Volume 3, Issue 45 December 3, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (12/3/13)

US Treasury Yield Curve

23
Libor 12/03/13 1 month 17 bps 3 month 24 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/03/13

10yr

30yr

0.29% 0.66% 1.42% 1.97% 2.80% 3.86%

10 Year US Swap Rates

12/3/13 2.86% 3.00% 2.50% 2.00% 1.50% 1.00% 12/3/13 2.80%

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

12/3/13 A 3.71% BBB 4.42%

12/3/13 A 96 bps BBB 167 bps

S&P/LSTA Leveraged Loan Index

12/3/13 98.07% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

12/3/13 5.94 % 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 45 December 3, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec FMB

Date

Issuer

$mm
$150 $75

Years Spread
7 15 20 30 30(20.4avg) 17.5(9.6avg) 10 179bps 105bps 110bps 105bps 190bps 205bps FRN

Coupon
N/A N/A

Rating
2 1

Sector
Consumer, Cyclical Utilities

Country
USA USA

11/29 United Stationers Inc 11/29 Green Mountain Power Corp 11/29 CampusParc 11/29 HealthPartners Inc 11/29 AquaSure

Snr Sec Snr Notes Snr Sec

$285 $93 A$100

N/A N/A 175bps

2 1 2

Consumer, Cyclical Consumer, NonCyclical Utilities

USA USA Australia

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

$mm
$450 $1,500

Years Spread
10 10 180bps 95bps

Coupon
3.65%

Rating
A1/AA-

Sector
Consumer, Cyclical Energy

Country
USA Luxembourg

11/25 Advanced Auto Repair 11/25 Schlumberger Investments

Source: Bloomberg

4.50% Baa3/BBB-

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Sec Snr Sec Snr Notes

$mm
$650 $360 $1,000

Years Spread
5 7 8 743bps 461bps 478bps

Coupon
8.75% 6.63% 6.75%

Rating
Caa1/BB+ CCC+/B3

Sector
Industrial Energy Communications

Country
USA United Kingdom USA

11/26 Wise Metals Group LLC 11/26 Afren PLC 11/25 Alcatel-Lucent USA Inc
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Revolver Term Term Revolver Term Term

$mm
$150 $1,350 $500 $500 $500 $600 $700 $350

Months
75 64 60 60 84 60 84 60

Spread
L+275bps L+250bps L+175bps L+175bps L+225bps L+150bps L+700bps L+125bps

Rating
Ba2/BB B1/BB+ Ba1

Sector
Technology Consumer, Cyclical Consumer, Cyclical

11/26 Microsemi Corp 11/26 General Nutrition Centers Inc 11/26 Allegion US Holding Co Inc 11/25 Templar Energy LLC 11/25 EMCOR Group Inc
Source: Bloomberg

B2/B Ba1/BB+

Energy Industrial

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