Analysis of leveraged loan issuance for 13 months through November 2012

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

Rate (L+)

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Below 150 bps	0	0	0	0.275	0	0	0	0.100	0	0	0	0	0
150	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150	0.500
175	0	6.862	2.240	1.375	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.620	1.420
200	0.460	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650	0.080	1.760	4.230	3.200
225	2.033	1.125	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.180	1.680	0	0.400
250	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.620	2.680	4.175	5.100	0.225	0.120
275	2.425	2.644	1.530	0.550	1.075	1.345	0.425	0.150	1.225	0.230	5.363	2.639	1.676
300	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650	2.885	2.150	3.751	0.985	2.333
325	1.160	1.505	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.165	9.333	3.486	0.633
350	2.975	0	1.970	0	1.344	1.275	0	0.300	6.875	1.754	5.360	3.612	2.300
375	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675	10.192	2.883	1.778
400	0.300	0.150	0.660	4.598	4.470	1.125	1.410	0.416	0.680	0.745	7.033	4.305	1.790
425	1.775	0	1.150	1.123	0.600	4.275	3.869	1.794	2.065	0	1.595	12.220	1.095
450	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942	6.995	3.203	4.884
475	0	0.125	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025	3.015	1.880	3.424
500 bps and upward	5.800	5.784	6.509	5.681	12.486	10.139	14.783	8.812	8.669	6.160	10.279	14.910	7.829
Fixed rate	0.161	0.310	0.375	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250	0	0.075
NA	11.122	14.248	13.599	16.104	9.813	13.806	18.479	12.312	14.368	15.675	22.838	23.643	27.811
Other	0	0	0	0	0	0	0	0	0	0	0	0	0.550
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0.275	1	0.100	1	0	0	0	0	0.375	2	0.375	2	0.375	2	0.06%
150	3.630	10	6.095	16	5.235	10	0.650	3	15.610	36	18.345	47	17.095	39	2.49%
175	6.723	17	6.665	19	5.890	19	5.040	16	24.318	57	31.180	84	31.180	69	3.88%
200	8.300	25	7.250	13	2.490	11	7.430	18	25.471	48	26.460	74	26.000	52	4.07%
225	11.627	28	5.835	14	2.645	10	0.400	1	20.507	37	23.665	62	21.632	40	3.28%
250	4.625	8	3.228	17	11.955	15	0.345	4	20.153	29	21.678	53	20.680	33	3.22%
275	3.155	16	1.920	7	6.818	13	4.315	10	16.208	27	21.277	58	18.852	32	2.59%
300	15.380	31	0.975	6	8.786	21	3.317	11	28.459	41	30.951	79	29.029	44	4.55%
325	6.269	15	1.755	8	12.893	18	4.119	11	25.037	31	27.701	58	26.541	32	4.00%
12/1900	3.314	7	1.575	3	13.989	21	5.912	13	24.790	30	27.765	50	24.790	30	3.96%
375	4.829	12	7.001	15	12.032	26	4.660	18	28.523	39	28.908	74	28.833	41	4.56%
400	9.727	23	2.951	14	8.458	17	6.095	14	27.232	44	27.681	71	27.381	45	4.35%
425	2.873	6	9.938	21	3.660	10	13.316	14	29.786	24	31.561	56	29.786	24	4.76%
450	2.847	11	2.400	6	13.267	31	8.087	23	26.601	38	27.826	75	27.626	40	4.25%
475	3.510	14	2.610	6	3.458	11	5.303	15	14.882	26	15.007	47	15.007	27	2.38%
500 bps and upward	24.676	106	33.734	114	25.107	108	22.739	102	106.257	172	117.840	485	112.040	186	16.97%
Fixed rate	0.983	5	0.993	3	0.759	6	0.075	1	2.810	11	3.281	19	3.120	13	0.45%
NA	39.517	148	44.597	151	52.881	194	51.455	204	188.449	543	213.818	790	202.697	580	30.10%
Other	0	0	0	0	0	0	0.550	1	0.550	1	0.550	1	0.550	1	0.09%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Upsized?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.752	3.370	6.170	19.517	17.695	1.784
No	25.827	32.337	33.585	52.497	53.487	40.711	48.940	32.043	43.010	36.825	73.837	60.711	59.383
Downsized	1.013	2.288	1.595	0.250	0.835	3.397	2.045	0	3.470	0.335	3.790	3.585	0.650
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.012	23	12.488	27	29.057	44	19.479	27	71.036	55	79.426	136	73.611	57	11.35%
No	139.569	451	121.694	390	153.671	479	120.094	436	535.028	1150	593.191	1979	567.364	1241	85.47%
Downsized	2.680	9	5.441	17	7.595	18	4.235	16	19.951	28	23.253	70	22.239	29	3.19%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Flex?
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Down	4.995	0.212	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815	14.589	9.115	0.350
No	27.160	36.617	33.203	48.392	53.048	41.828	50.235	30.973	43.217	40.740	81.775	67.211	60.017
Up	0.500	0.370	0	0	2.225	6.989	4.700	0.667	1.933	0.775	0.780	5.665	1.450
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.393	33	4.230	15	21.104	39	9.465	12	50.193	38	55.400	113	50.404	40	8.02%
No	134.643	448	123.036	389	165.731	488	127.228	446	550.638	1172	614.416	2000	587.256	1263	87.96%
Up	2.225	2	12.357	30	3.488	14	7.115	21	25.184	23	26.055	72	25.555	24	4.02%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Type
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Revolver	14.723	22.882	15.310	20.567	22.119	19.120	24.170	14.938	17.200	20.967	20.929	22.944	15.915
TLA	1.857	2.946	3.372	3.975	2.890	4.275	2.325	0.700	7.445	1.397	4.859	4.760	2.140
Term	7.182	5.838	10.409	12.786	9.205	9.614	16.530	12.047	13.675	13.745	40.744	33.323	24.241
Institutional	8.592	5.357	9.755	15.114	20.915	15.930	10.005	4.715	11.020	6.881	28.392	14.967	15.856
Second/third/junior lien	0.235	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.295	3.257
Delayed draw	0.065	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.702	0.155
LoC	0	0	0	0	0	0	0	0	0	0	0	0	0.253
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	57.996	222	58.228	224	59.095	236	38.859	191	214.178	793	251.783	1019	237.060	863	34.21%
TLA	10.238	23	7.300	20	13.701	25	6.899	14	38.139	25	42.942	97	41.085	30	6.09%
Term	32.401	121	38.192	100	68.164	181	57.564	148	196.321	275	209.340	600	202.159	288	31.36%
Institutional	45.785	93	30.649	58	46.293	77	30.823	70	153.550	126	167.500	326	158.907	132	24.53%
Second/third/junior lien	3.555	15	3.108	21	2.860	17	7.552	41	17.075	8	17.487	101	17.252	8	2.73%
Delayed draw	2.287	9	2.145	11	0.210	5	1.857	10	6.499	8	6.564	37	6.499	8	1.04%
LoC	0	0	0	0	0	0	0.253	5	0.253	2	0.253	5	0.253	2	0.04%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Moody's Rating
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Baa2	0	0	0	0	0	0	0	0	0	1.000	0	0	0
Baa3	0	0	0.350	0	0	0	0	0.400	0.900	0.750	0	3.200	0
Ba1	0.530	0	1.250	1.450	6.375	1.960	1.087	0	0	0	7.300	8.955	4.434
Ba2	2.100	0	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.541	0.703
Ba3	5.945	2.416	5.710	4.817	9.445	3.042	5.980	1.850	5.135	6.615	6.854	5.125	8.928
B1	2.065	2.315	4.304	6.254	7.608	11.735	1.160	6.912	8.305	1.215	14.802	7.407	7.445
B2	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0	7.950	10.022	2.785
B3	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200	0	1.987	1.550	0.450
Caa1	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0	1.265	2.025	1.095
Caa2	0	0	0	0	0	0	0.115	0	0	0	0.745	0.735	0.405
Caa3	0	0	0	0	0	0	0	0	0	0	0	0.135	0
NR	19.860	31.532	23.268	27.691	26.989	32.098	39.147	19.798	28.605	28.385	55.341	39.296	35.572
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	1.000	1	0	0	1.000	1	1.000	1	1.000	1	0.16%
Baa3	0.350	2	0.400	1	1.650	3	3.200	2	5.600	5	5.600	8	5.600	5	0.89%
Ba1	9.075	18	3.047	7	7.300	5	13.389	14	32.812	26	33.342	46	32.812	26	5.24%
Ba2	16.377	31	6.570	17	11.280	22	4.244	13	38.471	49	40.571	87	38.471	49	6.15%
Ba3	19.973	34	10.873	39	18.604	46	14.053	29	63.502	77	71.863	170	65.918	82	10.14%
B1	18.166	64	19.808	53	24.322	67	14.852	46	77.147	131	81.527	244	79.462	134	12.32%
B2	5.945	21	3.950	15	9.275	32	12.807	52	31.977	64	34.657	131	32.752	65	5.11%
B3	2.507	13	1.685	5	2.187	5	2.000	7	8.380	15	8.655	32	8.480	16	1.34%
Caa1	1.920	10	2.132	15	1.630	9	3.120	13	8.802	6	8.939	49	8.864	6	1.41%
Caa2	0	0	0.115	1	0.745	5	1.140	7	2.000	1	2.000	13	2.000	1	0.32%
Caa3	0	0	0	0	0	0	0.135	1	0.135	1	0.135	1	0.135	1	0.02%
NR	77.948	290	91.043	281	112.331	346	74.868	295	356.190	858	407.581	1403	387.721	942	56.90%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	4.970	3.231	1.170	1.570	3.829	9.078	6.462	8.535	6.490	7.973	12.639	5.585	12.528
Capex	0	0	0	0	0	0	0	0	0.330	0	0	0.185	0.075
Dividend/recap	0.150	0.980	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.100	9.237	5.347
Exit financing	0	0	0.904	0	0	0	0	0	0	0	0	0	2.250
GCP	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.297	1.646	3.875
LBO	4.897	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900	7.105	7.537	7.130
Refinance	8.360	7.710	15.440	20.515	34.732	19.748	16.169	4.960	14.405	7.098	40.444	37.663	20.399
Multiple/Other/NA	11.127	16.628	12.425	22.648	10.708	11.643	21.782	12.828	13.912	17.574	27.558	20.138	10.213
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	6.569	25	24.075	32	27.102	32	18.113	25	75.859	113	84.060	132	79.090	121	12.12%
Capex	0	0	0	0	0.330	1	0.260	2	0.590	3	0.590	3	0.590	3	0.09%
Dividend/recap	10.777	27	6.463	15	14.989	25	14.584	42	46.812	109	47.942	112	47.792	111	7.48%
Exit financing	0.904	1	0	0	0	0	2.250	2	3.154	3	3.154	3	3.154	3	0.50%
GCP	12.135	32	9.281	22	13.687	31	5.521	19	40.625	104	47.239	128	44.089	119	6.49%
LBO	5.408	20	12.672	23	13.223	25	14.667	25	45.970	93	56.055	112	51.157	100	7.34%
Refinance	70.687	108	40.878	72	61.948	97	58.062	90	231.575	367	247.645	394	239.285	380	36.99%
Multiple/Other/NA	45.781	110	46.253	121	59.044	131	30.351	78	181.429	440	209.184	530	198.056	489	28.98%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Agriculture (0xxx)	0.100	0	0	0	0	0	0.539	0.480	0	0	0	0	0
Mining (1xxx)	0	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260	0.170	1.000	0.575
Oil and gas (13xx)	1.375	3.575	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118	10.072	4.060	5.475
Construction (15xx)	0.750	0	0.140	0	0.075	0	0.410	0.175	0	1.160	1.050	1.690	1.670
Manufacturing (2xxx, 3xxx)	8.195	8.865	17.297	16.390	15.163	13.716	19.005	10.716	6.561	13.994	22.907	24.838	21.574
Transportation (4xxx)	1.210	1.374	0.740	3.077	0	0.175	0.150	1.390	2.035	3.664	2.211	3.000	0.205
Communications (48xx)	5.641	1.313	3.850	1.080	7.094	4.791	2.356	4.325	5.275	2.072	11.234	2.842	2.167
Electric, gas, sanitary services (49xx)	0	0.922	2.145	3.085	2.700	1.840	4.415	2.675	4.189	1.400	6.465	6.874	1.598
Wholesale (5xxx)	2.377	6.850	3.289	7.260	8.075	11.425	2.780	4.455	9.864	2.487	13.268	8.879	7.934
Finance, insurance, real estate (6xxx)	2.247	5.580	3.820	3.740	4.275	2.925	7.193	2.115	3.550	3.204	11.692	5.522	4.090
Services (7xxx)	6.010	5.270	5.869	13.234	14.630	9.425	5.913	2.205	9.709	8.403	15.501	22.384	11.544
Health services (8xxx)	4.750	2.450	0.277	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.573	0.902	4.985
Total	32.655	37.200	40.052	54.287	57.922	50.297	55.530	33.795	49.850	43.330	97.144	81.991	61.817
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.019	2	0	0	0	0	1.019	2	1.119	3	1.019	2	0.16%
Mining (1xxx)	1.255	7	3.837	6	1.232	3	1.575	3	7.899	19	8.899	23	8.899	23	1.26%
Oil and gas (13xx)	7.193	15	12.911	16	15.130	14	9.535	22	44.769	67	49.719	77	48.344	73	7.15%
Construction (15xx)	0.215	2	0.585	2	2.210	7	3.360	6	6.370	17	7.120	18	6.370	17	1.02%
Manufacturing (2xxx, 3xxx)	48.849	100	43.437	97	43.463	80	46.412	75	182.161	352	199.221	402	191.026	378	29.10%
Transportation (4xxx)	3.817	7	1.715	6	7.911	16	3.205	5	16.648	34	19.232	43	18.022	39	2.66%
Communications (48xx)	12.024	13	11.472	17	18.581	25	5.009	11	47.086	66	54.040	84	48.399	70	7.52%
Electric, gas, sanitary services (49xx)	7.930	12	8.930	15	12.054	12	8.472	14	37.386	53	38.308	56	38.308	56	5.97%
Wholesale (5xxx)	18.625	37	18.660	30	25.619	46	16.813	40	79.716	153	88.944	179	86.567	170	12.73%
Finance, insurance, real estate (6xxx)	11.835	41	12.233	27	18.446	49	9.612	26	52.126	143	59.953	162	57.706	153	8.33%
Services (7xxx)	33.734	66	17.543	47	33.613	71	33.928	66	118.817	249	130.097	280	124.087	261	18.98%
Health services (8xxx)	6.785	23	7.282	20	12.065	19	5.887	15	32.019	77	39.219	87	34.469	84	5.11%
Total	152.261	323	139.623	284	190.323	342	143.808	283	626.015	1232	695.870	1414	663.215	1326	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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