Analysis of leveraged loan issuance for 13 months through September 2012

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

Rate (L+)

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Below 150 bps	0.200	0	0	0	0	0.275	0	0	0	0.100	0	0	0
150	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.300
175	1.875	0.335	0	6.722	2.240	1.375	3.108	2.300	2.405	1.960	2.230	2.485	0.875
200	4.075	0.495	0.460	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650	0.080	0.935
225	0.870	0.500	2.033	1.125	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.100	0.300
250	1.700	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.135	2.680	4.175	5.100
275	2.530	0.880	2.425	2.644	1.530	0.550	1.075	1.345	0.425	0.150	1.225	0.230	5.163
300	2.200	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650	2.885	2.150	1.780
325	0.350	0.235	1.160	1.505	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.165	8.333
350	0.340	0.730	2.975	0	1.970	0	1.344	1.275	0	0.300	6.875	1.754	4.740
375	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675	8.472
400	1.060	0.134	0.300	0.150	0.660	4.598	4.470	1.125	1.410	0.416	0.630	0.745	5.040
425	0	0	1.775	0	1.150	1.123	0.600	4.275	3.869	1.794	2.065	0	2.115
450	1.350	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942	4.188
475	0	0.640	0	0.125	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025	2.405
500 bps and upward	7.784	5.459	5.800	5.784	6.509	5.681	12.486	10.139	14.783	8.812	8.894	6.160	10.410
Fixed rate	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250
NA	17.924	14.829	11.122	14.248	13.599	16.104	9.813	13.806	17.929	12.312	14.418	15.675	32.326
Other	0	0	0	0	0	0	0.675	0	0	0.250	0	0.080	0
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0.275	1	0.100	1	0	0	0.375	2	0.575	3	0.375	2	0.08%
150	10.297	18	3.630	10	6.095	16	5.110	9	14.835	33	28.337	58	25.132	50	3.10%
175	7.057	15	6.723	17	6.665	19	5.590	18	18.978	43	27.910	74	26.035	57	3.96%
200	1.485	9	8.300	25	7.250	13	1.665	9	17.215	34	22.776	63	18.701	43	3.59%
225	3.658	12	11.627	28	5.835	14	1.185	7	18.647	35	23.175	64	22.305	45	3.89%
250	2.474	12	4.625	8	2.743	15	11.955	15	19.323	25	23.498	54	21.798	35	4.03%
275	5.949	16	3.155	16	1.920	7	6.618	12	11.693	22	20.172	56	17.642	35	2.44%
300	3.228	15	15.380	31	0.975	6	6.815	20	23.170	31	28.598	76	26.398	39	4.84%
325	2.900	8	6.269	15	1.755	8	11.893	17	19.918	25	23.168	49	22.817	29	4.16%
350	3.705	9	3.314	7	1.575	3	13.369	19	18.258	19	22.303	40	21.963	24	3.81%
375	1.285	5	4.829	12	7.001	15	10.312	21	22.142	31	24.217	54	23.427	34	4.62%
400	0.584	5	9.727	23	2.951	14	6.415	13	19.093	36	20.738	58	19.677	39	3.99%
425	1.775	5	2.873	6	9.938	21	4.180	11	16.991	20	18.766	43	18.766	24	3.55%
450	1.427	7	2.847	11	2.400	6	10.460	26	15.707	25	18.485	53	17.134	31	3.28%
475	0.765	4	3.510	14	2.610	6	2.848	9	8.968	17	9.733	33	9.733	21	1.87%
500 bps and upward	17.043	74	24.676	106	33.734	114	25.463	107	83.874	139	108.700	441	100.916	172	17.51%
Fixed rate	0.641	6	0.983	5	0.993	3	0.759	6	2.735	10	4.048	25	3.376	14	0.57%
NA	40.198	136	39.517	148	44.047	150	62.419	208	145.982	394	204.105	685	186.181	507	30.48%
Other	0	0	0.675	2	0.250	2	0.080	1	1.005	2	1.005	5	1.005	2	0.21%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Upsized?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	2.550	6.964	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.752	3.370	6.170	16.217
No	42.794	27.518	25.827	32.337	33.585	52.497	54.162	40.711	48.390	31.808	43.235	36.825	74.500
Downsized	1.581	0.134	1.013	2.288	1.595	0.250	0.835	3.397	2.045	0	3.470	0.335	3.015
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	15.354	26	10.012	23	12.488	27	25.757	32	48.257	39	66.161	113	63.611	52	10.08%
No	85.681	317	140.244	453	120.909	389	154.559	483	415.711	882	544.187	1765	501.393	1124	86.80%
Downsized	3.435	13	2.680	9	5.441	17	6.820	13	14.941	18	19.957	56	18.377	23	3.12%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Flex?
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Down	1.040	0.640	4.995	0.212	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815	12.477
No	43.544	33.466	27.160	36.617	33.203	48.392	53.548	41.828	49.685	30.738	43.442	40.740	80.765
Up	2.341	0.510	0.500	0.370	0	0	2.400	6.989	4.700	0.667	1.933	0.775	0.490
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	5.847	16	15.393	33	4.230	15	18.992	31	38.615	34	45.502	97	44.462	40	8.06%
No	97.243	332	135.143	449	122.251	388	164.946	485	422.340	891	563.127	1776	519.583	1143	88.19%
Up	1.380	8	2.400	3	12.357	30	3.198	12	17.954	14	21.675	61	19.334	16	3.75%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Type
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Revolver	25.292	22.140	14.723	22.882	15.310	20.567	22.119	19.120	23.620	14.738	17.200	20.967	19.584
TLA	2.625	1.400	1.857	2.946	3.372	3.975	3.390	4.275	2.325	0.700	7.445	3.272	4.809
Term	13.211	5.552	7.182	5.838	10.409	12.786	9.205	9.614	16.530	12.012	13.900	11.870	39.401
Institutional	4.625	4.424	8.592	5.357	9.755	15.114	21.090	15.930	10.005	4.715	11.020	6.881	27.713
Second/third/junior lien	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.205
Delayed draw	0.046	0.800	0.065	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.020
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	59.745	215	57.996	222	57.478	224	57.750	227	173.224	604	258.261	965	232.969	806	36.17%
TLA	6.204	19	10.738	24	7.300	20	15.527	26	33.564	21	42.393	92	39.768	29	7.01%
Term	18.572	72	32.401	121	38.157	99	65.171	178	135.729	207	167.512	501	154.301	244	28.34%
Institutional	18.373	35	45.959	94	30.649	58	45.614	76	122.223	100	145.221	272	140.596	111	25.52%
Second/third/junior lien	0.712	11	3.555	15	3.108	21	2.890	17	9.553	4	11.390	75	10.265	5	1.99%
Delayed draw	0.865	4	2.287	9	2.145	11	0.185	4	4.617	7	5.528	29	5.482	8	0.96%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Moody's Rating
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Baa2	0	0	0	0	0	0	0	0	0	0	0	1.000	0
Baa3	0	0	0	0	0.350	0	0	0	0	0.400	0.900	0.750	0
Ba1	2.865	1.600	0.530	0	1.250	1.450	6.375	1.960	1.087	0	0	0	1.300
Ba2	0	2.855	2.100	0	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900
Ba3	2.140	2.289	5.945	2.416	5.710	4.817	10.120	3.042	5.980	1.850	5.135	6.615	4.229
B1	2.715	0.895	2.065	2.315	4.304	6.254	7.608	11.735	1.160	6.912	8.305	1.215	12.333
B2	0.845	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0	6.665
B3	0.200	0	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200	0	1.300
Caa1	0.350	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0	0.965
Caa2	0.100	0	0	0	0	0	0	0	0.115	0	0	0	0.410
NR	37.709	25.841	19.860	31.532	23.268	27.691	26.989	32.098	38.597	19.563	28.830	28.385	65.630
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	1.000	1	1.000	1	1.000	1	1.000	1	0.21%
Baa3	0	0	0.350	2	0.400	1	1.650	3	2.400	4	2.400	6	2.400	4	0.50%
Ba1	2.130	6	9.075	18	3.047	7	1.300	1	13.422	16	18.417	38	15.552	19	2.80%
Ba2	4.955	9	16.377	31	6.570	17	11.280	22	34.227	42	39.182	79	39.182	45	7.15%
Ba3	10.650	27	20.648	36	10.873	39	15.979	40	47.499	57	60.289	149	58.149	72	9.92%
B1	5.276	20	18.166	64	19.808	53	21.853	55	59.826	101	67.817	202	65.102	111	12.49%
B2	3.740	17	5.945	21	3.950	15	7.990	26	17.885	34	22.470	84	21.625	44	3.73%
B3	0.275	2	2.507	13	1.685	5	1.500	3	5.693	11	6.168	24	5.968	12	1.19%
Caa1	0.212	3	1.920	10	2.132	15	1.330	7	5.382	6	5.944	36	5.594	6	1.12%
Caa2	0	0	0	0	0.115	1	0.410	3	0.525	1	0.625	5	0.525	1	0.11%
NR	77.233	272	77.948	290	90.258	280	122.845	367	291.051	667	405.993	1310	368.284	885	60.77%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	8.335	4.258	4.970	3.231	1.170	1.570	3.829	9.078	6.462	8.535	6.490	7.973	11.630
Capex	0	0	0	0	0	0	0	0	0	0	0.330	0	0
Dividend/recap	0.096	0.134	0.150	0.980	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.075
Exit financing	0	0	0	0	0.904	0	0	0	0	0	0	0	0
GCP	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.167
LBO	8.681	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900	6.780
Refinance	8.772	3.433	8.360	7.710	15.440	20.515	34.732	19.748	16.169	4.960	14.630	7.098	35.003
Multiple/Other/NA	18.166	15.605	11.127	16.628	12.425	22.648	11.383	11.643	21.232	12.593	13.912	17.574	31.077
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	12.459	28	6.569	25	24.075	32	26.093	32	56.736	88	77.531	125	69.195	116	11.85%
Capex	0	0	0	0	0	0	0.330	1	0.330	1	0.330	1	0.330	1	0.07%
Dividend/recap	1.264	4	10.777	27	6.463	15	14.964	25	32.203	67	33.563	72	33.467	71	6.72%
Exit financing	0	0	0.904	1	0	0	0	0	0.904	1	0.904	1	0.904	1	0.19%
GCP	12.851	40	12.135	32	9.281	22	13.557	28	34.974	82	50.700	131	47.825	122	7.30%
LBO	15.034	27	5.408	20	12.672	23	12.898	25	30.978	68	54.693	106	46.012	95	6.47%
Refinance	19.503	38	70.687	108	40.878	72	56.732	96	168.297	276	196.571	330	187.799	314	35.14%
Multiple/Other/NA	43.360	123	46.456	110	45.468	120	62.563	125	154.487	355	216.013	513	197.847	478	32.26%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Agriculture (0xxx)	0	0	0.100	0	0	0	0	0	0.539	0.480	0	0	0
Mining (1xxx)	0	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260	0.170
Oil and gas (13xx)	3.268	3.325	1.375	3.575	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118	9.772
Construction (15xx)	0.500	0	0.750	0	0.140	0	0.075	0	0.410	0.175	0	1.160	1.050
Manufacturing (2xxx, 3xxx)	13.972	12.120	7.950	8.865	17.297	16.390	15.163	13.716	19.005	10.716	6.786	13.994	21.787
Transportation (4xxx)	0.425	0	1.210	1.374	0.740	3.077	0	0.175	0.150	1.640	2.035	3.664	1.861
Communications (48xx)	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.791	2.356	4.325	5.275	2.072	11.285
Electric, gas, sanitary services (49xx)	0	2.695	0	0.922	2.145	3.085	2.700	1.840	3.865	2.675	4.189	1.400	6.465
Wholesale (5xxx)	8.650	3.110	2.377	6.850	3.289	7.260	8.075	11.425	2.780	4.455	9.864	2.487	12.648
Finance, insurance, real estate (6xxx)	2.915	4.362	2.247	5.580	3.820	3.740	4.275	2.925	7.193	1.630	3.550	3.204	11.174
Services (7xxx)	12.822	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913	2.205	9.709	8.403	14.788
Health services (8xxx)	3.365	1.260	4.750	2.450	0.277	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.731
Total	46.925	34.616	32.655	37.200	40.052	54.287	58.597	50.297	54.980	33.560	50.075	43.330	93.732
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.100	1	0	0	1.019	2	0	0	1.019	2	1.119	3	1.119	3	0.21%
Mining (1xxx)	2.100	6	1.255	7	3.837	6	1.232	3	6.324	16	8.424	22	8.424	22	1.32%
Oil and gas (13xx)	8.275	16	7.193	15	12.911	16	14.830	13	34.934	44	46.476	67	43.209	60	7.29%
Construction (15xx)	0.750	1	0.215	2	0.585	2	2.210	7	3.010	11	4.260	13	3.760	12	0.63%
Manufacturing (2xxx, 3xxx)	28.935	72	48.849	100	43.437	97	42.568	78	134.854	275	177.760	369	163.789	347	28.16%
Transportation (4xxx)	2.584	9	3.817	7	1.965	7	7.561	15	13.343	29	16.352	40	15.927	38	2.79%
Communications (48xx)	8.638	23	12.699	13	11.472	17	18.632	24	42.803	54	52.449	80	51.441	77	8.94%
Electric, gas, sanitary services (49xx)	3.617	5	7.930	12	8.380	14	12.054	12	28.364	38	31.981	43	31.981	43	5.92%
Wholesale (5xxx)	12.338	33	18.625	37	18.660	30	24.999	45	62.283	112	83.271	158	74.621	145	13.01%
Finance, insurance, real estate (6xxx)	12.190	34	11.835	41	11.748	26	17.928	45	41.511	112	56.615	155	53.700	146	8.67%
Services (7xxx)	16.485	47	33.734	66	17.543	47	32.900	70	84.177	182	113.483	250	100.661	229	17.58%
Health services (8xxx)	8.460	13	6.785	23	7.282	20	12.223	20	26.290	63	38.115	79	34.750	76	5.49%
Total	104.471	260	152.936	323	138.838	283	187.136	332	478.910	938	630.305	1279	583.380	1198	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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