52%
425 bps and upward	9.229	52	15.741	48	18.192	69	7.085	22	7.085	14	51.977	203	20.25%
Fixed rate	0.972	7	1.675	7	0	0	0.515	3	0.515	3	3.287	19	1.47%
NA	9.092	33	5.705	26	21.579	45	9.685	41	9.685	30	48.275	152	27.69%
Other	0.110	2	0.100	1	0.970	4	0	0	0	0	1.260	8	0.00%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Upsized?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Yes	0.125	1.864	6.846	0.440	1.565	0.900	4.105	2.715	0.685	1.370	3.935	0
No	5.580	8.836	7.120	43.591	11.110	5.921	11.402	18.435	23.269	10.535	15.241	13.612
Downsized	0.230	2.553	0	1.004	0	0.019	0.600	0	0.459	1.490	1.595	0.592
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	9.150	12	6.570	13	4.770	11	3.935	7	3.935	3	24.550	44	11.25%
No	59.547	128	28.433	117	52.239	167	28.853	103	28.853	70	174.653	546	82.50%
Downsized	3.557	5	0.619	3	1.949	6	2.187	6	2.187	5	8.542	21	6.25%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Flex?
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Down	0	0	0	0	0	0	3.300	1.435	2.440	0.175	6.331	1.012
No	5.936	13.168	13.966	45.036	12.675	6.840	12.807	18.715	21.823	12.870	14.440	12.600
Up	0	0.085	0	0	0	0	0	1.000	0.150	0.350	0	0.592
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Down	0	0	3.300	3	4.050	9	7.343	23	7.343	10	14.693	35	20.99%
No	72.169	143	32.322	130	53.408	172	27.040	92	27.040	66	190.874	570	77.31%
Up	0.085	2	0	0	1.500	3	0.592	1	0.592	1	2.177	6	1.69%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Type
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Revolver	4.712	10.300	8.442	41.840	6.019	4.181	7.857	8.310	16.113	5.930	7.856	6.519
TLA	0.105	0.485	0	0.085	0	0.375	1.000	0	0.700	0.200	0.674	0
Term	1.068	1.683	4.213	2.321	5.409	0.859	2.875	9.635	4.865	4.895	10.276	6.464
Institutional	0	0.470	1.310	0.550	0.426	1.075	3.280	2.655	2.515	2.370	1.790	0.996
Second/third/junior lien	0.051	0.315	0	0.010	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185
Delayed draw	0	0	0	0.030	0.020	0.175	0.100	0	0.025	0	0	0.040
LoC	0	0	0	0.200	0.300	0	0.250	0	0	0	0	0
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	60.583	91	18.058	72	30.352	101	14.375	66	14.375	52	128.080	351	41.10%
TLA	0.570	5	1.375	2	0.900	3	0.674	2	0.674	1	3.624	13	1.93%
Term	8.216	36	9.143	37	19.396	55	16.740	40	16.740	22	54.564	177	47.86%
Institutional	2.330	7	4.781	10	7.540	21	2.786	5	2.786	2	17.437	43	7.97%
Second/third/junior lien	0.325	4	1.420	6	0.745	3	0.360	2	0.360	1	2.900	17	1.03%
Delayed draw	0.030	1	0.295	3	0.025	1	0.040	1	0.040	1	0.390	6	0.11%
LoC	0.200	1	0.550	3	0	0	0	0	0	0	0.750	4	0.00%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Moody's Rating
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Baa3	0	0	0	0	0	0	0	0	0	0	1.100	0
Ba1	0	0	0	0	0	0	0	0.105	1.150	0.150	0.495	0
Ba2	0	0	0.650	0	0.507	0	0.535	3.100	3.350	0.350	2.125	1.600
Ba3	0	0.525	0	0	0	0.300	0	1.625	2.150	0	2.975	0.365
B1	0	0	0	0.290	0	0	4.080	0.355	0	1.330	1.150	1.712
B2	0	0	0	0	0.110	0	0	0	0	1.300	2.191	0
B3	0	0	0.525	0	0.260	0	0	1.000	0.120	0	0	0
Caa1	0	0	0	0	0	0	1.095	0	0.200	0	0.175	0
NR	5.936	12.728	12.790	44.746	11.797	6.540	10.398	14.965	17.443	10.265	10.560	10.527
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	0	0	1.100	2	1.100	1	1.100	2	3.15%
Ba1	0	0	0	0	1.405	5	0.495	2	0.495	2	1.900	7	1.42%
Ba2	0.650	1	1.042	6	6.800	16	3.725	6	3.725	4	12.217	29	10.65%
Ba3	0.525	3	0.300	1	3.775	20	3.340	6	3.340	3	7.940	30	9.55%
B1	0.290	1	4.080	9	1.685	8	2.862	12	2.862	7	8.917	30	8.18%
B2	0	0	0.110	1	1.300	3	2.191	9	2.191	5	3.601	13	6.26%
B3	0.525	1	0.260	3	1.120	2	0	0	0	0	1.905	6	0.00%
Caa1	0	0	1.095	2	0.200	1	0.175	1	0.175	1	1.470	4	0.50%
NR	70.264	139	28.734	111	42.673	129	21.087	78	21.087	55	168.693	490	60.29%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Use of Proceeds
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Acquisition	0.434	0	0	0	0.214	1.000	3.795	2.215	4.181	0.850	0.835	1.023
Capex	0	0	0.853	0.586	0.195	0.100	0.100	0	0.400	0.100	1.270	0
Dividend/recap	0	0	0	0	0	0	0	0	0.240	0	0.185	0.875
Exit financing	0	0.352	0.800	1.198	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109
GCP	1.667	4.270	6.888	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.971	1.330
LBO	0	0.230	0	0.235	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340
Refinance	3.446	5.560	5.361	4.025	5.500	2.485	4.090	9.345	6.370	7.182	5.985	10.152
Multiple/Other/NA	0.389	2.840	0.065	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	5.010	5	7.246	11	1.858	7	1.858	7	14.548	26	5.31%
Capex	1.438	2	0.395	3	0.500	2	1.270	2	1.270	2	3.603	9	3.63%
Dividend/recap	0	0	0	0	0.240	1	1.060	3	1.060	3	1.300	4	3.03%
Exit financing	2.351	8	5.877	8	1.893	6	6.824	8	6.824	8	16.945	30	19.51%
GCP	46.898	45	7.424	16	7.886	30	3.301	13	3.301	13	67.176	112	9.44%
LBO	0.465	4	1.048	3	3.453	10	3.485	5	3.485	5	8.451	22	9.96%
Refinance	14.945	39	12.075	42	22.897	45	16.137	34	16.137	34	69.500	169	46.14%
Multiple/Other/NA	6.157	18	3.793	15	14.843	18	1.040	5	1.040	5	26.222	59	2.97%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	100.00%
Industry Sector (by SIC code)
	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010
Agriculture (0xxx)	0	0.525	0	0.600	0.195	0	0	0	0	0	0.780	1.200
Mining (1xxx)	0	0.190	0	0	0	0	0	0.160	0.400	0	0	0.350
Oil and gas (13xx)	0.220	3.540	0.785	0	0	0.100	0.145	2.460	1.915	0.700	0.100	0.900
Construction (15xx)	0.115	0	0	0.200	0.256	0	0	0	0	0	0	0.550
Manufacturing (2xxx, 3xxx)	4.441	2.588	8.248	38.452	3.074	3.362	8.681	4.615	11.659	7.588	6.040	2.810
Transportation (4xxx)	0	0	0.840	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750
Communications (48xx)	0	0.520	0.360	0.796	1.045	0.422	0.325	0.980	0.701	1.410	1.019	0.745
Electric, gas, sanitary services (49xx)	0.105	0.150	0	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820
Wholesale (5xxx)	0.350	3.417	0.935	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049
Finance, insurance, real estate (6xxx)	0	1.225	1.637	1.095	3.700	0.675	0.775	5.800	0.765	1.397	3.015	0.623
Services (7xxx)	0.704	1.008	1.161	1.066	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.376
Health services (8xxx)	0	0.090	0	0.680	0.098	0.330	0.280	0.250	2.319	0.500	0.490	2.031
Total	5.936	13.253	13.966	45.036	12.675	6.840	16.108	21.150	24.413	13.395	20.771	14.204
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	1.125	3	0.195	1	0	0	1.980	2	1.980	2	3.300	6	5.66%
Mining (1xxx)	0.190	1	0	0	0.560	3	0.350	2	0.350	2	1.100	6	1.00%
Oil and gas (13xx)	4.325	8	0.245	3	5.075	8	1.000	6	1.000	6	10.865	26	2.86%
Construction (15xx)	0.200	1	0.256	1	0	0	0.550	1	0.550	1	1.121	4	1.57%
Manufacturing (2xxx, 3xxx)	49.287	49	15.117	31	23.862	40	8.850	20	8.850	20	101.557	154	25.30%
Transportation (4xxx)	0.990	2	1.996	6	3.225	6	0.975	2	0.975	2	7.186	16	2.79%
Communications (48xx)	1.676	6	1.792	6	3.091	7	1.764	6	1.764	6	8.323	25	5.04%
Electric, gas, sanitary services (49xx)	0.642	4	2.018	6	1.895	5	1.040	3	1.040	3	5.699	19	2.97%
Wholesale (5xxx)	5.857	12	4.245	12	4.719	13	2.106	6	2.106	6	17.278	46	6.02%
Finance, insurance, real estate (6xxx)	3.957	11	5.150	7	7.962	12	3.638	7	3.638	7	20.707	37	10.40%
Services (7xxx)	3.235	14	3.900	14	5.500	19	10.201	15	10.201	15	23.539	65	29.17%
Health services (8xxx)	0.770	5	0.708	5	3.069	10	2.521	7	2.521	7	7.067	27	7.21%
Total	72.254	116	35.622	92	58.958	123	34.975	77	34.975	77	207.744	431	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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