Analysis of bank loan issuance for 2005

Total: $351.214 billion in 769 deals

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

Rate (L+)

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Less than 175 bps	5.158	2.162	4.257	3.065	1.840	16.890	4.805	5.805	7.420	11.330	5.407	1.295
175	2.381	8.320	5.408	1.300	0.105	5.135	5.275	0.865	1.632	0.775	5.596	2.087
200	2.340	3.570	3.657	2.143	5.040	2.145	2.485	1.841	2.587	1.515	3.869	2.399
225	3.150	3.945	1.366	6.480	3.665	2.575	4.095	1.975	2.930	3.105	6.295	3.825
250	4.120	2.051	1.620	4.331	1.185	1.722	5.085	0.385	3.910	1.039	6.384	1.337
275	3.845	4.615	1.972	1.541	0.835	1.808	2.585	1.202	1.510	3.805	2.003	2.765
300	0.575	1.985	1.383	1.895	1.320	1.102	0.260	0.305	1.754	3.659	0.890	1.235
325	0.363	0.522	1.387	0.260	0.350	0.550	0.419	0.035	0.115	0.955	1.235	0.710
350	0.130	0.537	0.492	0.115	0.200	0.835	1.150	0.100	0.025	0	0.140	0.108
375 bps and upwards	1.602	1.006	3.330	1.190	5.428	4.194	2.199	1.119	3.621	2.519	2.193	1.705
Fixed rate	0	0	0	0	0	0.123	0	0.027	0.076	0.025	0.212	0.540
Prime based	0	0	0	0	0.350	0	0	0	0	1.000	0.040	0.075
NA/Other	4.732	2.264	3.500	4.174	4.355	10.570	4.912	7.320	7.070	7.841	7.305	11.665
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than 175 bps	11.577	30	21.795	59	18.030	40	18.032	54	69.434	183	18.16%
175	16.109	38	6.540	21	7.772	25	8.459	32	38.879	116	10.17%
200	9.567	26	9.328	32	6.913	30	7.782	25	33.591	113	8.79%
225	8.461	24	12.720	31	9.000	33	13.225	41	43.405	129	11.35%
250	7.791	44	7.238	29	9.380	23	8.761	49	33.17	145	8.68%
275	10.432	42	4.184	28	5.297	25	8.573	33	28.486	128	7.45%
300	3.942	18	4.317	22	2.319	19	5.785	32	16.363	91	4.28%
325	2.272	16	1.160	10	0.570	9	2.900	21	6.902	56	1.81%
350	1.159	11	1.150	10	1.275	11	0.248	4	3.833	36	1.00%
375 bps and upwards	5.937	60	10.812	70	6.940	52	6.416	64	30.106	246	7.88%
Fixed rate	0	0	0.123	2	0.103	2	0.777	8	1.003	12	0.26%
Prime based	0	0	0.350	2	0	0	1.115	7	1.465	9	0.38%
NA/Other	10.496	61	19.099	75	19.302	79	26.811	101	75.709	316	19.80%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Upsized?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	2.805	1.860	4.572	4.955	1.525	2.685	2.627	0.880	6.373	2.514	2.775	0
No	23.956	26.997	23.348	21.214	22.047	44.839	28.269	20.099	25.627	34.030	37.434	28.667
Downsized	1.635	2.120	0.453	0.325	1.100	0.125	2.375	0	0.650	1.024	1.360	1.080
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	9.238	25	9.165	19	9.880	29	5.290	10	33.572	83	8.78%
No	74.301	334	88.101	366	73.994	314	100.130	446	336.526	1460	88.02%
Downsized	4.207	11	1.550	6	3.025	5	3.465	15	12.247	37	3.20%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Flex?
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Down	6.597	12.608	6.867	0.795	0.430	10.690	14.843	2.292	10.758	3.458	6.934	1.610
No	21.160	16.369	20.208	23.999	16.732	35.625	18.302	15.906	20.811	30.237	26.768	28.017
Up	0.640	2.000	1.298	1.700	7.511	1.334	0.125	2.780	1.081	3.874	7.867	0.120
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Down	26.072	82	11.915	36	27.894	87	12.002	32	77.882	237	20.37%
No	57.737	273	76.356	319	55.019	252	85.022	394	274.133	1238	71.70%
Up	3.938	15	10.545	36	3.986	9	11.861	45	30.33	105	7.93%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Revolver	9.980	9.365	8.910	10.050	9.643	23.470	12.232	13.110	12.640	16.935	18.142	16.767
Term	5.998	5.472	4.628	6.284	5.559	9.185	8.069	3.671	5.351	9.171	11.039	6.353
TLA	0.689	2.043	0.900	1.022	0.845	4.810	0.740	0.085	2.350	1.625	0.955	0.100
Institutional	10.057	11.026	11.011	7.731	7.426	8.119	10.264	3.165	9.642	5.478	8.279	3.767
Second/third/junior lien	0.917	2.271	1.984	0.760	0.988	1.475	1.288	0.448	1.056	2.105	1.670	1.520
Delayed draw	0.540	0.165	0.315	0.597	0	0.050	0.553	0.500	0.605	1.200	1.043	0.725
LoC	0.215	0.635	0.625	0.050	0.212	0.540	0.125	0	1.007	1.055	0.440	0.515
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Revolver	28.255	157	43.163	171	37.982	168	51.844	226	161.244	722	42.17%
Term	16.098	61	21.028	79	17.090	68	26.564	97	80.78	305	21.13%
TLA	3.632	15	6.677	21	3.175	9	2.680	10	16.164	55	4.23%
Institutional	32.094	81	23.276	68	23.070	55	17.523	60	95.963	264	25.10%
Second/third/junior lien	5.172	37	3.223	36	2.792	34	5.295	54	16.482	161	4.31%
Delayed draw	1.020	8	0.647	5	1.658	8	2.968	11	6.293	32	1.65%
LoC	1.475	11	0.802	11	1.132	6	2.010	13	5.42	41	1.42%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Moody's Rating
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Baa3	0	0	0	0	0	0	0	0	0	1.650	0	0
Ba1	2.650	0.330	2.500	2.075	0.550	0.475	0.900	0	2.100	3.000	2.520	0
Ba2	0.700	0.880	0.800	1.755	0	2.950	3.035	2.700	0	3.090	5.403	0.290
Ba3	2.262	4.800	2.550	5.855	0.600	1.475	4.855	2.625	2.262	3.025	2.090	0.475
B1	6.710	11.195	4.692	4.425	4.450	7.897	2.183	0.550	6.203	4.455	7.213	2.135
B2	3.152	2.860	3.970	2.603	1.915	3.767	2.999	1.000	3.960	3.852	4.590	1.345
B3	0.487	0.838	1.735	0.550	0.308	1.245	0.232	0.237	0.798	0.799	0.405	0.150
Caa1	0.075	0.331	0.140	0.215	0.210	0.115	0.050	0.080	0.102	0.075	0.342	0
Caa2	0.050	0	0.285	0	0.115	0	0	0	0.178	0	0	0
CCC+	0	0	0	0	0	0	0	0	0	0	0	0.100
NR	12.310	9.743	11.701	9.016	16.524	29.725	19.016	13.786	17.047	17.623	19.006	25.252
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Baa3	0	0	0	0	0	0	1.650	4	1.65	4	0.43%
Ba1	5.480	8	3.100	7	3.000	8	5.520	8	17.1	31	4.47%
Ba2	2.380	8	4.705	18	5.735	7	8.783	21	21.603	54	5.65%
Ba3	9.612	23	7.930	13	9.742	31	5.590	21	32.874	88	8.60%
B1	22.597	71	16.772	68	8.936	42	13.803	65	62.108	246	16.24%
B2	9.982	48	8.285	45	7.959	45	9.787	52	36.013	190	9.42%
B3	3.060	21	2.103	17	1.268	13	1.355	15	7.785	66	2.04%
Caa1	0.546	5	0.540	8	0.233	4	0.417	3	1.736	20	0.45%
Caa2	0.335	3	0.115	1	0.178	2	0	0	0.628	6	0.16%
CCC+	0	0	0	0	0	0	0.100	1	0.1	1	0.03%
NR	33.753	183	55.266	214	49.849	196	61.880	281	200.748	874	52.50%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Acquisition	4.600	1.005	5.302	2.262	7.997	9.797	4.095	4.636	5.771	8.127	3.466	2.040
Capex	0.185	0.922	0.678	0.725	0	0.583	0.230	0.911	0.851	1.315	0.270	2.775
Dividend/recap	0.583	0.962	2.789	6.485	1.125	1.383	1.307	1.183	1.708	2.810	2.640	1.588
Exit financing	0.635	0.075	0	0.786	0.300	0	0	0	0	0.285	0.650	1.865
GCP	0.875	1.615	2.135	3.020	1.190	9.500	4.342	7.574	6.315	10.260	9.975	7.685
LBO	6.150	8.289	2.950	3.845	1.351	5.652	9.732	0.670	7.087	2.527	12.738	1.560
Refinance	10.184	15.486	12.288	8.136	11.879	17.159	10.746	4.080	9.895	8.295	8.264	11.643
Multiple/Other/NA	5.185	2.623	2.230	1.235	0.830	3.575	2.818	1.925	1.025	3.950	3.565	0.590
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	10.907	18	20.057	29	14.501	26	13.633	37	59.098	110	15.46%
Capex	1.785	5	1.308	4	1.992	6	4.360	9	9.446	24	2.47%
Dividend/recap	4.334	17	8.993	14	4.197	16	7.038	15	24.562	62	6.42%
Exit financing	0.710	3	1.086	4	0	0	2.800	5	4.596	12	1.20%
GCP	4.625	16	13.710	42	18.231	57	27.920	76	64.486	191	16.87%
LBO	17.389	24	10.848	24	17.489	23	16.825	34	62.551	105	16.36%
Refinance	37.959	77	37.174	77	24.721	38	28.203	66	128.057	258	33.49%
Multiple/Other/NA	10.037	27	5.640	17	5.768	25	8.105	20	29.55	89	7.73%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Agriculture (0xxx)	0.150	0	0.700	0.500	0	0.600	0	0	0.520	0	0.710	0
Mining (1xxx)	0.735	1.170	0.830	0	1.035	0.607	0	0.480	0	1.050	2.050	0.225
Oil and gas (13xx)	1.615	0.822	0.825	6.000	1.050	1.615	1.900	2.255	1.200	1.575	2.945	1.550
Construction (15xx)	0	0	0	1.325	0	1.200	0.125	1.675	3.185	1.405	2.120	2.300
Manufacturing (2xxx, 3xxx)	9.522	7.386	8.909	7.307	7.531	12.157	9.577	6.002	5.728	13.483	10.790	5.726
Transportation (4xxx)	0.700	0.470	0.893	0.262	0.320	1.580	4.600	0.850	2.325	1.466	0.890	0
Communications (48xx)	6.202	3.205	3.257	2.835	2.892	4.728	1.436	0.890	1.200	4.165	1.356	0.880
Electric, gas, sanitary services (49xx)	0.200	4.230	2.593	1.115	0.845	4.688	1.370	1.320	2.536	5.384	3.555	4.685
Wholesale (5xxx)	3.188	1.427	2.485	3.237	0.960	10.615	0.470	3.760	7.870	5.149	1.220	4.940
Finance, insurance, real estate (6xxx)	1.255	1.445	0.953	0.350	0.600	1.601	4.535	0.831	0.250	1.450	4.192	0.890
Services (7xxx)	2.648	10.107	5.305	2.838	4.650	2.590	8.068	1.740	6.252	1.110	10.252	7.611
Health services (8xxx)	2.181	0.715	1.622	0.725	4.790	5.667	1.190	1.175	1.585	1.332	1.488	0.940
Total	28.396	30.977	28.373	26.494	24.672	47.649	33.270	20.979	32.651	37.569	41.569	29.747
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0.850	2	1.100	2	0.520	1	0.710	1	3.18	6	0.83%
Mining (1xxx)	2.735	7	1.642	6	0.480	2	3.325	9	8.182	24	2.14%
Oil and gas (13xx)	3.262	7	8.665	10	5.355	10	6.070	17	23.352	44	6.11%
Construction (15xx)	0	0	2.525	4	4.985	7	5.825	9	13.335	20	3.49%
Manufacturing (2xxx, 3xxx)	25.818	60	26.995	63	21.307	60	29.998	85	104.118	268	27.23%
Transportation (4xxx)	2.063	11	2.162	6	7.775	10	2.356	6	14.356	33	3.75%
Communications (48xx)	12.665	20	10.454	23	3.526	11	6.402	16	33.047	70	8.64%
Electric, gas, sanitary services (49xx)	7.023	10	6.648	18	5.226	15	13.624	19	32.521	62	8.51%
Wholesale (5xxx)	7.100	22	14.812	28	12.100	16	11.309	32	45.322	98	11.85%
Finance, insurance, real estate (6xxx)	3.653	12	2.551	10	5.616	13	6.532	17	18.353	52	4.80%
Services (7xxx)	18.060	28	10.078	24	16.059	31	18.973	36	63.17	119	16.52%
Health services (8xxx)	4.518	8	11.182	17	3.950	15	3.760	15	23.41	55	6.12%
Total	87.746	187	98.816	211	86.899	191	108.884	262	382.345	851	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• Deals must be $75 million or bigger for inclusion.

• 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).

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