Analysis of leveraged loan issuance for 13 months through July 2012

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

Rate (L+)

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Below 150 bps	0	0	0.200	0	0	0	0	0.275	0	0	0	0.100	0
150	2.725	2.350	3.205	7.562	1.250	1.485	0.275	0.725	2.630	1.860	1.155	3.080	0.350
175	3.980	2.000	1.875	0.335	0	6.722	2.240	1.375	3.108	2.300	2.405	1.960	1.800
200	0.875	2.178	4.075	0.495	0.460	0.530	1.145	0.875	6.280	5.900	1.350	0	0.650
225	0.395	1.825	0.870	0.500	2.033	1.125	3.112	5.425	3.090	2.445	3.075	0.715	0.785
250	2.950	0.525	1.700	0.950	0.998	0.527	1.640	2.000	0.985	0.635	0.973	1.135	1.700
275	1.462	0.375	2.530	0.880	2.425	2.643	1.530	0.550	1.075	1.345	0.425	0.150	1.225
300	0.788	0	2.200	0.735	1.923	0.570	2.520	8.590	4.270	0.250	0.075	0.650	2.660
325	0.510	0.250	0.350	0.235	1.160	1.504	1.700	2.192	2.377	0.175	0.950	0.630	0.425
350	0.205	0.790	0.340	0.730	2.975	0	1.970	0	1.344	1.275	0	0	3.275
375	0.275	0	0.790	0.900	0.075	0.310	0.295	2.009	2.525	2.995	3.250	0.756	0.500
400	1.020	0.030	1.060	0.134	0.300	0.150	0.660	4.598	4.470	0.375	1.410	0.416	1.730
425	1.850	0	0	0	1.775	0	1.150	1.123	0.600	4.240	3.869	2.094	0.300
450	1.770	0	1.350	0.203	0.200	1.025	0.817	0.610	1.420	0.060	2.340	0	3.910
475	0.455	0.415	0	0.640	0	0.125	0.515	1.855	0.940	1.510	0.400	0.700	0.418
500 bps and upward	10.151	1.125	7.784	5.459	5.800	5.784	6.509	5.681	12.486	10.889	14.783	8.812	8.064
Fixed rate	0	0.050	0.672	0.030	0.161	0.450	0.375	0.300	0.308	0.203	0.790	0	0.080
NA	8.740	14.713	17.924	14.829	11.122	14.248	13.599	16.104	9.989	13.841	17.924	12.162	14.970
Other	0.250	0	0	0	0	0	0	0	0.675	0	0	0.250	0
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	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	0.200	1	0	0	0.275	1	0.100	1	0	0	0.375	2	0.575	3	0.575	3	0.11%
150	8.280	16	10.297	18	3.630	10	6.095	16	0.350	1	10.075	26	28.652	61	25.927	53	3.01%
175	7.855	19	7.057	15	6.723	17	6.665	19	1.800	4	15.188	33	30.100	74	26.120	56	4.54%
200	7.128	15	1.485	9	8.300	25	7.250	13	0.650	3	16.201	29	24.813	65	23.938	48	4.84%
225	3.090	13	3.658	12	11.627	28	6.235	16	0.785	3	18.647	33	25.395	72	25.000	51	5.57%
250	5.175	14	2.474	12	4.625	8	2.743	15	1.700	3	9.068	17	16.718	52	13.768	31	2.71%
275	4.367	9	5.948	16	3.155	16	1.920	7	1.225	2	6.300	15	16.615	50	15.153	33	1.88%
300	2.988	6	3.228	15	15.380	31	0.975	6	2.660	10	19.015	26	25.230	68	24.442	36	5.68%
325	1.110	6	2.899	8	6.269	15	1.755	8	0.425	2	8.450	16	12.459	39	11.948	22	2.52%
350	1.335	12	3.705	9	3.314	7	1.275	2	3.275	4	7.864	8	12.904	34	12.699	18	2.35%
375	1.065	3	1.285	5	4.829	12	7.001	15	0.500	3	12.330	18	14.680	38	14.405	21	3.68%
400	2.110	6	0.584	5	9.727	23	2.201	13	1.730	3	13.659	28	16.352	50	15.332	33	4.08%
425	1.850	5	1.775	5	2.873	6	10.203	21	0.300	2	13.376	15	17.001	39	15.151	19	3.99%
450	3.120	10	1.427	7	2.847	11	2.400	6	3.910	12	9.157	12	13.704	46	11.934	20	2.73%
475	0.870	7	0.765	4	3.310	13	2.610	6	0.418	3	6.338	14	7.973	33	7.518	20	1.89%
500 bps and upward	19.060	84	17.043	74	24.676	106	34.484	115	8.064	30	67.225	103	103.327	409	93.176	147	20.08%
Fixed rate	0.722	6	0.641	6	0.983	5	0.993	3	0.080	1	2.056	6	3.418	21	3.418	12	0.61%
NA	41.377	119	40.198	136	39.691	149	43.927	150	14.970	59	98.588	291	180.163	613	171.423	469	29.44%
Other	0.250	1	0	0	0.675	2	0.250	2	0	0	0.925	1	1.175	5	0.925	1	0.28%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0.670	1.465	2.550	6.964	5.815	2.575	4.872	1.540	3.600	6.190	4.545	1.752	2.585
No	37.507	25.160	42.794	27.518	25.827	32.337	33.585	52.497	54.137	40.711	48.585	31.858	37.382
Downsized	0.225	0	1.581	0.134	1.013	2.286	1.595	0.250	0.835	3.397	2.045	0	2.875
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	4.685	12	15.354	26	10.012	23	12.488	27	2.585	4	25.085	21	45.124	92	44.454	39	7.49%
No	105.461	334	85.681	317	140.219	453	121.153	390	37.382	138	298.754	656	489.896	1632	452.390	1033	89.22%
Downsized	1.806	6	3.433	13	2.680	9	5.441	17	2.875	3	10.996	13	16.235	48	16.010	18	3.28%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Flex?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Down	1.720	0.570	1.040	0.640	4.995	0.212	6.849	5.895	2.449	1.480	0.595	2.155	2.545
No	35.408	26.055	43.544	33.466	27.160	36.615	33.203	48.392	53.723	41.828	49.880	30.788	39.447
Up	1.274	0	2.341	0.510	0.500	0.370	0	0	2.400	6.989	4.700	0.667	0.850
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	3.330	10	5.847	16	15.194	32	4.230	15	2.545	5	21.968	22	31.145	78	29.425	29	6.56%
No	105.007	326	97.242	332	135.318	450	122.496	389	39.447	139	297.261	657	499.509	1636	464.101	1046	88.78%
Up	3.614	16	1.380	8	2.400	3	12.357	30	0.850	1	15.607	11	20.601	58	19.327	15	4.66%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Type
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Revolver	18.590	18.247	25.292	22.140	14.723	22.882	15.310	20.567	22.294	19.120	23.815	14.588	12.852
TLA	1.800	0.200	2.625	1.400	1.857	2.945	3.372	3.975	3.390	4.275	2.325	0.900	5.440
Term	11.227	6.618	13.211	5.552	7.182	5.838	10.409	12.786	9.205	9.614	16.530	12.312	12.685
Institutional	5.677	1.035	4.625	4.424	8.592	5.356	9.755	15.114	20.890	15.930	10.005	4.415	11.270
Second/third/junior lien	0.596	0.175	1.125	0.300	0.235	0.177	0.495	0.730	2.330	0.658	1.920	0.530	0.470
Delayed draw	0.075	0	0.046	0.800	0.065	0	0.710	1.115	0.462	0.700	0.580	0.865	0.125
LoC	0.437	0.350	0	0	0	0	0	0	0	0	0	0	0
revolver	0	0	0	0	0	0	0	0	0	0	0	0	0
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	62.129	203	59.745	215	58.171	223	57.523	224	12.852	61	128.547	463	250.420	926	231.831	785	38.39%
TLA	4.625	8	6.202	19	10.738	24	7.500	21	5.440	12	23.678	18	34.505	84	32.705	28	7.07%
Term	31.057	93	18.572	72	32.401	121	38.457	100	12.685	44	83.543	129	133.172	430	121.944	182	24.95%
Institutional	11.337	24	18.372	35	45.760	93	30.349	57	11.270	21	87.379	70	117.088	230	111.411	82	26.10%
Second/third/junior lien	1.896	20	0.712	11	3.555	15	3.108	21	0.470	4	7.133	3	9.741	71	9.145	5	2.13%
Delayed draw	0.121	2	0.865	4	2.287	9	2.145	11	0.125	2	4.557	7	5.543	28	5.468	8	1.36%
LoC	0.787	2	0	0	0	0	0	0	0	0	0	0	0.787	2	0.350	1	0.00%
revolver	0	0	0	0	0	0	0	0	0	1	0	1	0	1	0	1	0.00%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Moody's Rating
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Baa3	0	0	0	0	0	0	0.350	0	0	0	0	0.400	0
Ba1	3.000	0.420	2.865	1.600	0.530	0	1.250	1.450	6.375	1.960	1.087	0	0
Ba2	0.200	0.100	0	2.855	2.100	0	2.422	10.680	3.025	0.235	3.090	3.245	5.015
Ba3	2.740	0.715	2.140	2.289	5.945	2.414	5.710	4.817	10.120	3.042	5.980	1.850	2.230
B1	3.987	0	2.715	0.895	2.065	2.315	4.304	6.254	7.608	11.735	1.160	6.912	7.015
B2	3.639	0	0.845	1.060	1.905	0.775	0.845	2.330	2.770	0.840	2.675	0.435	1.150
B3	0	0	0.200	0	0.175	0.100	1.583	0.450	0.475	0	1.310	0.375	0.200
Caa1	0.150	0	0.350	0.075	0.075	0.062	0.320	0.615	0.985	0.387	0.965	0.780	0.450
Caa2	0	0	0.100	0	0	0	0	0	0	0	0.115	0	0
NR	24.685	25.390	37.709	25.841	19.860	31.532	23.268	27.691	27.214	32.098	38.792	19.613	26.782
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa3	0	0	0	0	0.350	2	0.400	1	0	0	0.750	2	0.750	3	0.750	2	0.22%
Ba1	6.285	10	2.130	6	9.075	18	3.047	7	0	0	12.122	15	20.537	41	17.537	21	3.62%
Ba2	0.300	2	4.955	9	16.127	29	6.570	17	5.015	11	27.712	33	32.967	68	32.767	37	8.28%
Ba3	5.595	16	10.648	27	20.648	36	10.873	39	2.230	11	33.750	41	49.993	129	47.253	60	10.08%
B1	6.702	28	5.276	20	18.166	64	19.808	53	7.015	17	44.989	76	56.966	182	52.979	90	13.44%
B2	4.484	18	3.740	17	5.945	21	3.950	15	1.150	4	11.045	22	19.269	75	15.630	34	3.30%
B3	0.200	1	0.275	2	2.507	13	1.685	5	0.200	2	4.393	10	4.868	23	4.868	11	1.31%
Caa1	0.500	2	0.212	3	1.920	10	2.132	15	0.450	3	4.502	5	5.214	33	5.064	5	1.34%
Caa2	0.100	1	0	0	0	0	0.115	1	0	0	0.115	1	0.215	2	0.215	1	0.03%
NR	87.785	274	77.233	272	78.173	292	90.503	281	26.782	97	195.458	486	360.476	1216	335.791	830	58.37%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	8.600	4.760	8.335	4.258	4.970	3.229	1.170	1.570	3.829	9.078	6.462	8.535	8.485
Capex	0.150	0.150	0	0	0	0	0	0	0	0	0	0	0.330
Dividend/recap	0.975	0	0.096	0.134	0.150	0.980	0.430	5.287	5.060	4.381	1.281	0.800	2.615
Exit financing	0	0	0	0	0	0	0.904	0	0	0	0	0	0
GCP	2.795	6.270	2.875	6.237	3.150	3.464	5.710	3.427	2.998	1.806	4.555	2.920	0.255
LBO	5.314	0.865	8.681	4.949	4.897	5.187	3.973	0.840	0.595	3.640	5.280	3.752	5.218
Refinance	5.195	5.973	8.772	3.433	8.360	7.710	15.440	20.515	33.807	19.748	16.169	4.960	13.987
Multiple/Other/NA	15.373	8.608	18.166	15.605	11.127	16.628	12.425	22.648	12.283	11.643	21.427	12.643	11.952
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	21.695	29	12.457	28	6.569	25	24.075	32	8.485	12	39.129	68	73.281	125	64.681	112	11.69%
Capex	0.300	2	0	0	0	0	0	0	0.330	1	0.330	1	0.630	3	0.480	2	0.10%
Dividend/recap	1.071	6	1.264	4	10.777	27	6.463	15	2.615	5	19.855	47	22.189	57	21.214	52	5.93%
Exit financing	0	0	0	0	0.904	1	0	0	0	0	0.904	1	0.904	1	0.904	1	0.27%
GCP	11.940	31	12.851	40	12.135	32	9.281	22	0.255	2	21.672	56	46.463	127	43.668	118	6.47%
LBO	14.860	24	15.034	27	5.408	20	12.672	23	5.218	8	23.298	51	53.192	102	47.878	91	6.96%
Refinance	19.940	41	19.503	38	69.762	107	40.878	72	13.987	22	124.627	201	164.069	280	158.874	266	37.22%
Multiple/Other/NA	42.146	88	43.360	123	47.356	111	45.713	120	11.952	32	105.021	263	190.527	474	175.154	446	31.36%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Agriculture (0xxx)	0	0.100	0	0	0.100	0	0	0	0	0	0.539	0.480	0
Mining (1xxx)	0.300	0.800	0	1.100	0	1.000	0.525	0.170	0.560	0.200	3.637	0	0.802
Oil and gas (13xx)	0.850	2.725	3.268	3.325	1.375	3.575	2.100	3.905	1.188	4.575	6.126	2.210	1.310
Construction (15xx)	0	1.500	0.500	0	0.750	0	0.140	0	0.075	0	0.410	0.175	0
Manufacturing (2xxx, 3xxx)	14.440	8.365	13.972	12.120	7.950	8.863	17.297	16.390	15.338	13.716	19.205	10.916	6.490
Transportation (4xxx)	2.769	0.325	0.425	0	1.210	1.374	0.740	3.077	0	0.175	0.150	1.640	1.745
Communications (48xx)	1.615	0	1.008	1.684	5.641	1.313	3.850	1.080	7.769	4.791	2.356	4.325	5.200
Electric, gas, sanitary services (49xx)	3.574	0	0	2.695	0	0.922	2.145	3.085	2.700	1.840	3.865	2.675	0.589
Wholesale (5xxx)	4.620	2.545	8.650	3.110	2.377	6.850	3.289	7.260	8.075	11.425	2.780	4.304	9.700
Finance, insurance, real estate (6xxx)	3.210	4.995	2.915	4.362	2.247	5.580	3.820	3.740	4.275	2.925	7.193	1.630	3.070
Services (7xxx)	4.390	4.465	12.822	4.960	6.255	5.270	5.869	13.234	14.630	9.425	5.913	2.205	7.136
Health services (8xxx)	2.632	0.805	3.365	1.260	4.750	2.450	0.277	2.347	3.961	1.226	3.000	3.050	6.800
Total	38.402	26.625	46.925	34.616	32.655	37.197	40.052	54.287	58.572	50.297	55.175	33.611	42.842
	Q3/2011	Count	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	0.100	1	0	0	1.019	2	0	0	1.019	2	1.219	4	1.219	4	0.30%
Mining (1xxx)	1.100	4	2.100	6	1.255	7	3.837	6	0.802	1	5.894	14	9.094	24	8.794	23	1.76%
Oil and gas (13xx)	6.843	14	8.275	16	7.193	15	12.911	16	1.310	2	21.414	33	36.532	63	35.681	60	6.40%
Construction (15xx)	2.000	4	0.750	1	0.215	2	0.585	2	0	0	0.800	4	3.550	9	3.550	9	0.24%
Manufacturing (2xxx, 3xxx)	36.776	61	28.933	72	49.024	100	43.837	98	6.490	16	99.351	214	165.060	347	150.620	327	29.67%
Transportation (4xxx)	3.519	8	2.584	9	3.817	7	1.965	7	1.745	4	7.527	18	13.630	35	10.861	31	2.25%
Communications (48xx)	2.623	8	8.638	23	12.699	13	11.472	17	5.200	6	29.371	36	40.632	67	39.017	62	8.77%
Electric, gas, sanitary services (49xx)	3.574	5	3.617	5	7.930	12	8.380	14	0.589	3	16.899	29	24.090	39	20.516	34	5.05%
Wholesale (5xxx)	15.816	31	12.338	33	18.625	37	18.510	29	9.700	11	46.834	77	74.988	141	70.367	130	13.99%
Finance, insurance, real estate (6xxx)	11.120	27	12.190	34	11.835	41	11.748	26	3.070	11	26.653	78	49.962	139	46.752	129	7.96%
Services (7xxx)	21.677	43	16.485	47	33.734	66	17.543	47	7.136	21	58.413	133	96.574	223	92.184	210	17.45%
Health services (8xxx)	6.803	15	8.460	13	6.585	23	7.277	20	6.800	7	20.662	50	35.924	78	33.291	69	6.17%
Total	111.951	221	104.469	260	152.911	323	139.083	283	42.842	82	334.836	688	551.255	1169	512.854	1088	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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