Analysis of leveraged loan issuance for 13 months through December 2013

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

Rate (L+)

	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Below 150 bps	0	0	0	0	0.600	0	0	0	0	0	0	1.000	0
150	1.685	3.410	0.450	0.750	1.345	2.445	2.725	1.500	1.875	1.475	0.550	0	1.450
175	2.060	0.050	0	4.030	3.610	3.350	1.365	2.350	2.360	3.445	1.290	5.310	2.420
200	4.150	1.260	0.525	8.921	4.551	5.852	0.191	3.575	0.555	2.650	7.234	5.976	2.700
225	2.000	1.850	1.989	5.805	5.649	6.511	4.159	2.845	2.795	2.600	0.820	2.451	1.170
250	1.145	3.405	2.000	12.923	10.968	7.148	1.215	2.937	0.900	1.700	0.510	10.161	5.150
275	0.111	11.528	18.559	8.372	13.209	5.574	1.715	4.175	4.982	3.800	0.909	7.300	8.807
300	3.613	14.429	21.230	8.905	9.102	8.344	1.571	3.674	6.777	6.516	6.650	9.590	6.105
325	4.795	13.208	14.547	9.782	8.828	12.632	4.567	5.633	1.720	1.525	6.031	8.294	8.492
350	2.395	8.147	15.882	2.457	5.192	10.846	2.615	1.165	0.513	10.551	3.655	4.239	2.742
375	1.632	6.303	5.454	6.374	3.336	3.263	4.950	3.353	1.403	9.011	0.763	2.025	3.868
400	1.575	3.445	9.036	1.576	9.382	4.794	1.650	7.817	2.455	3.068	7.400	3.449	2.479
425	0	1.280	0.320	4.657	1.354	1.200	4.270	1.925	1.739	2.140	1.123	1.457	1.595
450	0.940	2.980	1.897	1.750	2.126	2.868	3.438	0.647	0.450	2.080	2.797	1.890	0.741
475	0.640	0.921	1.599	0.445	1.120	0.350	0.885	0.020	2.487	0.935	0.940	0.083	0.160
500 bps and upward	4.072	10.488	7.446	9.399	6.876	17.310	8.780	10.965	2.138	12.003	9.165	8.190	5.250
Fixed rate	0.065	0.052	0.055	0	0	0.478	0.406	0	0.210	1.740	0.075	0.060	0
NA	31.078	11.488	18.343	23.521	12.575	21.890	22.716	30.554	16.955	31.328	23.058	18.543	20.626
Other	0	0	0	0.125	0	0	0.147	0	0	0	0	0.325	0
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0.600	1	0	0	1.000	1	1.600	2	1.600	2	1.600	2	0.15%
150	4.610	9	6.515	19	4.850	11	2.000	7	17.975	40	19.660	52	17.975	40	1.68%
175	4.080	11	8.325	22	8.155	19	9.020	28	29.580	60	31.640	86	29.580	60	2.76%
200	10.706	21	10.593	27	6.780	16	15.910	28	43.989	60	48.139	99	43.989	60	4.10%
225	9.644	18	16.319	29	8.240	20	4.441	12	38.643	51	40.643	87	38.643	51	3.60%
250	18.328	22	19.332	37	5.537	16	15.821	26	59.018	64	60.162	109	59.018	64	5.50%
275	38.459	51	20.498	37	12.957	21	17.015	21	88.930	87	89.041	131	88.930	87	8.29%
300	44.564	47	19.017	27	16.967	26	22.345	29	102.893	88	106.506	135	102.893	88	9.59%
325	37.538	55	26.027	47	8.877	18	22.817	40	95.259	108	100.054	165	95.259	108	8.88%
350	26.486	35	18.653	41	12.229	15	10.636	24	68.005	76	70.400	120	68.005	76	6.34%
375	18.131	45	11.549	26	13.767	24	6.656	25	50.104	69	51.736	123	50.104	69	4.67%
400	14.056	31	15.826	31	13.340	26	13.328	29	56.550	61	58.126	120	56.550	61	5.27%
425	6.257	22	6.824	24	5.804	16	4.175	12	23.060	36	23.060	74	23.060	36	2.15%
450	6.627	22	8.432	30	3.178	12	5.428	22	23.665	47	24.605	91	23.665	47	2.21%
475	2.965	12	2.355	14	3.442	7	1.183	5	9.945	18	10.585	42	9.945	18	0.93%
500 bps and upward	27.334	99	32.966	113	25.106	99	22.604	90	108.009	146	112.081	423	108.009	146	10.07%
Fixed rate	0.107	4	0.884	5	1.950	6	0.135	3	3.076	12	3.141	21	3.076	12	0.29%
NA	53.351	202	57.181	196	78.837	216	62.227	220	251.596	689	282.674	909	251.596	689	23.46%
Other	0.125	1	0.147	2	0	0	0.325	2	0.597	4	0.597	5	0.597	4	0.06%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Upsized?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Yes	4.630	13.696	23.796	12.902	20.686	18.089	5.503	6.101	2.441	12.946	5.072	11.962	4.110
No	55.076	76.973	91.868	85.695	76.629	91.490	57.211	72.212	46.454	79.450	66.195	77.605	66.030
Downsized	2.250	3.575	3.670	11.195	2.508	5.275	4.652	4.821	1.420	4.172	1.702	0.775	3.615
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	50.393	64	44.278	66	21.488	37	21.145	36	137.303	106	141.933	209	137.303	106	12.80%
No	254.535	625	225.331	633	198.116	506	209.829	576	887.811	1575	942.887	2499	887.811	1575	82.78%
Downsized	18.440	18	12.435	29	10.413	25	6.092	12	47.380	33	49.630	86	47.380	33	4.42%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Flex?
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Down	3.423	13.663	13.110	14.885	22.700	14.232	0.900	5.609	3.706	13.860	13.390	7.625	2.716
No	57.946	77.921	96.477	93.647	73.004	88.814	60.804	76.211	44.941	79.936	58.509	80.447	70.464
Up	0.587	2.660	9.746	1.260	4.120	11.808	5.662	1.315	1.667	2.772	1.070	2.270	0.575
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	41.657	63	37.832	75	23.174	41	23.731	44	126.395	74	129.818	229	126.395	74	11.79%
No	268.045	621	222.622	614	201.088	509	209.420	568	901.174	1599	959.121	2470	901.174	1599	84.03%
Up	13.666	23	21.590	39	5.754	18	3.915	12	44.925	42	45.512	95	44.925	42	4.19%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Type
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Revolver	29.560	15.194	20.700	32.645	19.084	30.206	24.939	31.424	20.690	30.425	26.313	24.518	22.274
TLA	2.550	1.199	1.389	5.813	2.063	8.006	2.224	1.950	1.015	1.283	3.516	2.796	1.910
Term	17.037	43.632	50.602	20.324	33.633	33.042	24.404	30.070	13.094	21.351	23.994	19.893	21.317
Institutional	11.805	31.791	42.547	48.118	40.231	36.884	11.784	13.726	14.987	38.893	15.723	37.738	26.634
Second/third/junior lien	0.775	1.728	2.386	2.283	2.053	6.057	3.463	2.284	0.465	3.815	2.962	3.742	1.345
Delayed draw	0.200	0.700	1.710	0.608	2.759	0.660	0.551	2.830	0.064	0.800	0.250	0.655	0.275
LoC	0.030	0	0	0	0	0	0	0.850	0	0	0.211	1.000	0
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	68.539	260	74.229	277	82.540	254	73.106	258	298.414	999	327.974	1141	298.414	999	27.82%
TLA	8.401	17	12.293	20	4.248	14	8.222	16	33.163	14	35.713	71	33.163	14	3.09%
Term	114.558	206	91.079	201	64.515	151	65.204	154	335.357	358	352.393	755	335.357	358	31.27%
Institutional	122.456	175	88.898	154	67.606	99	80.094	141	359.055	311	370.860	588	359.055	311	33.48%
Second/third/junior lien	6.397	42	11.573	55	6.564	36	8.049	44	32.583	22	33.358	183	32.583	22	3.04%
Delayed draw	3.018	7	3.970	21	3.693	12	1.180	7	11.861	10	12.061	48	11.861	10	1.11%
LoC	0	0	0	0	0.850	2	1.211	4	2.061	4	2.091	8	2.061	4	0.19%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Moody's Rating
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Baa2	0	0	0	0.600	0.755	0	1.000	0.850	0	0.250	0	2.000	0
Baa3	0	0	0	1.600	2.700	0.500	1.100	1.100	0	0	1.145	0	0
Ba1	1.205	1.350	2.763	7.412	0.290	0.625	4.050	0.060	0.100	6.300	6.910	3.705	1.350
Ba2	6.183	0.700	6.872	14.102	7.491	3.909	0.600	2.940	0.120	10.560	1.681	1.645	0.600
Ba3	1.390	3.130	9.235	4.688	9.724	8.560	2.560	7.580	5.460	10.000	6.185	2.929	0.675
B1	5.455	20.000	23.572	13.795	11.960	7.835	5.384	13.896	6.410	14.475	3.967	7.484	7.082
B2	1.000	4.128	7.979	5.400	7.730	12.911	7.428	3.829	2.635	10.070	6.695	3.662	3.275
B3	0	0	1.135	1.282	2.255	2.240	2.575	3.940	0	0.675	3.610	0.970	0.180
Caa1	0.185	1.885	1.075	0.825	0.385	8.618	1.380	0.830	0.240	0.627	0.875	2.150	0.735
Caa2	0.255	0	0.285	0.700	0.538	1.095	0.530	0.419	0	0.710	0.695	0.475	0
NR	46.283	63.051	66.418	59.388	55.995	68.561	40.758	47.691	35.350	42.900	41.206	65.323	59.857
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0.600	2	1.755	3	1.100	2	2.000	2	5.455	5	5.455	9	5.455	5	0.51%
Baa3	1.600	5	4.300	5	1.100	2	1.145	2	8.145	9	8.145	14	8.145	9	0.76%
Ba1	11.524	21	4.965	4	6.460	11	11.965	14	34.914	28	36.120	54	34.914	28	3.26%
Ba2	21.674	18	12.000	18	13.620	13	3.926	7	51.220	34	57.403	63	51.220	34	4.78%
Ba3	17.053	31	20.844	46	23.039	40	9.789	13	70.725	77	72.115	132	70.725	77	6.59%
B1	57.367	112	25.179	65	34.781	71	18.534	51	135.861	169	141.316	310	135.861	169	12.67%
B2	17.507	49	28.070	89	16.534	40	13.632	38	75.742	114	76.742	221	75.742	114	7.06%
B3	2.417	13	7.070	29	4.615	19	4.760	12	18.862	38	18.862	73	18.862	38	1.76%
Caa1	3.785	23	10.383	23	1.697	14	3.760	15	19.625	10	19.809	76	19.625	10	1.83%
Caa2	0.985	6	2.163	15	1.129	7	1.170	6	5.447	2	5.702	36	5.447	2	0.51%
NR	188.856	427	165.314	431	125.942	349	166.386	464	646.498	1231	692.781	1806	646.498	1231	60.28%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Use of Proceeds
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Acquisition	11.918	7.846	7.685	2.660	7.230	4.041	6.650	7.392	2.954	16.916	14.033	10.149	7.525
Capex	0.400	0	0.110	0.725	0.590	0.069	0	0.240	0	0	0.150	0.130	0
Dividend/recap	2.170	3.410	3.685	3.740	5.445	13.859	5.935	4.150	3.285	6.275	3.995	2.277	1.847
Exit financing	0	0	0	0	0	1.045	0	0	0	0.100	0	0	0
GCP	3.895	0.875	2.578	5.152	2.593	5.970	4.641	9.137	2.410	5.454	5.173	3.965	5.525
LBO	4.457	8.898	4.829	13.260	4.576	3.110	3.433	10.700	1.268	16.453	7.280	6.997	2.192
Refinance	14.694	45.271	67.644	59.683	62.659	49.105	17.856	22.503	21.005	30.508	16.705	46.508	35.307
Multiple/Other/NA	24.422	27.944	32.802	24.572	16.730	37.656	28.851	29.012	19.393	20.863	25.632	20.316	21.358
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	18.191	26	17.921	25	27.261	41	31.707	52	95.080	144	106.998	159	95.080	144	8.87%
Capex	0.835	4	0.659	3	0.240	1	0.280	3	2.014	11	2.414	12	2.014	11	0.19%
Dividend/recap	10.835	25	25.239	43	13.710	30	8.118	23	57.903	121	60.072	128	57.903	121	5.40%
Exit financing	0	0	1.045	3	0.100	1	0	0	1.145	4	1.145	4	1.145	4	0.11%
GCP	8.604	26	13.204	34	17.000	40	14.663	33	53.472	133	57.366	144	53.472	133	4.99%
LBO	26.986	23	11.119	22	28.422	29	16.470	26	82.997	100	87.454	108	82.997	100	7.74%
Refinance	172.599	208	129.619	189	74.015	93	98.521	128	474.754	617	489.448	635	474.754	617	44.27%
Multiple/Other/NA	85.318	146	83.236	145	69.269	139	67.307	154	305.130	584	329.552	638	305.130	584	28.45%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	100.00%
Industry Sector (by SIC code)
	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013
Agriculture (0xxx)	0	0.200	0	0	0.855	0.538	0	0	0.825	0	1.237	0	1.080
Mining (1xxx)	0.350	0.200	0	0.600	0.150	2.225	0.255	1.330	3.685	2.850	7.600	2.796	0.677
Oil and gas (13xx)	4.640	2.384	3.650	2.450	1.695	13.520	4.980	4.155	3.735	8.500	4.438	4.068	2.752
Construction (15xx)	0	0	0.320	0.920	0	0.150	1.125	1.400	1.310	0.200	0.120	1.865	0.600
Manufacturing (2xxx, 3xxx)	22.430	33.047	25.541	42.825	26.620	22.251	23.648	27.219	13.967	31.401	20.305	20.981	23.934
Transportation (4xxx)	0.598	0.505	7.272	3.780	4.971	2.529	5.701	1.815	0.850	0.750	0.391	2.598	2.783
Communications (48xx)	8.073	7.605	17.020	7.578	9.641	12.312	3.037	2.147	4.575	3.116	4.170	11.335	6.457
Electric, gas, sanitary services (49xx)	1.500	2.130	7.407	2.447	6.496	9.757	2.645	4.195	0.700	1.465	2.537	7.995	3.113
Wholesale (5xxx)	3.410	18.751	18.606	12.976	10.084	12.378	4.790	7.734	3.208	9.594	11.929	11.959	7.498
Finance, insurance, real estate (6xxx)	3.813	9.382	10.069	9.379	13.654	10.355	7.498	7.445	3.910	10.743	4.615	13.125	6.705
Services (7xxx)	16.292	14.661	23.960	19.154	20.478	24.089	10.484	22.995	9.188	23.006	15.033	10.541	15.980
Health services (8xxx)	0.850	5.380	5.488	7.683	5.179	4.749	3.202	2.700	4.361	4.942	0.595	3.080	2.176
Total	61.956	94.244	119.333	109.792	99.824	114.854	67.365	83.134	50.315	96.567	72.969	90.342	73.755
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.200	1	1.393	2	0.825	1	2.317	3	4.735	7	4.735	7	4.735	7	0.44%
Mining (1xxx)	0.800	3	2.630	7	7.865	10	11.073	10	22.369	30	22.718	31	22.369	30	2.09%
Oil and gas (13xx)	8.483	22	20.195	26	16.390	28	11.258	24	56.326	100	60.966	106	56.326	100	5.25%
Construction (15xx)	1.240	4	1.275	3	2.910	10	2.586	6	8.011	23	8.011	23	8.011	23	0.75%
Manufacturing (2xxx, 3xxx)	101.412	138	72.519	118	72.587	102	65.220	125	311.739	483	334.169	519	311.739	483	29.07%
Transportation (4xxx)	11.557	16	13.201	21	3.415	6	5.771	11	33.945	54	34.542	58	33.945	54	3.17%
Communications (48xx)	32.203	30	24.990	37	9.839	17	21.962	19	88.994	103	97.067	112	88.994	103	8.30%
Electric, gas, sanitary services (49xx)	11.984	17	18.898	24	6.360	10	13.644	19	50.887	70	52.387	73	50.887	70	4.74%
Wholesale (5xxx)	50.333	56	27.252	48	20.536	33	31.386	57	129.506	194	132.917	205	129.506	194	12.08%
Finance, insurance, real estate (6xxx)	28.830	52	31.507	54	22.098	61	24.445	52	106.880	219	110.693	230	106.880	219	9.97%
Services (7xxx)	57.775	87	55.052	96	55.188	75	41.554	77	209.568	335	225.860	365	209.568	335	19.54%
Health services (8xxx)	18.551	32	13.131	28	12.002	20	5.851	16	49.536	96	50.386	99	49.536	96	4.62%
Total	323.369	458	282.043	464	230.016	373	237.066	419	1072.494	1714	1134.450	1828	1072.494	1714	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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