Volume 3, Issue 37 October 8, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 90 bps 80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (10/8/13)

US Treasury Yield Curve

23
Libor 10/08/13 1 month 18 bps 3 month 25 bps 6 month 37 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/08/13

10yr

30yr

0.33% 0.68% 1.39% 1.88% 2.62% 3.68%

10 Year US Swap Rates

10/8/13 2.77% 3.00% 2.50% 2.00% 1.50% 1.00% 10/8/13 2.62%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Yield

4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

10/8/13 A 3.57% BBB 4.37%

10/8/13 A 95 bps BBB 174 bps

S&P/LSTA Leveraged Loan Index

10/8/13 97.58% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

10/8/13 6.30 % 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 37 October 8, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$101

Years Spread
8 MS+162bps 10 200bps 12 MS+159bps 15 235bps 9 170bps

Coupon
3.46% 4.61% 3.93% 4.96% NA

Rating
2

Sector
Technology

Country
United Kingdom

10/4 Vesuvius PLC

10/4 Brussels Airport

Snr Sec

155

Industrial

Belgium

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$250 $300 $500 $750 $1,250 $250

Years Spread
30 30 32 5 10 30 30 100bps 145bps 195bps 213bps 120bps 130bps 113bps

Coupon
4.70%

Rating
A3/A-

Sector
Utilities Energy Utilities Industrial Energy Utilities

Country
USA USA USA United Kingdom Canada USA

10/3 Interstate Power & Light Co 10/3 Magellan Midstream Partners LP 10/3 NiSource Finance Corp 10/3 Petrofac Ltd 10/2 TransCanada PipeLines Ltd 10/1 Southwest Gas Corp
Source: Bloomberg

5.15% Baa2/BBB+ 5.65% 3.40% 3.75% 5.00% 4.88% Baa3 Baa1 A3 Baa1/A-

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
10/4 10/3 10/3 10/1

Issuer
TMS International Corp Calfrac Holdings LP CNH Capital LLC Stackpole International Intermediate Co SA

Type
Snr Notes Snr Notes Snr Notes Snr Sec

$mm
$275 $600 $500 $360

Years Spread
8 7 4 8 535bps 479bps 265bps 544bps

Coupon
7.63% 7.50% 3.25% 7.75%

Rating
B3/BB1/B+ Ba1/BB B2/B+

Sector
Basic Materials Energy Industrial Consumer, Cyclical

Country
USA USA USA Canada

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Term Term Term Revolver Term

$mm
$150 $1,250 $750 $6,000 $6,000 $40 $220

Months
60 84 84 36 60 60 72

Spread
L+475bps L+500bps L+275bps L+138bps L+150bps NA L+625bps

Rating
B+ BB Baa1/BBB+ B-

Sector
Consumer, Non-Cyclical Consumer, Cyclical Communications Energy

10/4 Aptalis Pharma Inc 10/3 Jarden Corp 10/1 Verizon Communications Inc 9/30 ProPetro Services Inc
Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (212) 205-1399 timothy.page@ whitehallandcompany.com Roland DaCosta Managing Director (212) 205-1394 roland.dacosta@ whitehallandcompany.com Oliver Langel Managing Director (212) 205-1386 oliver.langel@ whitehallandcompany.com Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

Nicholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382 blaine.burke@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com