Analysis of leveraged loan issuance for 13 months through January 2013

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

Rate (L+)

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Below 150 bps	0	0.275	0	0	0	0.100	0	0	0	0	0	0	0
150	0.275	0.725	2.630	1.860	1.155	3.080	0.350	3.460	1.425	0.150	0.500	1.685	2.410
175	2.240	1.375	3.108	2.300	2.405	1.960	2.230	2.485	1.175	3.620	1.470	2.060	0.050
200	1.145	0.875	6.280	5.900	1.350	0	0.650	0.080	1.760	2.330	5.250	4.150	0.960
225	3.112	5.425	3.090	2.445	2.875	0.515	0.785	0.180	1.680	0	0.580	2.000	0.500
250	1.640	2.000	0.985	0.635	0.973	1.620	2.680	4.175	5.100	0.225	1.995	1.145	1.680
275	1.530	0.550	1.455	1.345	0.425	0.150	1.225	0.230	5.363	2.639	2.016	0.111	8.757
300	2.520	8.590	4.040	0.250	0.075	0.650	2.885	2.150	3.751	0.985	4.957	3.613	14.703
325	1.700	2.192	2.377	0.175	0.950	0.630	1.395	2.165	9.333	3.486	0.633	4.795	12.178
350	1.970	0	1.344	1.275	0	0.300	6.875	1.754	5.360	3.612	1.346	2.395	6.960
375	0.295	2.009	2.525	2.995	3.250	0.756	1.165	0.675	10.192	2.883	4.202	1.632	6.235
400	0.660	4.598	4.470	1.125	1.410	0.416	0.680	0.745	7.033	4.305	4.684	1.575	3.122
425	1.150	1.123	0.600	4.275	3.869	1.794	2.065	0	1.595	12.220	1.890	0	1.028
450	0.817	0.610	1.420	0.060	2.340	0	3.330	2.942	6.995	3.328	3.394	0.940	2.880
475	0.515	1.855	1.140	1.510	0.400	0.700	0.418	0.025	3.015	2.180	1.278	0.640	0.743
500 bps and upward	6.509	5.681	12.486	10.139	14.783	8.812	8.669	6.160	9.899	14.015	11.328	4.072	8.748
Fixed rate	0.375	0.300	0.308	0.203	0.790	0	0.080	0.429	0.250	0	0.725	0.065	1.200
NA	13.599	16.104	9.813	13.806	18.479	12.312	14.368	15.675	22.838	22.383	13.679	32.278	25.357
Other	0	0	0	0	0	0	0	0	0	0	0.130	0	0
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	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	0	0	0	0.375	2	0.375	2	0.00%
150	3.630	10	6.095	16	5.235	10	2.335	9	2.410	4	2.410	4	19.705	49	19.430	44	2.47%
175	6.723	17	6.665	19	5.890	19	7.150	23	0.050	1	0.050	1	26.478	79	24.238	58	0.05%
200	8.300	25	7.250	13	2.490	11	11.730	30	0.960	2	0.960	2	30.730	81	29.585	55	0.98%
225	11.627	28	5.835	14	2.645	10	2.580	12	0.500	1	0.500	1	23.187	65	20.075	36	0.51%
250	4.625	8	3.228	17	11.955	15	3.365	16	1.680	2	1.680	2	24.853	58	23.213	36	1.72%
275	3.535	17	1.920	7	6.818	13	4.766	13	8.757	11	8.757	8	25.796	61	24.266	34	8.98%
300	15.150	30	0.975	6	8.786	21	9.556	21	14.703	13	14.703	12	49.170	91	46.650	53	15.08%
325	6.269	15	1.755	8	12.893	18	8.914	16	12.178	16	12.178	13	42.010	73	40.310	43	12.49%
350	3.314	7	1.575	3	13.989	21	7.353	18	6.960	6	6.960	4	33.191	55	31.221	37	7.14%
375	4.829	12	7.001	15	12.032	26	8.716	24	6.235	7	6.235	6	38.814	84	38.519	48	6.39%
400	9.727	23	2.951	14	8.458	17	10.564	22	3.122	7	3.122	4	34.822	83	34.162	49	3.20%
425	2.873	6	9.938	21	3.660	10	14.111	16	1.028	4	1.028	3	31.609	57	30.459	27	1.05%
450	2.847	11	2.400	6	13.267	31	7.662	25	2.880	10	2.880	6	29.056	83	28.239	47	2.95%
475	3.510	14	2.610	6	3.458	11	4.098	18	0.743	3	0.743	2	14.419	52	13.905	26	0.76%
500 bps and upward	24.676	106	33.734	114	24.727	108	29.415	136	8.748	16	8.748	5	121.301	480	114.792	177	8.97%
Fixed rate	0.983	5	0.993	3	0.759	6	0.790	5	1.200	1	1.200	1	4.725	20	4.350	12	1.23%
NA	39.517	148	44.597	151	52.881	194	68.341	235	25.357	74	25.357	55	230.692	802	217.093	599	26.00%
Other	0	0	0	0	0	0	0.130	1	0	0	0	0	0.130	1	0.130	1	0.00%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Upsized?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	4.872	1.540	3.980	6.190	4.545	1.752	3.370	6.170	19.517	16.095	4.840	4.630	5.519
No	33.585	52.497	53.257	40.711	48.940	32.043	43.010	36.825	73.487	58.681	51.762	56.276	91.102
Downsized	1.595	0.250	0.835	3.397	2.045	0	3.470	0.335	3.760	3.585	3.457	2.250	0.890
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	10.393	24	12.488	27	29.057	44	25.564	37	5.519	10	5.519	6	83.020	142	78.147	63	5.66%
No	139.339	450	121.694	390	153.321	478	166.719	576	91.102	166	91.102	123	672.175	2060	638.591	1293	93.43%
Downsized	2.680	9	5.441	17	7.565	19	9.292	27	0.890	2	0.890	1	25.869	74	24.273	27	0.91%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Flex?
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Down	6.849	5.895	2.649	1.480	0.595	2.155	4.700	1.815	14.589	9.115	2.590	3.423	9.632
No	33.203	48.392	53.198	41.828	50.235	30.973	43.217	40.740	81.425	64.051	54.238	59.146	87.880
Up	0	0	2.225	6.989	4.700	0.667	1.933	0.775	0.750	5.195	3.230	0.587	0
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	15.393	33	4.230	15	21.104	39	15.128	23	9.632	14	9.632	9	65.487	124	58.638	45	9.88%
No	134.793	448	123.036	389	165.381	487	177.435	590	87.880	164	87.880	120	688.525	2078	655.322	1313	90.12%
Up	2.225	2	12.357	30	3.458	15	9.012	27	0	0	0	0	27.052	74	27.052	24	0.00%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Type
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Revolver	15.310	20.567	22.269	19.120	24.170	14.938	17.200	20.967	20.929	22.554	16.537	29.560	14.398
TLA	3.372	3.975	2.890	4.275	2.325	0.700	7.445	1.397	4.859	3.159	2.640	2.550	1.099
Term	10.409	12.786	9.205	9.614	16.530	12.047	13.675	13.745	40.364	32.153	22.237	17.706	52.836
Institutional	9.755	15.114	20.915	15.930	10.005	4.715	11.020	6.881	28.392	14.678	15.096	11.135	26.953
Second/third/junior lien	0.495	0.730	2.330	0.658	1.920	0.530	0.385	0.300	2.175	4.160	3.140	0.775	1.525
Delayed draw	0.710	1.115	0.462	0.700	0.580	0.865	0.125	0.040	0.045	1.657	0.155	1.400	0.700
LoC	0	0	0	0	0	0	0	0	0	0	0.253	0.030	0
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	58.146	222	58.228	224	59.095	236	68.651	284	14.398	57	14.398	54	258.518	1023	243.207	870	14.77%
TLA	10.238	23	7.300	20	13.701	25	8.350	18	1.099	2	1.099	2	40.688	88	37.316	22	1.13%
Term	32.401	121	38.192	100	67.784	181	72.096	189	52.836	68	52.836	45	263.310	659	252.900	312	54.18%
Institutional	45.785	93	30.649	58	46.293	77	40.908	86	26.953	41	26.953	27	190.589	355	180.834	160	27.64%
Second/third/junior lien	3.555	15	3.108	21	2.860	17	8.075	45	1.525	9	1.525	2	19.123	107	18.628	8	1.56%
Delayed draw	2.287	9	2.145	11	0.210	5	3.212	11	0.700	1	0.700	1	8.554	37	7.844	10	0.72%
LoC	0	0	0	0	0	0	0.283	7	0	0	0	0	0.283	7	0.283	3	0.00%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Moody's Rating
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Baa2	0	0	0	0	0	0	0	1.000	0	0	0	0	0
Baa3	0.350	0	0	0	0	0.400	0.900	0.750	0	1.300	0	1.200	0
Ba1	1.250	1.450	6.375	1.960	1.087	0	0	0	7.300	8.955	4.665	1.155	1.025
Ba2	2.422	10.680	3.275	0.235	3.090	3.245	5.015	5.365	0.900	3.546	0.703	6.183	0.700
Ba3	5.710	4.817	9.445	3.042	5.980	1.850	5.135	6.615	6.854	5.405	9.458	1.390	0.930
B1	4.304	6.254	7.608	11.735	1.160	6.912	8.305	1.215	14.802	7.377	13.045	5.455	16.620
B2	0.845	2.330	2.770	0.840	2.675	0.435	1.325	0	7.950	10.022	2.880	1.000	2.755
B3	1.583	0.450	0.475	0	1.310	0.375	0.200	0	1.987	1.080	1.110	0	0
Caa1	0.320	0.615	0.985	0.387	0.965	0.780	0.365	0	1.265	2.025	1.735	0.185	1.065
Caa2	0	0	0	0	0.115	0	0	0	0.745	0.735	0.490	0.255	0
NR	23.268	27.691	27.139	32.098	39.147	19.798	28.605	28.385	54.961	37.916	25.973	46.333	74.416
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	1.000	1	0	0	0	0	0	0	1.000	1	1.000	1	0.00%
Baa3	0.350	2	0.400	1	1.650	3	2.500	3	0	0	0	0	4.900	9	4.550	5	0.00%
Ba1	9.075	18	3.047	7	7.300	5	14.774	20	1.025	3	1.025	2	35.221	53	33.971	27	1.05%
Ba2	16.377	31	6.570	17	11.280	22	10.432	20	0.700	2	0.700	1	45.359	92	42.937	51	0.72%
Ba3	19.973	34	10.873	39	18.604	46	16.253	37	0.930	5	0.930	3	66.632	161	60.922	81	0.95%
B1	18.166	64	19.808	53	24.322	67	25.877	75	16.620	26	16.620	15	104.792	285	100.488	153	17.04%
B2	5.945	21	3.950	15	9.275	32	13.902	60	2.755	9	2.755	5	35.827	137	34.982	72	2.83%
B3	2.507	13	1.685	5	2.187	5	2.190	8	0	0	0	0	8.570	31	6.988	12	0.00%
Caa1	1.920	10	2.132	15	1.630	9	3.945	18	1.065	4	1.065	2	10.692	56	10.372	7	1.09%
Caa2	0	0	0.115	1	0.745	5	1.480	10	0	0	0	0	2.340	16	2.340	1	0.00%
NR	78.098	290	91.043	281	111.951	346	110.222	389	74.416	129	74.416	102	465.730	1435	442.461	974	76.32%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	1.170	1.570	3.829	9.078	6.462	8.535	6.490	7.973	12.290	4.965	12.583	11.807	7.361
Capex	0	0	0	0	0	0	0.330	0	0	0.185	0.075	0.400	0
Dividend/recap	0.430	5.287	5.060	4.381	1.281	0.800	5.309	2.580	7.070	9.237	4.418	2.170	3.285
Exit financing	0.904	0	0	0	0	0	0	0	0	0	2.250	0	0
GCP	5.710	3.427	2.998	1.806	4.555	2.920	4.185	7.205	2.297	1.646	4.000	5.095	0.400
LBO	3.973	0.840	0.595	3.640	5.280	3.752	5.218	0.900	7.105	8.157	6.620	4.457	8.098
Refinance	15.440	20.515	34.732	19.748	16.169	4.960	14.405	7.098	40.444	34.428	19.597	14.994	40.218
Repay bank debt	0	0	0	0	0	0	0	0	0	0	0	0	1.275
Multiple/Other/NA	12.425	22.648	10.858	11.643	21.782	12.828	13.912	17.574	27.558	19.743	10.515	24.233	36.875
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	6.569	25	24.075	32	26.753	31	29.355	39	7.361	12	7.361	12	94.112	138	92.942	132	7.55%
Capex	0	0	0	0	0.330	1	0.660	3	0	0	0	0	0.990	4	0.990	4	0.00%
Dividend/recap	10.777	27	6.463	15	14.959	25	15.825	46	3.285	6	3.285	6	51.308	119	50.878	118	3.37%
Exit financing	0.904	1	0	0	0	0	2.250	2	0	0	0	0	3.155	3	2.250	2	0.00%
GCP	12.135	32	9.281	22	13.687	31	10.741	33	0.400	2	0.400	2	46.245	120	40.535	108	0.41%
LBO	5.408	20	12.672	23	13.223	25	19.234	33	8.098	10	8.098	10	58.635	111	54.662	97	8.30%
Refinance	70.687	108	40.878	72	61.948	97	69.019	106	40.218	48	40.218	48	282.750	431	267.311	408	41.25%
Repay bank debt	0	0	0	0	0	0	0	0	1.275	5	1.275	5	1.275	5	1.275	5	1.31%
Multiple/Other/NA	45.931	110	46.253	121	59.044	131	54.491	133	36.875	46	36.875	46	242.594	541	230.169	508	37.82%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Agriculture (0xxx)	0	0	0	0	0.539	0.480	0	0	0	0	0	0	0.200
Mining (1xxx)	0.525	0.170	0.560	0.200	3.637	0	0.802	0.260	0.170	1.000	0.525	0.350	0
Oil and gas (13xx)	2.100	3.905	1.188	4.575	6.126	2.210	2.940	2.118	10.072	4.060	5.215	5.840	2.358
Construction (15xx)	0.140	0	0.075	0	0.410	0.175	0	1.160	1.050	1.690	1.045	0	0
Manufacturing (2xxx, 3xxx)	17.297	16.390	15.163	13.716	19.005	10.716	6.561	13.994	22.877	22.938	22.410	22.355	29.297
Transportation (4xxx)	0.740	3.077	0	0.175	0.150	1.390	2.035	3.664	2.211	3.000	0.205	0.598	0.740
Communications (48xx)	3.850	1.080	7.094	4.791	2.356	4.325	5.275	2.072	11.234	2.212	2.167	8.073	11.715
Electric, gas, sanitary services (49xx)	2.145	3.085	2.700	1.840	4.415	2.675	4.189	1.400	6.115	6.874	1.598	1.500	2.130
Wholesale (5xxx)	3.289	7.260	8.075	11.425	2.780	4.455	9.864	2.487	13.268	8.879	8.034	3.410	18.751
Finance, insurance, real estate (6xxx)	3.820	3.740	4.425	2.925	7.193	2.115	3.550	3.204	11.692	5.522	4.715	3.813	10.368
Services (7xxx)	5.869	13.234	14.630	9.425	5.913	2.205	9.709	8.403	15.501	21.284	9.099	16.367	15.639
Health services (8xxx)	0.277	2.347	4.161	1.226	3.005	3.050	4.925	4.567	2.573	0.902	5.045	0.850	6.313
Total	40.052	54.287	58.072	50.297	55.530	33.795	49.850	43.330	96.764	78.361	60.058	63.156	97.511
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	1.019	2	0	0	0	0	0.200	1	0.200	1	1.219	3	1.219	3	0.21%
Mining (1xxx)	1.255	7	3.837	6	1.232	3	1.875	4	0	0	0	0	8.199	20	7.674	17	0.00%
Oil and gas (13xx)	7.193	15	12.911	16	15.130	14	15.115	29	2.358	5	2.358	5	52.707	79	50.607	74	2.42%
Construction (15xx)	0.215	2	0.585	2	2.210	7	2.735	5	0	0	0	0	5.745	16	5.605	15	0.00%
Manufacturing (2xxx, 3xxx)	48.849	100	43.437	97	43.433	80	67.703	108	29.297	39	29.297	39	232.718	424	215.422	393	30.04%
Transportation (4xxx)	3.817	7	1.715	6	7.911	16	3.803	9	0.740	4	0.740	4	17.985	42	17.245	40	0.76%
Communications (48xx)	12.024	13	11.472	17	18.581	25	12.452	19	11.715	11	11.715	11	66.244	85	62.394	83	12.01%
Electric, gas, sanitary services (49xx)	7.930	12	8.930	15	11.704	11	9.972	17	2.130	3	2.130	3	40.666	58	38.521	54	2.18%
Wholesale (5xxx)	18.625	37	18.660	30	25.619	46	20.324	52	18.751	19	18.751	19	101.978	184	98.688	175	19.23%
Finance, insurance, real estate (6xxx)	11.985	41	12.233	27	18.446	49	14.050	40	10.368	12	10.368	12	67.082	169	63.262	154	10.63%
Services (7xxx)	33.734	66	17.543	47	33.613	71	46.749	94	15.639	27	15.639	27	147.278	304	141.409	288	16.04%
Health services (8xxx)	6.785	23	7.282	20	12.065	19	6.797	18	6.313	8	6.313	8	39.242	88	38.965	86	6.47%
Total	152.411	323	139.623	284	189.943	341	201.575	395	97.511	129	97.511	129	781.064	1472	741.012	1382	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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