Analysis of bank loan issuance for year to date and 12 months through September

Total: $437.626 billion in 770 deals year to date

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

Rate (L+)

	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Below 125 bps	6.100	1.550	1.725	2.100	2.000	5.800	6.384	1.479	7.890	6.041	0.450	3.999
125	0	1.295	0.400	5.115	3.935	1.975	0.300	6.478	2.490	1.660	0.925	0.148
150	5.230	2.712	0.855	10.080	4.190	9.090	1.655	6.366	3.675	1.010	0.865	1.945
175	0.775	6.053	2.228	1.600	1.953	6.940	7.666	6.080	3.700	3.385	2.165	4.363
200	1.515	3.869	2.474	13.140	4.710	8.815	4.545	4.386	3.996	3.085	6.775	4.350
225	3.105	6.295	2.840	7.306	3.015	4.260	5.607	7.032	6.869	2.317	1.900	3.240
250	1.289	6.384	1.337	2.423	1.823	1.280	2.377	5.647	4.806	2.762	1.382	3.002
275	3.455	1.908	2.765	1.667	1.360	1.630	6.325	3.614	3.300	6.660	0.890	2.890
300	3.659	1.590	1.350	2.775	0.706	0.945	0.452	4.607	3.115	5.932	0.970	1.776
325 bps and upwards	3.384	3.680	2.308	5.878	8.518	7.252	2.762	3.735	9.937	5.220	2.633	4.021
Fixed rate	0.025	0.212	0.540	0.025	0.335	0.212	0.444	0.503	0	0	0.103	0
NA	6.561	6.247	9.900	4.590	5.295	5.742	6.601	5.565	30.325	6.078	5.485	9.486
Other	0	0	0	0	0	0	0	0	0	0	0	0.210
Prime based	1.000	0.040	0.095	0	0	0.117	0	0.100	0.010	0	0.085	0
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Below 125 bps	9.375	25	9.900	19	15.753	29	10.490	22	36.143	50	45.518	95	8.26%
125	1.695	8	11.025	20	9.268	19	2.733	13	23.026	38	24.721	60	5.26%
150	8.797	27	23.360	42	11.696	27	3.820	16	38.876	56	47.673	112	8.88%
175	9.055	35	10.493	24	17.446	43	9.913	28	37.852	56	46.907	130	8.65%
200	7.857	26	26.665	40	12.927	37	14.210	28	53.802	52	61.660	131	12.29%
225	12.240	40	14.581	44	19.508	60	7.457	25	41.547	70	53.787	169	9.49%
250	9.011	50	5.526	38	12.829	56	7.146	33	25.501	66	34.512	177	5.83%
275	8.128	32	4.657	27	13.239	41	10.440	29	28.335	48	36.464	129	6.47%
300	6.599	37	4.426	17	8.175	37	8.678	44	21.279	42	27.878	135	4.86%
325 bps and upwards	9.370	91	21.649	91	16.435	108	11.873	91	49.955	103	59.326	381	11.44%
Fixed rate	0.777	8	0.573	4	0.947	4	0.103	2	1.622	5	2.399	18	0.37%
NA	22.709	81	15.627	72	42.491	111	21.049	95	79.167	205	101.876	359	18.09%
Other	0	0	0	0	0	0	0.210	1	0.210	1	0.210	1	0.05%
Prime based	1.135	8	0.117	3	0.110	3	0.085	2	0.312	2	1.447	16	0.07%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Upsized?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Yes	2.514	3.532	0.350	12.659	1.738	8.370	8.925	6.250	26.550	1.185	0.525	0
No	32.560	36.852	27.387	44.040	34.291	42.565	35.518	48.887	52.330	42.461	24.102	38.873
Downsized	1.024	1.450	1.080	0	1.810	3.125	0.675	0.455	1.232	0.505	0	0.556
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	6.396	13	22.767	27	41.724	39	1.710	8	66.201	27	72.598	87	15.13%
No	96.799	439	120.896	402	136.734	523	105.436	413	363.067	735	459.866	1777	82.96%
Downsized	3.554	16	4.935	12	2.362	13	1.061	8	8.358	9	11.912	49	1.91%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Flex?
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Down	3.458	7.133	1.610	25.449	6.295	18.538	12.342	4.056	1.860	1.455	1.350	6.050
No	29.267	26.666	27.037	31.005	27.879	35.312	30.425	44.349	65.911	33.318	21.878	31.894
Up	3.374	8.034	0.170	0.245	3.665	0.210	2.350	7.186	12.341	9.377	1.400	1.485
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Down	12.201	33	50.282	90	18.259	48	8.855	29	77.396	39	89.597	200	17.69%
No	82.970	388	94.196	343	140.685	471	87.089	361	321.971	701	404.940	1563	73.57%
Up	11.579	47	4.120	8	21.877	56	12.262	39	38.260	32	49.838	150	8.74%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Type
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Revolver	16.815	18.472	16.357	17.310	14.520	20.240	11.970	18.455	44.928	16.213	7.153	12.653
TLA	1.625	0.955	0.400	8.005	1.475	0.912	3.819	5.518	1.133	0.810	0.550	2.050
Term	8.392	10.999	5.618	9.098	12.761	12.725	13.049	9.488	15.294	11.555	9.991	11.677
Institutional	5.478	8.243	4.332	16.250	7.866	16.235	12.083	19.786	13.664	11.745	4.670	9.341
Second/third/junior lien	1.655	1.631	0.870	4.252	1.005	1.665	1.825	1.550	2.714	2.417	1.185	3.359
Delayed draw	1.200	1.043	0.725	0.345	0.050	1.692	2.252	0.470	1.295	0.785	0.410	0.165
LoC	0.935	0.490	0.515	1.439	0.162	0.590	0.120	0.325	1.085	0.625	0.669	0.183
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	51.644	228	52.070	199	75.353	244	36.020	184	163.443	606	215.087	855	37.35%
TLA	2.980	11	10.393	15	10.470	16	3.410	11	24.272	5	27.252	53	5.55%
Term	25.009	93	34.584	101	37.831	121	33.222	95	105.637	75	130.646	410	24.14%
Institutional	18.052	62	40.351	69	45.532	108	25.756	73	111.640	71	129.692	312	25.51%
Second/third/junior lien	4.156	51	6.922	36	6.088	53	6.962	44	19.972	7	24.128	184	4.56%
Delayed draw	2.968	11	2.087	12	4.017	18	1.360	13	7.464	4	10.432	54	1.71%
LoC	1.940	12	2.191	9	1.530	15	1.477	9	5.198	8	7.138	45	1.19%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Moody's Rating
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Baa3	1.650	0	0	0	0	0	0	0	0	2.400	0	0
Ba1	3.000	2.520	0	2.200	0	0.650	4.050	3.250	0.300	1.150	0	2.750
Ba2	3.090	5.403	0.690	22.805	2.450	5.335	0.500	4.175	4.225	2.010	6.625	3.530
Ba3	3.025	2.467	1.975	7.324	3.120	8.515	5.280	2.820	6.340	3.138	2.075	9.125
B1	4.775	7.213	4.535	7.103	2.683	5.770	7.051	7.713	7.168	12.204	0.135	2.780
B2	3.432	4.713	1.345	1.059	6.706	4.225	14.869	9.658	8.483	2.175	0.530	1.178
B3	0.710	0.450	0.150	0.576	0.651	2.085	0.669	1.543	1.445	1.170	0	1.220
Caa1	0.075	0.342	0	0	0.120	0.415	1.173	0.485	0.725	0.743	0.325	0.655
Caa2	0	0	0	0	0.115	0.040	0	0	0.019	0	0	0
NR	16.343	18.727	20.122	15.633	21.994	27.025	11.526	25.948	51.407	19.162	14.938	18.191
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Baa3	1.650	4	0	0	0	0	2.400	2	2.400	1	4.050	6	0.55%
Ba1	5.520	8	2.850	5	7.600	10	3.900	4	14.350	9	19.870	27	3.28%
Ba2	9.183	23	30.590	30	8.900	14	12.165	28	51.655	39	60.838	95	11.80%
Ba3	7.467	23	18.959	39	14.440	49	14.338	39	47.736	58	55.203	150	10.91%
B1	16.523	70	15.556	72	21.932	84	15.119	48	52.606	98	69.129	274	12.02%
B2	9.489	52	11.990	44	33.010	76	3.883	32	48.883	75	58.372	204	11.17%
B3	1.310	16	3.312	16	3.657	32	2.390	14	9.359	19	10.668	78	2.14%
Caa1	0.417	3	0.535	7	2.383	15	1.722	14	4.641	3	5.058	39	1.06%
Caa2	0	0	0.155	2	0.019	1	0	0	0.174	1	0.174	3	0.04%
NR	55.192	269	64.652	226	88.880	294	52.290	248	205.822	470	261.014	1037	47.03%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Use of Proceeds
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Acquisition	7.226	3.833	2.040	29.934	6.631	7.840	12.308	23.073	12.133	8.127	5.618	12.755
Capex	1.315	0.233	2.775	0.675	1.436	1.107	0.467	0.225	0.437	2.179	0.393	0.435
Dividend/recap	2.240	2.590	1.588	2.935	1.541	3.600	0.961	3.683	3.024	2.415	0.518	2.076
Exit financing	0.285	0.650	1.865	3.080	0	0	0.215	0.133	3.175	3.195	0.125	1.100
GCP	10.260	9.975	5.870	7.683	10.190	10.650	4.754	5.710	37.547	5.236	5.217	4.433
LBO	2.527	12.724	1.560	3.258	2.550	9.065	6.107	2.692	7.132	11.461	2.396	6.175
Refinance	8.295	8.264	12.168	8.559	11.591	15.857	17.506	14.541	11.790	7.015	5.458	8.380
Multiple/Other/NA	3.950	3.565	0.950	0.575	3.900	5.940	2.800	5.534	4.875	4.521	4.903	4.075
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	13.100	35	44.405	46	47.514	61	26.501	50	118.419	157	131.519	192	27.06%
Capex	4.322	9	3.219	8	1.129	5	3.007	9	7.355	22	11.677	31	1.68%
Dividend/recap	6.418	14	8.076	13	7.667	22	5.009	13	20.752	48	27.170	62	4.74%
Exit financing	2.800	5	3.080	2	3.523	4	4.420	6	11.023	12	13.823	17	2.52%
GCP	26.105	77	28.523	73	48.011	79	14.886	46	91.419	198	117.525	275	20.89%
LBO	16.811	34	14.873	32	15.931	35	20.032	35	50.837	102	67.648	136	11.62%
Refinance	28.728	68	36.008	49	43.837	79	20.852	40	100.697	168	129.425	236	23.01%
Multiple/Other/NA	8.465	22	10.415	19	13.209	24	13.499	21	37.123	64	45.588	86	8.48%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	100.00%
Industry Sector (by SIC code)
	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006	5/2006	6/2006	7/2006	8/2006	9/2006
Agriculture (0xxx)	0	0.710	0	0	0.338	1.400	0	0	0	0	0	0.138
Mining (1xxx)	0.700	0.800	0.225	0.709	0	0	0	0	2.715	0.465	0.175	3.225
Oil and gas (13xx)	1.575	2.945	1.750	2.400	2.215	3.467	4.785	1.165	1.816	2.600	1.850	4.015
Construction (15xx)	1.755	3.370	2.300	0.350	1.110	0.525	0.400	1.609	3.175	0.420	1.067	1.085
Manufacturing (2xxx, 3xxx)	13.482	11.246	6.251	19.795	5.659	12.473	12.861	22.529	23.230	19.713	14.122	9.001
Transportation (4xxx)	1.466	0.840	0	3.300	2.050	4.438	0.726	0	0.660	1.475	1.350	1.015
Communications (48xx)	4.165	1.343	1.040	0.780	4.853	7.685	13.652	7.071	5.030	2.183	0.493	4.275
Electric, gas, sanitary services (49xx)	4.484	3.555	2.685	9.425	0.750	5.735	1.964	3.599	2.010	3.900	0.778	1.503
Wholesale (5xxx)	5.149	1.220	4.940	2.950	3.495	7.860	2.881	5.999	5.022	4.123	1.210	3.353
Finance, insurance, real estate (6xxx)	1.450	4.192	0.890	6.715	2.380	3.035	3.775	3.400	23.175	1.785	0.705	2.940
Services (7xxx)	0.540	10.125	7.696	8.745	7.461	4.345	3.679	7.784	10.675	7.072	2.222	6.771
Health services (8xxx)	1.332	1.488	1.040	1.530	7.529	3.097	0.395	2.435	2.602	0.415	0.655	2.107
Total	36.099	41.834	28.817	56.699	37.839	54.060	45.118	55.591	80.112	44.151	24.628	39.429
	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.710	1	1.738	3	0	0	0.138	1	1.875	4	2.586	5	0.43%
Mining (1xxx)	1.725	6	0.709	2	2.715	5	3.865	4	7.289	11	9.014	17	1.67%
Oil and gas (13xx)	6.270	18	8.082	14	7.766	22	8.465	15	24.313	51	30.583	69	5.56%
Construction (15xx)	7.425	12	1.985	8	5.184	10	2.572	9	9.742	27	17.167	39	2.23%
Manufacturing (2xxx, 3xxx)	30.980	87	37.926	75	58.620	109	42.836	76	139.383	260	170.363	347	31.85%
Transportation (4xxx)	2.306	6	9.788	9	1.387	9	3.840	9	15.015	27	17.320	33	3.43%
Communications (48xx)	6.548	17	13.318	12	25.753	27	6.950	14	46.021	53	52.569	70	10.52%
Electric, gas, sanitary services (49xx)	10.724	17	15.910	15	7.573	12	6.181	11	29.664	38	40.388	55	6.78%
Wholesale (5xxx)	11.309	32	14.305	26	13.902	31	8.687	22	36.894	79	48.203	111	8.43%
Finance, insurance, real estate (6xxx)	6.532	17	12.130	25	30.350	20	5.430	19	47.910	64	54.442	81	10.95%
Services (7xxx)	18.360	35	20.551	33	22.138	42	16.064	30	58.754	105	77.114	140	13.43%
Health services (8xxx)	3.861	16	12.156	20	5.432	22	3.178	9	20.765	51	24.626	67	4.74%
Total	106.750	264	148.598	242	180.821	309	108.207	219	437.626	770	544.376	1034	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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