Analysis of bank loan issuance for 13 months through June 2010

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

Rate (L+)

	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
150	0	0.184	0	0	0	0	0	0	0	0	0	0	0
175	0	0	0	0	0	0.300	0	0	0	0	0	0.100	0
200	0	0.075	0	0	0	0	0	0	0	0.725	0	0	0
225	0.500	0	0	0	0	0	0	0.130	0	1.130	1.500	1.200	1.065
250	0.120	0.420	0	0	0.775	0	0.200	0.956	0	0	0	1.600	5.102
275	0.100	0.300	0	0.280	0.110	0.040	1.000	1.500	0.550	0.900	0.100	1.450	0.550
300	33.980	1.105	0.150	0.100	0.100	0.525	0.850	1.690	1.886	3.225	5.758	5.350	0.672
11/1900	0	0.465	0	1.535	0.185	2.550	0	0.075	1.734	1.272	2.320	0.530	5.089
350	1.120	0.740	0.300	2.150	1.725	2.890	1.917	4.136	0.955	6.457	3.875	2.369	0.329
375	0.450	0.985	0	2.045	0.300	0.625	0.550	3.254	0.325	2.810	1.295	2.120	0
400	1.677	0.606	0.787	0.175	0.475	1.550	1.550	1.250	2.554	2.260	2.241	0.840	1.875
425 bps and upward	3.441	6.217	2.897	6.625	11.480	2.506	4.206	5.405	3.842	5.537	8.218	14.995	5.919
Fixed rate	0.735	0.850	0.175	0.650	0	0	0	0.515	0	0.135	0	0.427	0.150
NA	2.803	0.728	2.430	2.547	5.920	11.362	2.697	2.175	2.690	10.156	3.056	8.925	6.542
Other	0.110	0	0.100	0	0.080	0.465	0.425	0	0	0	0	0.180	0
Prime based	0	0	0	0	0	0	0	0	0	0	0	0.018	0
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
150	0.184	3	0	0	0	0	0	0	0	0	0.184	3	0.00%
175	0	0	0.300	1	0	0	0.100	1	0.100	1	0.400	2	0.06%
200	0.075	1	0	0	0.725	2	0	0	0.725	1	0.800	3	0.44%
225	0	0	0	0	1.260	2	3.765	6	5.025	7	5.525	9	3.03%
250	0.420	2	0.975	4	0.956	1	6.702	12	7.658	9	9.173	20	4.61%
275	0.580	2	1.150	3	2.950	7	2.100	10	5.050	10	6.880	23	3.04%
300	1.355	8	1.475	4	6.801	12	11.780	23	18.581	23	55.392	51	11.19%
325	2.000	7	2.735	6	3.081	10	7.939	17	11.020	17	15.755	40	6.64%
350	3.190	9	6.532	25	11.549	25	6.572	21	18.120	28	28.962	86	10.92%
375	3.030	10	1.475	8	6.389	15	3.415	7	9.804	12	14.759	42	5.91%
400	1.568	9	3.575	15	6.064	34	4.956	24	11.020	32	17.840	88	6.64%
425 bps and upward	15.741	48	18.192	69	14.784	55	29.131	101	43.916	85	81.289	288	26.46%
Fixed rate	1.675	7	0	0	0.650	5	0.578	4	1.228	6	3.637	20	0.74%
NA	5.705	26	19.979	44	15.021	53	18.523	76	33.544	95	62.031	212	20.21%
Other	0.100	1	0.970	4	0	0	0.180	1	0.180	1	1.360	8	0.11%
Prime based	0	0	0	0	0	0	0.018	1	0.018	1	0.018	1	0.01%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Upsized?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Yes	0.440	1.565	0.900	4.105	2.715	0.685	1.370	4.065	0.405	1.745	5.952	5.505	0.615
No	43.591	11.110	5.921	11.402	18.435	21.669	10.535	15.426	12.942	30.466	19.925	32.190	26.677
Downsized	1.004	0	0.019	0.600	0	0.459	1.490	1.595	1.189	2.396	2.485	2.410	0
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	6.570	13	4.770	11	6.215	16	12.072	22	18.287	21	30.067	64	11.02%
No	28.433	117	50.639	166	58.834	189	78.792	271	137.626	289	260.290	794	82.91%
Downsized	0.619	3	1.949	6	5.180	16	4.895	11	10.075	16	13.647	38	6.07%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Flex?
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Down	0	0	0	3.300	1.435	2.440	0.175	6.331	1.012	1.235	5.449	0.570	0.565
No	45.036	12.675	6.840	12.807	18.715	20.223	12.870	14.755	12.307	31.589	22.504	32.420	26.527
Up	0	0	0	0	1.000	0.150	0.350	0	1.217	1.782	0.410	7.114	0.200
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Down	3.300	3	4.050	9	8.578	28	6.583	22	15.162	22	22.512	62	9.13%
No	32.322	130	51.808	171	58.651	184	81.451	259	140.102	290	269.268	799	84.40%
Up	0	0	1.500	3	2.999	9	7.724	23	10.724	14	12.224	35	6.46%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Type
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Revolver	41.840	6.019	4.181	7.857	8.310	14.512	5.930	8.141	6.469	16.884	9.210	19.748	9.577
TLA	0.085	0	0.375	1.000	0	0.700	0.200	0.674	0.472	0.800	0.400	0.540	3.338
Term	2.321	5.409	0.859	2.875	9.635	4.865	4.895	10.306	6.214	9.473	11.476	14.612	7.162
Institutional	0.550	0.426	1.075	3.280	2.655	2.515	2.370	1.790	1.156	7.135	6.890	3.749	5.603
Second/third/junior lien	0.010	0.500	0.175	0.745	0.550	0.195	0	0.175	0.185	0.315	0.235	0.355	0.145
Delayed draw	0.030	0.020	0.175	0.100	0	0.025	0	0	0.040	0	0.152	0.750	0.667
LoC	0.200	0.300	0	0.250	0	0	0	0	0	0	0	0.350	0.800
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Revolver	18.058	72	28.753	100	31.494	119	38.535	156	70.028	218	158.679	483	42.19%
TLA	1.375	2	0.900	3	1.946	6	4.278	12	6.224	4	8.584	24	3.75%
Term	9.143	37	19.396	55	25.993	73	33.250	87	59.244	79	90.103	265	35.69%
Institutional	4.781	10	7.540	21	10.081	17	16.242	32	26.323	20	39.194	82	15.86%
Second/third/junior lien	1.420	6	0.745	3	0.675	5	0.735	6	1.410	4	3.585	21	0.85%
Delayed draw	0.295	3	0.025	1	0.040	1	1.569	8	1.609	3	1.959	14	0.97%
LoC	0.550	3	0	0	0	0	1.150	3	1.150	3	1.900	7	0.69%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Moody's Rating
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Baa2	0	0	0	0	0	0	0	0	0	0.850	0	0	0
Baa3	0	0	0	0	0	0	0	1.100	0.400	0.575	1.525	0.350	0
Ba1	0	0	0	0	0.105	1.150	0.150	0.495	0	2.500	0.450	0.500	2.965
Ba2	0	0.507	0	0.535	3.100	3.350	0.350	2.125	1.740	7.355	4.410	4.930	0.305
Ba3	0	0	0.300	0	1.625	2.150	0	2.975	1.865	1.794	4.585	7.215	2.470
B1	0.290	0	0	4.080	0.355	0	1.330	1.980	1.939	0.620	5.899	1.575	1.470
B2	0	0.110	0	0	0	0	1.300	2.191	0.275	0.611	1.915	2.414	0
B3	0	0.260	0	0	1.000	0.120	0	0	0	0.375	0.330	0.200	0
Caa1	0	0	0	1.095	0	0.200	0	0.175	0	0.150	0	0	0
NR	44.746	11.797	6.540	10.398	14.965	15.843	10.265	10.045	8.317	19.777	9.249	22.920	20.082
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Baa2	0	0	0	0	0.850	2	0	0	0.850	1	0.850	2	0.51%
Baa3	0	0	0	0	2.075	5	1.875	5	3.950	6	3.950	10	2.38%
Ba1	0	0	1.405	5	2.995	4	3.915	8	6.910	8	8.315	17	4.16%
Ba2	1.042	6	6.800	16	11.220	24	9.645	22	20.865	24	28.707	68	12.57%
Ba3	0.300	1	3.775	20	6.634	19	14.270	40	20.904	30	24.979	80	12.59%
B1	4.080	9	1.685	8	4.539	21	8.944	30	13.482	28	19.538	69	8.12%
B2	0.110	1	1.300	3	3.077	16	4.330	17	7.407	17	8.817	37	4.46%
B3	0.260	3	1.120	2	0.375	3	0.530	3	0.905	4	2.285	11	0.55%
Caa1	1.095	2	0.200	1	0.325	2	0	0	0.325	1	1.620	5	0.20%
NR	28.734	111	41.073	128	38.138	125	52.251	179	90.390	208	204.943	597	54.45%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Use of Proceeds
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Acquisition	0	0.214	1.000	3.795	2.215	2.581	0.850	0.865	1.023	7.069	5.531	0.815	5.910
Capex	0.586	0.195	0.100	0.100	0	0.400	0.100	1.270	0	0.665	0.165	4.735	0.567
Dividend/recap	0	0	0	0	0	0.240	0	0.185	0.700	1.663	0.580	0	0
Exit financing	1.198	0	2.347	3.530	0.950	0.345	0.598	6.715	0.109	2.250	0.330	2.160	0.772
GCP	35.740	5.219	0.480	1.725	3.695	2.366	1.825	1.971	1.330	1.545	1.050	2.750	0.867
LBO	0.235	0.195	0.122	0.730	1.645	1.633	0.175	3.145	0.340	0.720	1.431	5.870	4.131
Refinance	4.025	5.500	2.485	4.090	9.345	6.370	7.182	6.270	10.659	14.272	17.216	17.331	9.453
Multiple/Other/NA	3.252	1.351	0.305	2.138	3.300	8.878	2.665	0.665	0.375	6.423	2.060	6.444	5.592
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	5.010	5	5.646	10	8.957	12	12.256	16	21.213	28	31.869	43	12.78%
Capex	0.395	3	0.500	2	1.935	5	5.467	9	7.402	14	8.883	20	4.46%
Dividend/recap	0	0	0.240	1	2.547	7	0.580	1	3.127	8	3.368	9	1.88%
Exit financing	5.877	8	1.893	6	9.074	9	3.263	12	12.337	21	21.305	39	7.43%
GCP	7.424	16	7.886	30	4.846	16	4.667	12	9.513	28	60.563	90	5.73%
LBO	1.048	3	3.453	10	4.205	7	11.431	24	15.636	31	20.372	46	9.42%
Refinance	12.075	42	22.897	45	31.201	68	44.000	84	75.201	152	114.198	254	45.31%
Multiple/Other/NA	3.793	15	14.843	18	7.463	14	14.095	30	21.558	44	43.446	85	12.99%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	100.00%
Industry Sector (by SIC code)
	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010
Agriculture (0xxx)	0.600	0.195	0	0	0	0	0	0.780	1.200	0	0.475	0	0.865
Mining (1xxx)	0	0	0	0	0.160	0.400	0	0	0.350	0	0.723	2.350	2.000
Oil and gas (13xx)	0	0	0.100	0.145	2.460	0.315	0.700	0.100	0.900	4.015	2.125	2.486	0.980
Construction (15xx)	0.200	0.256	0	0	0	0	0	0	0.550	0.120	0	0.700	0.365
Manufacturing (2xxx, 3xxx)	38.452	3.074	3.362	8.401	4.615	11.659	7.588	6.040	2.825	10.829	4.417	13.101	3.901
Transportation (4xxx)	0.150	0.840	0.125	1.032	1.080	1.945	0.200	0.225	0.750	2.360	0.100	0.530	0.847
Communications (48xx)	0.796	1.045	0.422	0.325	0.980	0.701	1.410	1.304	0.745	2.398	1.915	4.269	0.400
Electric, gas, sanitary services (49xx)	0.492	0.833	0	1.185	0.455	0.840	0.600	0.220	0.820	0	1.092	1.840	2.915
Wholesale (5xxx)	1.505	1.460	1.575	1.210	1.590	2.329	0.800	1.057	1.049	5.358	1.369	3.975	0.840
Finance, insurance, real estate (6xxx)	1.095	3.700	0.675	0.775	5.800	0.765	1.397	3.045	0.623	2.832	3.955	2.295	2.799
Services (7xxx)	1.066	1.175	0.250	2.475	3.760	1.540	0.200	7.825	2.826	5.489	11.945	7.635	5.336
Health services (8xxx)	0.680	0.098	0.330	0.560	0.250	2.319	0.500	0.490	1.898	1.205	0.247	0.925	6.044
Total	45.036	12.675	6.840	16.108	21.150	22.813	13.395	21.086	14.536	34.607	28.363	40.105	27.292
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.195	1	0	0	1.980	2	1.340	2	3.320	4	4.115	7	2.00%
Mining (1xxx)	0	0	0.560	3	0.350	2	5.072	7	5.423	9	5.982	12	3.27%
Oil and gas (13xx)	0.245	3	3.475	7	5.015	13	5.590	14	10.605	27	14.325	37	6.39%
Construction (15xx)	0.256	1	0	0	0.670	2	1.065	3	1.735	5	2.191	7	1.05%
Manufacturing (2xxx, 3xxx)	14.837	30	23.862	40	19.695	38	21.419	50	41.114	88	118.265	179	24.77%
Transportation (4xxx)	1.996	6	3.225	6	3.335	6	1.477	5	4.812	11	10.184	24	2.90%
Communications (48xx)	1.792	6	3.091	7	4.447	11	6.583	14	11.031	25	16.710	40	6.65%
Electric, gas, sanitary services (49xx)	2.018	6	1.895	5	1.040	3	5.847	8	6.887	11	11.291	24	4.15%
Wholesale (5xxx)	4.245	12	4.719	13	7.464	12	6.184	18	13.648	30	24.117	59	8.22%
Finance, insurance, real estate (6xxx)	5.150	7	7.962	12	6.500	14	9.049	17	15.549	31	29.756	55	9.37%
Services (7xxx)	3.900	14	5.500	19	16.140	25	24.916	38	41.055	63	51.521	101	24.73%
Health services (8xxx)	0.988	6	3.069	10	3.593	10	7.216	12	10.809	22	15.546	41	6.51%
Total	35.622	92	57.358	122	70.229	138	95.759	188	165.988	326	304.004	586	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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