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

Total: $146.883 billion in 234 deals

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

Rate (L+)

	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
100	1.750	0.320	1.850	3.400	3.825	4.100	6.100	1.550	1.725	2.100	2.000	1.900
125	0.275	0.120	8.300	0.325	0.300	0.550	0	1.295	0.400	5.115	3.935	0.100
150	1.040	1.400	6.590	1.080	1.680	2.770	5.230	2.712	0.855	10.080	7.440	9.305
175	1.300	0.105	5.135	5.275	0.865	1.632	0.775	6.053	2.228	1.600	1.953	5.425
200	2.143	5.040	2.145	2.485	1.841	2.587	1.515	3.869	2.474	13.140	4.710	8.470
225	6.480	3.665	2.575	4.095	1.975	2.930	3.105	6.295	2.840	7.306	3.015	2.330
250	4.331	1.185	1.722	5.085	0.385	3.910	1.289	6.384	1.337	2.423	1.646	1.305
275	1.541	0.835	1.808	2.585	1.202	1.510	3.455	1.908	2.765	1.667	1.360	1.355
300	1.895	1.320	1.102	0.260	0.305	1.754	3.659	1.590	1.350	2.775	0.706	1.055
325 bps and upwards	1.600	5.978	5.579	3.768	1.254	3.761	3.384	3.680	2.308	5.878	8.419	3.792
Fixed rate	0	0	0.123	0	0.027	0.076	0.025	0.212	0.540	0.025	0.335	0.212
NA	4.174	4.355	10.570	4.912	7.320	6.870	6.561	6.247	9.900	4.590	5.945	13.354
Other	0	0	0	0	0	0.200	0	0	0	0	0	0
Prime based	0	0.350	0	0	0	0	1.000	0.040	0.095	0	0	0.117
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
100	3.920	9	11.325	17	9.375	25	6.000	14	6.000	12	30.620	65	4.08%
125	8.695	23	1.175	5	1.695	8	9.150	16	9.150	13	20.715	52	6.23%
150	9.030	27	5.530	18	8.797	27	26.825	41	26.825	26	50.182	113	18.26%
175	6.540	21	7.772	25	9.055	35	8.978	17	8.978	10	32.345	98	6.11%
200	9.328	32	6.913	30	7.857	26	26.320	39	26.320	17	50.418	127	17.92%
225	12.720	31	9.000	33	12.240	40	12.651	39	12.651	22	46.611	143	8.61%
250	7.238	29	9.380	23	9.011	50	5.374	33	5.374	18	31.003	135	3.66%
275	4.184	28	5.297	25	8.128	32	4.382	21	4.382	9	21.991	106	2.98%
300	4.317	22	2.319	19	6.599	37	4.536	19	4.536	9	17.772	97	3.09%
325 bps and upwards	13.157	90	8.785	72	9.370	91	18.090	82	18.090	40	49.402	335	12.32%
Fixed rate	0.123	2	0.103	2	0.777	8	0.573	4	0.573	3	1.575	16	0.39%
NA	19.099	75	19.102	78	22.709	81	23.889	98	23.889	71	84.799	332	16.26%
Other	0	0	0.200	1	0	0	0	0	0	0	0.200	1	0.00%
Prime based	0.350	2	0	0	1.135	8	0.117	3	0.117	1	1.602	13	0.08%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Upsized?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Yes	4.990	1.525	2.685	2.627	0.880	6.373	2.514	3.532	0.350	12.659	1.738	4.475
No	21.214	22.047	42.839	28.269	20.099	25.627	32.560	36.852	27.387	44.040	37.915	42.651
Downsized	0.325	1.100	1.975	2.375	0	0.650	1.024	1.450	1.080	0	1.810	1.595
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	9.200	19	9.880	29	6.396	13	18.872	21	18.872	10	44.348	82	12.85%
No	86.101	365	73.994	314	96.799	439	124.606	399	124.606	221	381.501	1517	84.83%
Downsized	3.400	7	3.025	5	3.554	16	3.405	6	3.405	3	13.384	34	2.32%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Flex?
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Down	0.795	0.430	10.540	14.843	2.292	10.758	3.458	7.133	1.610	25.449	6.295	12.333
No	24.034	16.732	35.625	18.302	15.906	20.811	29.267	26.666	27.037	31.005	31.503	36.178
Up	1.700	7.511	1.334	0.125	2.780	1.081	3.374	8.034	0.170	0.245	3.665	0.210
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Down	11.765	36	27.894	87	12.201	33	44.077	71	44.077	18	95.938	227	30.01%
No	76.391	319	55.019	252	82.970	388	98.686	347	98.686	215	313.066	1306	67.19%
Up	10.545	36	3.986	9	11.579	47	4.120	8	4.120	3	30.230	100	2.80%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Type
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Revolver	10.050	9.643	23.470	12.232	13.110	12.640	16.815	18.472	16.357	17.310	16.420	16.755
Term	6.284	5.559	9.185	8.069	3.671	5.351	8.392	10.999	5.618	9.098	12.486	13.101
TLA	1.022	0.845	4.660	0.740	0.085	2.350	1.625	0.955	0.400	8.005	2.725	0.312
Institutional	7.731	7.426	8.119	10.264	3.165	9.642	5.478	8.243	4.332	16.250	8.616	14.876
Second/third/junior lien	0.795	0.988	1.475	1.288	0.448	1.056	1.655	1.631	0.870	4.252	1.005	1.905
Delayed draw	0.597	0	0.050	0.553	0.500	0.605	1.200	1.043	0.725	0.345	0.050	1.182
LoC	0.050	0.212	0.540	0.125	0	1.007	0.935	0.490	0.515	1.439	0.162	0.590
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Revolver	43.163	171	37.982	168	51.644	228	50.485	192	50.485	187	183.274	759	34.37%
Term	21.028	79	17.090	68	25.009	93	34.685	96	34.685	26	97.812	336	23.61%
TLA	6.527	21	3.175	9	2.980	11	11.043	15	11.043	2	23.724	56	7.52%
Institutional	23.276	68	23.070	55	18.052	62	39.741	67	39.741	19	104.140	252	27.06%
Second/third/junior lien	3.258	36	2.792	34	4.156	51	7.162	37	7.162	3	17.368	158	4.88%
Delayed draw	0.647	5	1.658	8	2.968	11	1.577	10	1.577	1	6.850	34	1.07%
LoC	0.802	11	1.132	6	1.940	12	2.191	9	2.191	2	6.066	38	1.49%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Moody's Rating
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Baa3	0	0	0	0	0	0	1.650	0	0	0	0	0
Ba1	2.075	0.550	0.475	0.900	0	2.100	3.000	2.520	0	2.200	0	0
Ba2	1.755	0	2.950	3.035	2.700	0	3.090	5.403	0.690	22.805	2.450	2.825
Ba3	5.855	0.600	1.475	4.855	2.625	2.262	3.025	2.467	1.975	7.324	2.845	6.740
B1	4.425	4.450	7.897	2.183	0.550	6.203	4.775	7.213	2.135	7.103	2.683	3.680
B2	2.638	1.915	3.767	2.999	1.000	3.960	3.432	4.713	1.345	1.059	4.156	4.520
B3	0.550	0.308	1.245	0.232	0.237	0.798	0.710	0.450	0.150	0.576	0.651	1.935
Caa1	0.215	0.210	0.115	0.050	0.080	0.102	0.075	0.342	0	0	0.120	0.315
Caa2	0	0.115	0	0	0	0.178	0	0	0	0	0.115	0
NR	9.016	16.524	29.575	19.016	13.786	17.047	16.343	18.727	22.522	15.633	28.443	28.706
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Baa3	0	0	0	0	1.650	4	0	0	0	0	1.650	4	0.00%
Ba1	3.100	7	3.000	8	5.520	8	2.200	3	2.200	1	13.820	26	1.50%
Ba2	4.705	18	5.735	7	9.183	23	28.080	23	28.080	12	47.703	71	19.12%
Ba3	7.930	13	9.742	31	7.467	23	16.909	29	16.909	14	42.048	96	11.51%
B1	16.772	68	8.936	42	14.123	67	13.466	60	13.466	28	53.296	237	9.17%
B2	8.320	45	7.959	45	9.489	52	9.735	45	9.735	22	35.503	187	6.63%
B3	2.103	17	1.268	13	1.310	16	3.162	14	3.162	4	7.843	60	2.15%
Caa1	0.540	8	0.233	4	0.417	3	0.435	6	0.435	1	1.625	21	0.30%
Caa2	0.115	1	0.178	2	0	0	0.115	1	0.115	1	0.408	4	0.08%
NR	55.116	214	49.849	196	57.592	272	72.782	245	72.782	154	235.338	927	49.55%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Use of Proceeds
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Acquisition	2.262	7.997	9.647	4.095	4.636	5.771	7.226	3.833	2.040	29.934	10.631	8.430
Capex	0.725	0	0.583	0.230	0.911	0.851	1.315	0.233	2.775	0.675	1.160	1.157
Dividend/recap	6.485	1.125	1.383	1.307	1.183	1.708	2.240	2.590	1.588	2.935	1.541	3.600
Exit financing	0.786	0.300	0	0	0	0	0.285	0.650	1.865	3.080	0	0
GCP	3.020	1.190	9.500	4.342	7.574	6.315	10.260	9.975	5.870	7.683	10.090	7.540
LBO	3.845	1.351	5.652	9.732	0.670	7.087	2.527	12.724	1.560	3.258	2.550	8.935
Refinance	8.171	11.879	17.159	10.746	4.080	9.895	8.295	8.264	12.168	8.559	11.591	14.143
Multiple/Other/NA	1.235	0.830	3.575	2.818	1.925	1.025	3.950	3.565	0.950	0.575	3.900	4.915
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	19.907	29	14.501	26	13.100	35	48.995	47	48.995	47	96.503	137	33.36%
Capex	1.308	4	1.992	6	4.322	9	2.993	7	2.993	7	10.616	26	2.04%
Dividend/recap	8.993	14	4.197	16	6.418	14	8.076	13	8.076	13	27.684	57	5.50%
Exit financing	1.086	4	0	0	2.800	5	3.080	2	3.080	2	6.966	11	2.10%
GCP	13.710	42	18.231	57	26.105	77	25.313	65	25.313	65	83.359	241	17.23%
LBO	10.848	24	17.489	23	16.811	34	14.743	32	14.743	32	59.891	113	10.04%
Refinance	37.209	77	24.721	38	28.728	68	34.294	50	34.294	50	124.952	233	23.35%
Multiple/Other/NA	5.640	17	5.768	25	8.465	22	9.390	19	9.390	19	29.263	83	6.39%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	100.00%
Industry Sector (by SIC code)
	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006
Agriculture (0xxx)	0.500	0	0.600	0	0	0.520	0	0.710	0	0	0.338	1.300
Mining (1xxx)	0	1.035	0.607	0	0.480	0	1.050	2.050	0.225	0.709	0.080	0
Oil and gas (13xx)	6.000	1.050	1.615	1.900	2.255	1.200	1.575	2.945	1.750	2.400	2.215	3.467
Construction (15xx)	1.325	0	1.200	0.125	1.675	3.185	1.405	2.120	2.300	0.350	1.030	0.425
Manufacturing (2xxx, 3xxx)	7.342	7.531	12.157	9.577	6.002	5.728	13.483	11.246	6.251	19.795	5.383	12.392
Transportation (4xxx)	0.262	0.320	1.580	4.600	0.850	2.325	1.466	0.840	0	3.300	2.050	2.759
Communications (48xx)	2.835	2.892	4.728	1.436	0.890	1.200	4.165	1.343	1.040	0.780	4.853	7.685
Electric, gas, sanitary services (49xx)	1.115	0.845	4.688	1.370	1.320	2.536	4.484	3.555	2.685	9.425	0.750	3.135
Wholesale (5xxx)	3.237	0.960	10.615	0.470	3.760	7.870	5.149	1.220	4.940	2.950	7.395	6.950
Finance, insurance, real estate (6xxx)	0.350	0.600	1.601	4.535	0.831	0.250	1.450	4.192	0.890	6.715	2.380	2.610
Services (7xxx)	2.838	4.650	2.590	8.068	1.740	6.252	0.540	10.125	7.696	8.745	7.461	4.875
Health services (8xxx)	0.725	4.790	5.517	1.190	1.175	1.585	1.332	1.488	1.040	1.530	7.529	3.122
Total	26.529	24.672	47.499	33.270	20.979	32.651	36.099	41.834	28.817	56.699	41.463	48.721
	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	1.100	2	0.520	1	0.710	1	1.637	3	1.637	3	3.967	7	1.11%
Mining (1xxx)	1.642	6	0.480	2	3.325	9	0.789	3	0.789	3	6.237	20	0.54%
Oil and gas (13xx)	8.665	10	5.355	10	6.270	18	8.082	14	8.082	14	28.372	52	5.50%
Construction (15xx)	2.525	4	4.985	7	5.825	9	1.805	6	1.805	6	15.140	26	1.23%
Manufacturing (2xxx, 3xxx)	27.030	63	21.307	60	30.980	87	37.570	74	37.570	74	116.887	284	25.57%
Transportation (4xxx)	2.162	6	7.775	10	2.306	6	8.109	9	8.109	9	20.352	31	5.52%
Communications (48xx)	10.454	23	3.526	11	6.548	17	13.318	12	13.318	12	33.846	63	9.07%
Electric, gas, sanitary services (49xx)	6.648	18	5.226	15	10.724	17	13.310	11	13.310	11	35.908	61	9.06%
Wholesale (5xxx)	14.812	28	12.100	16	11.309	32	17.295	26	17.295	26	55.517	102	11.77%
Finance, insurance, real estate (6xxx)	2.551	10	5.616	13	6.532	17	11.705	22	11.705	22	26.405	62	7.97%
Services (7xxx)	10.078	24	16.059	31	18.360	35	21.081	34	21.081	34	65.578	124	14.35%
Health services (8xxx)	11.032	17	3.950	15	3.861	16	12.181	20	12.181	20	31.023	68	8.29%
Total	98.701	211	86.899	191	106.750	264	146.883	234	146.883	234	439.234	900	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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