Volume 3, Issue 48 December 24, 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 (12/24/13)

US Treasury Yield Curve

23
Libor 12/24/13 1 month 17 bps 3 month 25 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/24/13

10yr

30yr

0.39% 0.83% 1.72% 2.22% 2.96% 3.87%

10 Year US Swap Rates

12/24/13 3.03% 3.00% 2.50% 2.00% 1.50% 1.00% 12/24/13 2.96%

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

12/24/13 A 3.79% BBB 4.48%

12/24/13 A 90 bps BBB 159 bps

S&P/LSTA Leveraged Loan Index

12/24/13 98.24% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

12/24/13 5.99 % 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 48 December 24, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec

Date

Issuer

$mm
$158 $112 $125 $180 $80 $155 $8.5 $8.8 40 $65 $85

Years
7 8 9 10 9d 10d 26(16avg) 40 7 10

Spread
300bps 310bps 320bps 325bps 185bps 190bps 110bps 120bps N/A 220bps 220bps

Coupon Rating
4.49% 5.55% 5.86% 6.12% 4.35% 4.62% N/A 4.60% 4.40% 5.04% 2

Sector
Financial

Country
Ireland

12/20 Milestone Aviation Group

12/20 Associated British Ports Snr Sec Holdings Ltd 12/20 The City of St. Paul Unlim. Tax G.O. Lim. Tax G.O. 12/20 Derwentside Homes Ltd Snr Sec 12/20 Origin Energy Ltd Snr Notes

2 1 1 2

Consumer, Non-Cyclical Municipal Financial Utilities

United Kingdom USA United Kingdom 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

$mm
$2,000

Years
3 3 5 7

Spread
FRN 55bps 80bps 110bps

Coupon Rating
L+53bps Baa2/BBB 1.20% 2.30% 3.30%

Sector
Consumer, Non-Cyclical

Country
USA

12/16 Kroger Co

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Sec Snr Notes Snr Notes

$mm
$110 $500 $500

Years
5 8 6

Spread
280bps 320bps

Coupon Rating
12.25% 5.38% 5.25% B3/BB1 B3/B+

Sector
Energy Consumer, NonCyclical Consumer, Cyclical

Country
USA USA USA

12/19 Sierra Hamilton LLC 12/18 Darling Escrow Corp 12/16 MGM Resorts International
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Asset Based Rev LOC Term Term Revolver Revolver Revolver LOC

$mm
$2,061 $295 $125 $205 $250 $300 $1,000 $1,000 $3,500 $2,000

Months
54 72 60 60 60 53 12 60 36 36

Spread
L+250 L+325 L+250bps L+750bps L+500bps L+70bps L+80bps

Rating
Ba3/BB B1/B B3

Sector
Consumer, Non-Cyclical Industrial Energy

12/20 Quintiles Transnational 12/19 Polymer Group Inc 12/18 Patriot Coal Corp

12/17 Arch Coal Inc 12/16 Precision Castparts Corp 12/16 SNC-Lavalin Group Inc
Source: Bloomberg

B3/B A2/ABBB

Energy Industrial Industrial

CONTACTWHITEHALL
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