Analysis of bank loan issuance for 13 months through July 2011

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

Rate (L+)

	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Below 150 bps	0	0	0	0	1.051	1.000	0	0	0	0	1.250	0.950	0
150	0	0	0	0	0.300	0.500	0.675	0	0.350	0.210	1.450	0.314	1.375
175	0.750	0.285	0.100	0.920	0.450	1.150	0.600	2.425	4.310	4.700	2.995	6.175	3.030
200	0	0.670	0	2.713	0.585	2.048	1.000	4.620	1.025	1.000	3.347	8.270	0.875
225	0	1.133	0.525	2.840	0.450	0.125	0.950	0.315	6.210	6.560	1.450	5.405	0.745
250	0.541	2.010	4.030	2.980	1.158	3.615	3.620	1.640	5.833	3.650	3.350	1.745	2.300
275	0.920	4.492	0.350	3.634	0.915	0.502	2.545	3.915	6.720	1.800	2.075	7.346	0.263
300	2.523	1.290	4.716	2.870	2.335	1.215	8.175	22.324	6.322	2.217	2.675	3.600	0.488
325	0.475	0.558	0	0.546	1.483	0.669	7.331	7.226	6.667	1.910	4.262	1.320	0.510
350	0.595	1.175	1.950	1.943	4.525	0.805	4.995	12.807	2.712	4.400	2.220	1.600	0.135
375	0.675	0.400	1.770	2.345	2.200	6.060	1.479	2.445	4.632	6.620	5.620	1.644	0.375
400	2.035	0.565	3.479	4.775	4.227	1.755	1.580	5.398	1.790	0.913	5.654	1.287	1.670
425	0.175	2.442	4.113	7.220	2.930	1.410	3.354	0.718	2.785	5.293	2.200	1.240	0.900
450	4.900	2.475	6.090	2.781	3.590	1.165	4.924	1.275	0.914	1.760	1.515	2.134	1.660
475	1.975	0.050	1.870	0.350	0.806	0.816	0.132	1.930	0.825	2.080	4.895	0.592	1.265
500 bps and upward	4.040	2.697	6.804	5.597	6.301	8.083	4.638	5.899	4.199	3.205	9.115	7.745	8.501
Fixed rate	0.764	0.150	0	1.679	0.057	0.170	0	0.888	0	0.087	0	0	0
NA	7.230	5.547	11.325	14.778	12.106	22.142	15.610	13.982	18.990	21.335	24.370	31.195	15.106
Other	0	0	0	0	0.220	0	0.150	0	0	0	0	0	0.900
Prime based	0	0	0	0	0	0	0	0	0	0.215	0	0	0
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	2.051	6	0	0	2.200	3	0	0	2.200	3	4.251	9	4.251	7	0.45%
150	0	0	0.800	4	1.025	4	1.974	6	1.375	2	4.374	10	5.174	16	5.174	13	0.89%
175	1.135	3	2.520	8	7.335	14	13.870	37	3.030	5	24.235	42	27.890	67	27.140	52	4.92%
200	0.670	3	5.346	17	6.645	14	12.617	17	0.875	1	20.137	22	26.153	52	26.153	38	4.09%
225	1.657	5	3.415	14	7.475	20	13.415	22	0.745	4	21.635	35	26.707	65	26.707	49	4.39%
250	6.581	19	7.753	23	11.094	24	8.745	24	2.300	7	22.139	41	36.472	97	35.931	69	4.49%
275	5.762	14	5.051	20	13.180	36	11.221	24	0.263	1	24.663	34	35.477	95	34.557	47	5.00%
300	8.529	25	6.420	21	36.821	54	8.492	22	0.488	1	45.801	40	60.750	123	58.227	68	9.29%
11/1900	1.033	4	2.698	13	21.223	31	7.492	20	0.510	3	29.225	39	32.956	71	32.481	48	5.93%
350	3.720	12	7.273	16	20.515	42	8.220	17	0.135	2	28.870	31	39.862	89	39.267	45	5.86%
375	2.845	15	10.605	15	8.556	25	13.884	25	0.375	3	22.815	28	36.265	83	35.590	41	4.63%
400	6.079	22	10.757	23	8.768	32	7.854	29	1.670	3	18.291	41	35.127	109	33.092	58	3.71%
425	6.730	14	11.560	19	6.856	16	8.733	19	0.900	3	16.489	21	34.779	71	34.605	39	3.35%
450	13.465	26	7.536	23	7.113	20	5.409	27	1.660	6	14.182	28	35.184	102	30.284	47	2.88%
475	3.895	9	1.972	10	2.886	22	7.566	18	1.265	4	11.718	24	17.585	63	15.610	34	2.38%
500 bps and upward	13.542	58	19.981	101	14.735	82	20.065	85	8.501	33	43.301	77	76.824	359	72.783	154	8.78%
Fixed rate	0.914	5	1.906	10	0.888	4	0.087	1	0	0	0.976	5	3.796	20	3.031	12	0.20%
NA	24.102	75	49.027	170	48.582	154	76.899	201	15.106	49	140.587	328	213.716	649	206.486	487	28.52%
Other	0	0	0.220	1	0.150	1	0	0	0.900	1	1.050	2	1.270	3	1.270	3	0.21%
Prime based	0	0	0	0	0	0	0.215	2	0	0	0.215	2	0.215	2	0.215	2	0.04%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Upsized?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Yes	3.498	5.277	7.498	5.005	7.667	13.325	12.776	7.535	3.902	8.665	4.465	4.170	0.455
No	22.721	19.982	38.793	50.899	35.534	37.756	47.011	76.989	69.481	58.348	68.309	74.836	39.397
Downsized	1.380	0.680	0.830	2.068	2.488	2.150	1.970	3.283	0.900	0.943	5.668	3.555	0.245
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	16.273	27	25.997	42	24.213	47	17.300	24	0.455	2	41.968	32	84.239	142	80.741	68	8.51%
No	81.497	267	124.188	448	193.481	522	201.493	550	39.397	124	434.371	798	640.057	1911	617.335	1200	88.13%
Downsized	2.890	15	6.706	24	6.152	26	10.165	25	0.245	2	16.562	21	26.159	92	24.779	43	3.36%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Flex?
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Down	3.045	0.475	9.783	7.570	3.665	3.290	22.829	14.822	4.324	2.336	2.603	5.797	1.145
No	22.742	25.109	34.833	49.362	39.981	49.551	36.581	69.299	67.656	64.562	72.039	71.924	38.952
Up	1.812	0.355	2.505	1.040	2.043	0.390	2.347	3.685	2.304	1.058	3.800	4.840	0
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	13.303	22	14.525	33	41.975	78	10.736	26	1.145	4	53.856	44	81.684	163	78.639	65	10.93%
No	82.685	273	138.893	462	173.536	493	208.525	532	38.952	124	421.013	781	642.592	1884	619.849	1205	85.42%
Up	4.671	14	3.473	19	8.336	24	9.697	41	0	0	18.034	26	26.178	98	24.366	41	3.66%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Type
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Revolver	12.065	13.167	18.806	26.600	17.018	28.284	20.095	22.700	33.798	35.318	39.422	43.730	19.700
TLA	1.195	0.823	5.795	2.322	1.105	0.060	3.530	7.375	6.780	2.986	2.725	9.865	2.150
Term	10.575	5.652	9.149	20.181	16.859	19.905	22.474	22.511	13.907	15.609	12.289	9.689	10.885
Institutional	3.744	5.590	12.653	7.107	9.447	3.450	13.890	33.519	19.239	13.045	20.564	15.916	6.727
Second/third/junior lien	0	0.140	0.404	0.940	0.670	1.503	0.440	0.461	0.459	0.797	3.267	1.122	0.561
Delayed draw	0	0.567	0.125	0	0.420	0.030	0.655	0.990	0.100	0.200	0.175	0.440	0.075
LoC	0.020	0	0.190	0.822	0.170	0	0.673	0.250	0	0	0	1.800	0
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	44.038	162	71.902	278	76.594	288	118.470	334	19.700	67	214.763	625	330.704	1129	318.639	935	43.57%
TLA	7.813	19	3.487	13	17.686	38	15.575	25	2.150	5	35.411	16	46.711	100	45.516	21	7.18%
Term	25.375	75	56.944	143	58.892	138	37.587	118	10.885	35	107.364	127	189.683	509	179.109	228	21.78%
Institutional	21.987	40	20.004	47	66.648	104	49.524	91	6.727	14	122.899	75	164.889	296	161.145	109	24.93%
Second/third/junior lien	0.544	5	3.113	20	1.360	12	5.186	22	0.561	6	7.107	4	10.764	65	10.764	9	1.44%
Delayed draw	0.692	6	0.450	5	1.745	10	0.815	6	0.075	1	2.635	3	3.777	28	3.777	4	0.53%
LoC	0.210	2	0.992	8	0.923	5	1.800	3	0	0	2.723	4	3.925	18	3.905	8	0.55%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Moody's Rating
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Baa2	0	0	0	0	0	0	0	0	0	2.000	0	0	0
Baa3	0	0	0	5.000	0.500	0	0	0.340	1.625	2.400	0	3.900	0
Ba1	0.800	0.565	0.800	2.075	0	2.200	2.105	1.600	2.900	0.540	3.750	2.800	0
Ba2	3.370	0.777	4.735	3.315	6.065	0.965	2.720	9.088	7.810	2.180	5.785	9.195	0
Ba3	2.525	4.016	9.981	7.300	5.180	4.230	14.400	3.973	6.062	6.830	5.475	2.545	3.830
B1	2.700	1.140	5.218	3.710	9.400	7.630	10.055	13.725	3.495	6.028	8.429	3.985	3.250
B2	0.860	0.675	2.120	0.757	2.600	1.543	1.382	5.505	1.996	8.450	1.525	1.345	3.404
B3	0.435	0.180	0.135	0.575	0	0.865	1.015	3.713	1.015	0.425	0.610	0.310	0
Caa1	0	0	0.180	0.365	0.320	0.240	0	0.382	0.230	0.580	0.352	0	0.150
Caa2	0	0	0	0	0	0	0	0	0	0.290	0.145	0.080	0
NR	16.908	18.585	23.952	34.874	21.624	35.558	30.080	49.481	49.150	38.232	52.371	58.401	29.463
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	2.000	2	0	0	2.000	1	2.000	2	2.000	1	0.41%
Baa3	0	0	5.500	3	1.965	6	6.300	5	0	0	8.265	6	13.765	14	13.765	8	1.68%
Ba1	2.165	5	4.275	11	6.605	13	7.090	12	0	0	13.695	12	20.135	41	19.335	21	2.78%
Ba2	8.883	20	10.345	21	19.618	34	17.160	39	0	0	36.778	35	56.005	114	52.636	53	7.46%
Ba3	16.523	34	16.710	52	24.435	46	14.850	44	3.830	7	43.115	51	76.347	183	73.823	88	8.75%
B1	9.058	33	20.740	52	27.275	67	18.442	56	3.250	11	48.967	71	78.765	219	76.065	111	9.93%
B2	3.655	10	4.901	26	8.883	31	11.320	24	3.404	9	23.607	29	32.163	100	31.303	48	4.79%
B3	0.750	7	1.440	6	5.743	17	1.345	8	0	0	7.088	14	9.278	38	8.843	19	1.44%
Caa1	0.180	1	0.925	6	0.612	5	0.932	10	0.150	1	1.694	2	2.799	23	2.799	5	0.34%
Caa2	0	0	0	0	0	0	0.515	4	0	0	0.515	1	0.515	4	0.515	1	0.10%
NR	59.446	199	92.056	337	128.711	376	149.004	395	29.463	100	307.178	631	458.681	1407	441.772	958	62.32%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Use of Proceeds
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Acquisition	2.385	1.245	8.415	8.497	5.122	1.073	6.665	5.766	2.397	6.100	13.307	9.037	8.780
Capex	0.472	0.675	1.070	2.935	0.957	0.275	1.009	0.575	0	0	0.650	0.146	0.125
Dividend/recap	0.904	1.786	1.793	5.895	11.920	2.615	3.255	7.343	1.685	4.435	2.301	1.970	1.550
Exit financing	0.591	1.450	0.600	0.195	0.800	1.110	1.345	0.080	0.090	0	0	0	0
GCP	0.650	3.810	1.365	11.030	1.828	9.570	7.057	1.451	6.625	8.040	1.900	3.320	2.495
LBO	3.695	3.115	4.905	2.429	3.835	5.340	7.867	3.220	5.260	0	3.285	5.623	5.388
Refinance	12.151	8.610	19.019	16.020	11.473	20.986	21.819	61.958	42.662	40.100	44.407	38.242	8.099
Multiple/Other/NA	6.750	5.248	9.954	10.970	9.755	12.262	12.740	7.413	15.564	9.280	12.592	24.223	13.660
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	12.045	19	14.691	29	14.829	21	28.444	38	8.780	13	52.053	71	78.789	119	76.404	113	10.56%
Capex	2.217	10	4.166	8	1.584	5	0.796	3	0.125	1	2.505	9	8.889	27	8.416	24	0.51%
Dividend/recap	4.484	11	20.430	41	12.283	25	8.706	25	1.550	7	22.538	57	47.452	109	46.548	106	4.57%
Exit financing	2.641	7	2.105	7	1.515	3	0	0	0	0	1.515	3	6.261	17	5.670	14	0.31%
GCP	5.825	18	22.428	40	15.133	44	13.260	32	2.495	8	30.888	84	59.141	142	58.491	140	6.27%
LBO	11.715	18	11.604	26	16.347	26	8.908	22	5.388	11	30.643	59	53.963	103	50.268	97	6.22%
Refinance	39.780	67	48.479	104	126.440	185	122.750	177	8.099	20	257.288	382	345.547	553	333.396	529	52.19%
Multiple/Other/NA	21.952	50	32.987	72	35.717	73	46.095	94	13.660	18	95.472	185	150.411	307	143.661	287	19.37%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	100.00%
Industry Sector (by SIC code)
	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011
Agriculture (0xxx)	0	0.950	0.700	0	0.250	0	0	0.885	0.225	0	1.250	1.650	0
Mining (1xxx)	0.950	0.850	0	0.325	0.527	0.965	2.725	1.000	1.600	4.003	6.310	0.600	0
Oil and gas (13xx)	3.095	2.500	8.093	2.203	3.457	4.830	1.934	3.600	4.465	8.248	11.595	5.815	0.300
Construction (15xx)	1.100	0.275	0	0.885	0.425	0.510	0	1.015	0.460	0	0	0.100	0
Manufacturing (2xxx, 3xxx)	3.210	9.302	19.793	19.667	13.105	12.060	23.643	27.551	17.343	18.649	16.887	26.227	14.415
Transportation (4xxx)	0.253	0.185	0.300	3.267	3.501	0.550	0.575	0.375	12.685	0	3.395	2.796	1.275
Communications (48xx)	1.028	0.270	3.665	9.977	2.966	8.960	1.765	5.032	4.332	0.460	3.105	7.933	1.495
Electric, gas, sanitary services (49xx)	2.663	0	1.900	3.145	0.950	1.350	0.525	1.670	3.600	1.500	4.810	5.635	3.574
Wholesale (5xxx)	1.344	5.281	4.675	2.340	7.385	6.201	7.455	14.301	10.338	13.552	5.580	7.154	3.751
Finance, insurance, real estate (6xxx)	6.595	1.580	1.785	3.125	1.545	6.055	7.865	10.806	1.990	6.095	6.001	6.210	3.315
Services (7xxx)	6.211	3.839	1.476	8.212	7.555	8.910	12.284	14.891	12.745	9.908	12.547	15.330	9.340
Health services (8xxx)	1.150	0.907	4.734	4.825	4.023	2.840	2.986	6.679	4.501	5.540	6.962	3.111	2.632
Total	27.599	25.939	47.121	57.972	45.689	53.231	61.757	87.806	74.284	67.955	78.442	82.561	40.097
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.650	4	0.250	1	1.110	3	2.900	3	0	0	4.010	6	5.910	11	5.910	11	0.81%
Mining (1xxx)	1.800	3	1.817	10	5.325	3	10.913	11	0	0	16.238	14	19.855	27	18.905	25	3.29%
Oil and gas (13xx)	13.688	20	10.489	19	9.999	18	25.657	35	0.300	2	35.956	55	60.134	94	57.039	86	7.29%
Construction (15xx)	1.375	2	1.820	6	1.475	3	0.100	1	0	0	1.575	4	4.770	12	3.670	11	0.32%
Manufacturing (2xxx, 3xxx)	32.304	56	44.833	93	68.537	114	61.764	109	14.415	21	144.716	244	221.854	393	218.644	379	29.36%
Transportation (4xxx)	0.738	4	7.318	12	13.635	11	6.191	13	1.275	2	21.101	26	29.157	42	28.904	41	4.28%
Communications (48xx)	4.963	11	21.904	24	11.130	26	11.498	22	1.495	4	24.123	52	50.989	87	49.961	84	4.89%
Electric, gas, sanitary services (49xx)	4.563	6	5.445	9	5.795	11	11.945	16	3.574	5	21.314	32	31.322	47	28.659	43	4.32%
Wholesale (5xxx)	11.300	24	15.926	40	32.094	62	26.286	42	3.751	9	62.131	113	89.357	177	88.013	172	12.61%
Finance, insurance, real estate (6xxx)	9.960	24	10.725	31	20.661	36	18.306	41	3.315	11	42.282	88	62.967	143	56.372	133	8.58%
Services (7xxx)	11.526	33	24.676	60	39.919	61	37.785	63	9.340	15	87.045	139	123.247	232	117.036	215	17.66%
Health services (8xxx)	6.792	13	11.688	22	14.166	33	15.613	35	2.632	9	32.412	77	50.891	112	49.741	110	6.58%
Total	100.660	200	156.891	327	223.847	381	228.958	391	40.097	78	492.902	850	750.454	1377	722.855	1310	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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