Volume 3, Issue 22 June 11, 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 (6/11/13)

US Treasury Yield Curve

23
Libor 06/11/13 1 month 19 bps 3 month 27 bps 6 month 41 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 06/11/13

10yr

30yr

0.32% 0.58% 1.11% 1.55% 2.20% 3.36%

10 Year US Swap Rates

6/11/13 2.40% 2.50%

10 Year US Treasury
6/11/13 2.20% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

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

6/11/13 3.13% A BBB 3.89%

6/11/13 A 95 bps BBB 172 bps

S&P/LSTA Leveraged Loan Index

6/11/13 97.90% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

6/11/13 6.11 % 8.75% 8.25% 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 22 June 11, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type $mm
$50 $549 $160 $195

Date
6/7 6/7 6/7 6/7

Issuer

Years Spread
10 10 26/17avg 10 17.1/9.8avg 250bps 213bps N/A 190bps 200bps

Coupon
N/A N/A 5.00% 4.01% N/A

Rating
2 2 2 2

Sector
Industrial Consumer, Cyclical Industrial Energy

Country
Australia USA Denmark Denmark

Australian Capital Equity Snr Sec Pty Ltd The San Francisco Snr Sec 49er's Stadium Copenhagen Airport Snr Notes Meridian Spirit Snr Sec

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
6/4

Issuer
Baxter International Inc

Type
Snr Notes

$mm
$3,500

Years Spread
1 3 5 10 30 5 7 10 30 10 10 FRN 50bps 80bps 110bps 122bps 85bps 115bps 125bps 140bps 150bps 85bps

Coupon
L+17bps 0.95% 1.85% 3.20% 4.50% 1.88% 2.65% 3.38% 4.65%

Rating
A3/A

Sector
Consumer, NonCyclical

Country
USA

6/3

EMC Corp

Snr Notes

$5,500

A1/A

Industrial

USA

6/3 6/3 6/3

Indianapolis Power & Light Co NextEra Energy Capital Holding Inc PacifiCorp

Snr Notes Snr Notes Snr Sec

$170 $250 $300

A3/BBB+

Utilities Utilities Utilities

USA USA USA

3.63% Baa1/BBB+ 2.95% A2/A

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
6/7 6/7 6/6

Issuer
Jack Cooper Holdings Corp InterGen NV Approach Resources Inc

Type
Snr Sec Snr Sec Snr Notes

$mm
$225 $925 $250

Years Spread
7 8 10 8 768bps 516bps 611bps 532bps

Coupon
9.25% 7.00% 7.50% 7.00%

Rating
B2/BB1/B+ B3/B-

Sector
Industrial Utilities Energy

Country
USA USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
6/7 6/5 6/3 6/3

Issuer
US Foods Inc NRG Energy Inc Hecla Mining Co Catamaran Corp

Type
Term Term Term Revolver Term Term

$mm
$2,100 $450 $1572 $200 $200 $1,000

Months
58 60 60 36 36 60

Spread
L+350bps L+200bps L+200bps L+300bps L+300bps L+163bps

Rating
B BBB BB

Sector
Consumer, Non-Cyclical Utilities Basic Materials Consumer, Non-Cyclical

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