PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1. New Leveraged Loans In the Market

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1 Issue Issue No. No. 282: 282: October October 28, 28, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1 The Piper Jaffray Debt Capital Markets Update is published weekly and provides a summary and analysis of debt capital markets activity. To subscribe/unsubscribe, visit MARKET COMMENTARY The high-yield market priced 17 bonds last week, bringing year-to-date issuance to more than $333 billion. The middle market launched five new loan transactions last week for AmWINS Group, Ascensus, Genesys Telecommunications Laboratories, Golden Nugget and Vince Intermediate. Loan and high-yield funds saw $746 million and $2.0 billion in inflows, respectively. Year-to-date, loan funds have seen $45.8 billion in inflows, while inflows from high-yield funds total $842 million. The secondary high-yield market was up this week, closing at % of par to yield 7.55%. Source: Piper Jaffray, S&P LCD, Bloomberg New Leveraged Loans In the Market Middle Market Facility Amt. ($MM) LIBOR Senior Total Floor Spread OID Lev. Lev. Date Lead Arranger Sponsor Company Focus AmWINS Group (TLB) $ % L $99.5 NA NA Oct-13 CS New Mountain Insurance Acquisition Ascensus (1st) $ % L $ x 4.8x Oct-13 BMO JC Flowers Services Acquisition Ascensus (2nd) $ % L $ x 4.8x Oct-13 BMO JC Flowers Services Acquisition Ascensus (RC) $ % L $ x 4.8x Oct-13 BMO JC Flowers Services Acquisition Genesys Telecomm. (TLB) $ % L $99.5 NA NA Oct-13 JPM Permira Electronics Acquisition Golden Nugget (TLB) $ % L $99.0 NA NA Oct-13 Jefferies Not Sponsored Gaming & Hotel Spinoff Golden Nugget (RC) $ % L $99.0 NA NA Oct-13 Jefferies Not Sponsored Gaming & Hotel Spinoff Vince Intermediate (TLB) $ % L $99.0 NA NA Oct-13 BOA Not Sponsored Textile & Apparel Refinancing Purpose Since Member SIPC and NYSE. Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, Minnesota

2 Issue No. 282: October 28, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 2 New Leveraged Loans In the Market Large Cap Facility Amt. ($MM) LIBOR Senior Total Floor Spread OID Lev. Lev. Date Lead Arranger Sponsor Company Focus Azure Midstream (TLB) $ % L $99.0 NA NA Oct-13 JPM Energy Spectrum Utilities Acquisition CACI International (TLA) $ % L $99.5 NA NA Oct-13 BOA Not Sponsored Electronics Acquisition CACI International (TLB) $300.0 TBD TBD TBD NA NA Oct-13 BOA Not Sponsored Electronics Acquisition CACI International (RC) $ % L $99.5 NA NA Oct-13 BOA Not Sponsored Electronics Acquisition Chemtura (TLB) $ % L $100.0 NA NA Oct-13 BOA Not Sponsored Chemicals Refinancing Duff & Phelps (TLB) $ % L $99.3 NA NA Oct-13 CS Carlyle Group Services Dividend Recap Garda World Security (TLB) $ % L $99.5 NA NA Oct-13 RBC Apax Partners Services Acquisition Garda World Security (RC) $ % L $99.5 NA NA Oct-13 RBC Apax Partners Services Acquisition KIK Custom Products (1st) $ % L $98.0 NA NA Oct-13 CS CI Capital Partners Consumer Acquisition KIK Custom Products (2nd) $ % L $98.0 NA NA Oct-13 CS CI Capital Partners Consumer Acquisition Mohegan Tribal Gaming (TLA) $150.0 TBD TBD TBD NA NA Oct-13 RBS Not Sponsored Gaming & Hotel Refinancing Mohegan Tribal Gaming (TLB) $ % L $99.0 NA NA Oct-13 RBS Not Sponsored Gaming & Hotel Refinancing Mohegan Tribal Gaming (RC) $100.0 TBD TBD TBD NA NA Oct-13 RBS Not Sponsored Gaming & Hotel Refinancing Sandy Creek Energy (TLB) $1, % L $99.0 NA NA Oct-13 GS LS Power Equity Utilities Refinancing Sandy Creek Energy (RC) $ % L $99.0 NA NA Oct-13 GS LS Power Equity Utilities Refinancing Spartan Stores (TLA) $ % L $99.5 NA NA Oct-13 Wells Fargo Not Sponsored Food & Beverage Acquisition Spartan Stores (RC) $ % L $99.5 NA NA Oct-13 Wells Fargo Not Sponsored Food & Beverage Acquisition Town Sports Int'l (TLB) $ % L $99.0 NA NA Oct-13 DB Not Sponsored Entertainment Refinancing Town Sports Int'l (RC) $ % L $99.0 NA NA Oct-13 DB Not Sponsored Entertainment Refinancing Purpose Benchmark Yields Previous Week Previous Year Benchmark Current (bps) (bps) 2 yr UST 0.33% 0.33% % yr UST 1.32% 1.35% (3.0) 0.76% yr UST 2.53% 2.61% (8.0) 1.80% yr UST 3.61% 3.66% (5.0) 2.93% M LIBOR 0.24% 0.24% % (7.0) (2) Includes all split-rated issues Since Member SIPC and NYSE. Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, Minnesota

3 Issue No. 282: October 28, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 3 Weekly Corporate New Issue Activity Investment Grade (2) Week of 10/21/ Ratings Amt Company Moody s S&P Industry ($MM) Maturity Spread Coupon Yield Transaction Type Dominion Northwestern GasUniversity Aaa A3 AAA A- Education Utilities $400 $548 11/1/43 12/1/ % 4.643% 4.8% 4.6% Sr. Unsecured Dominion Northwestern GasUniversity Aaa A3 AAA N/A Education Utilities $400 $5 11/1/16 12/1/ % 2.603% 1.1% 2.6% Sr. Unsecured Dominion Northwestern GasUniversity Aaa A3 AAA N/A Education Utilities $400 $5 11/1/23 12/1/ % 2.333% 3.6% 2.3% Sr. Unsecured Comision Northwestern Federal University De Electricidad Baa1 Aaa AAA BBB Education Utilities $1,250 $5 1/15/24 12/1/ % 1.850% 4.9% 1.9% Sr. Unsecured Bank Northwestern of America University Baa2 Aaa AAA A- Education Financial $2,500 $5 1/15/19 12/1/ % 2.951% 2.6% 3.0% Sr. Unsecured Bank Northwestern of America University Baa2 Aaa AAA A- Education Financial $500 1/15/19 12/1/ % FRN 1.5% FRN Sr. Unsecured CSX Northwestern University Baa2 Aaa AAA BBB Education Industrial $500 11/1/23 12/1/ % 0.917% 3.7% 0.9% Sr. Unsecured Wm. Northwestern Wrigley Jr. University Baa2 Aaa AAA BBB Packaged Education Foods $900 $5 10/21/20 12/1/ % 0.491% 3.4% 0.5% Sr. Unsecured Wm. Northwestern Wrigley Jr. University Baa2 Aaa AAA BBB Packaged Education Foods $750 $4 10/21/19 12/1/ % 0.237% 2.9% 0.2% Sr. Unsecured Wm. KFW Wrigley Jr. Baa2 Aaa N/A BBB Packaged Financial Foods $4,000 $550 10/21/18 12/15/ % 0.625% 2.4% 0.7% Sr. Unsecured Wm. Network Wrigley Rail Jr. Baa2 Aa1 N/A BBB Packaged Industrial Foods $1,250 $400 10/21/16 12/15/ % 0.625% 1.4% 0.7% Sr. Unsecured Wm. Bank Wrigley of Nova Jr. Scotia Baa2 Aa2 BBB A+ Packaged Financial Foods $1,500 $400 10/20/17 10/30/ % 2.050% 2.0% 2.1% Sr. Unsecured MMC Caisse Finance Centrale Baa2 Aa2 BBB- N/A Financial $1,000 $500 10/28/20 10/29/ % FRN 5.6% FRN Sr. Unsecured BPCE Toyota Motor Credit Baa3 Aa3 BBB+ AA- Consumer Financial Finance $1,500 10/22/23 10/24/ % 2.000% 5.7% 2.0% Sr. Unsecured Packaging Toyota Motor Corporation Credit of America Baa3 Aa3 BBB AA- Consumer Industrial Finance $700 $20 10/25/18 11/1/ % FRN 4.5% FRN Sr. Unsecured Leucadia Banque Federale National Corp Aa3 Ba2 BBB A Diversified Financial $1,000 $750 10/18/23 10/29/ % 2.500% 5.7% 2.6% Sr. Unsecured Banque Federale Aa3 A Financial $750 10/28/ FRN FRN Sr. Unsecured Branch Banking & Trust A1 A Financial $650 10/28/ % 0.6% Sr. Unsecured Catholic Health Initiative A1 N/A Heatlhcare $275 8/1/ % 2.6% Sr. Unsecured Catholic Health Initiative A1 N/A Heatlhcare $265 8/1/ % 4.2% Sr. Unsecured Bristol-Myers Squibb A2 A+ Pharmaceuticals $500 3/1/ % 1.8% Sr. Unsecured Bristol-Myers Squibb A2 A+ Pharmaceuticals $500 11/1/ % 3.4% Sr. Unsecured Bristol-Myers Squibb A2 A+ Pharmaceuticals $500 3/1/ % 4.6% Sr. Unsecured Wells Fargo A2 A+ Financial $1,500 1/15/ % 2.2% Sr. Unsecured ABN Amro A2 A Financial $1,500 10/28/ FRN FRN Sr. Unsecured ABN Amro A2 A Financial $1,000 10/30/ % 2.5% Sr. Unsecured PNC Bank A2 A Financial $750 11/1/ % 1.2% Sr. Unsecured Wells Fargo A3 A Financial $2,000 11/2/ % 5.4% Sr. Unsecured PNC Bank A3 A- Financial $500 11/1/ % 4.2% Sr. Unsecured Union Pacific Baa1 A- Industrial $500 12/15/ % 4.8% Sr. Unsecured Suntrust Banks Baa1 BBB Financial $750 11/1/ % 2.4% Sr. Unsecured Citigroup Baa2 A- Financial $2,000 10/25/ % 3.9% Sr. Unsecured Empresa Nacional Baa2 BBB+ Communications $1,000 10/30/ % 5.0% Sr. Unsecured Sammons Financial Group N/A BBB+ Financial $200 10/15/ % 7.0% Sr. Unsecured Prologis Baa2 N/A Financial $500 2/1/ % 3.4% Sr. Unsecured Turkiye Vakiflar Bankasi Baa2 N/A Financial $500 10/31/ % 5.1% Sr. Unsecured Yum! Brands Baa3 BBB Restaurants $325 11/1/ % 3.9% Sr. Unsecured Yum! Brands Baa3 BBB Restaurants $275 11/1/ % 5.4% Sr. Unsecured Kansas City Southern Baa3 BBB- Industrial $250 10/28/ FRN FRN Sr. Unsecured Kansas City Southern Baa3 BBB- Industrial $200 11/15/ % 3.9% Sr. Unsecured Banco Nal Costa Rica Baa3 N/A Financial $500 11/1/ % 5.0% Sr. Unsecured GLP Capital Ba1 BBB- Gaming $1,000 11/1/ % 4.9% Sr. Unsecured GLP Capital Ba1 BBB- Gaming $550 11/1/ % 4.4% Sr. Unsecured GLP Capital Ba1 BBB- Gaming $500 11/1/ % 5.4% Sr. Unsecured Petroleos Mexicanos N/A N/A Energy $350 2/15/ % 2.3% Sr. Unsecured (2) Includes all split-rated issues Since Member SIPC and NYSE. Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, Minnesota

4 Issue No. 282: October 28, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 4 Weekly Corporate New Issue Activity High Yield Week of 10/21/ Ratings Amt Company Moody s S&P Industry ($MM) Maturity Spread Coupon Yield Transaction Type Leucadia National Ba2 BBB Diversified $250 10/23/ % 6.7% Sr. Unsecured Sally Holdings Ba2 BB+ Specialty Stores $200 11/1/ % 5.5% Sr. Unsecured Alliant Techsystems Ba3 B+ Industrial $300 10/1/ % 5.3% Sr. Unsecured Crestwood Midstream B1 BB Energy $600 3/1/ % 6.1% Sr. Unsecured Antero Resources B1 BB- Energy $1,000 11/1/ % 5.4% Sr. Unsecured Kaspi Bank B1 N/A Financial $200 10/28/ % 10.0% Sr. Unsecured Penn National Gaming B1 N/A Gaming $300 11/1/ % 5.9% Sr. Unsecured Ferrellgas B2 B Gas Utilities $325 1/15/ % 6.8% Sr. Unsecured Topaz Marine B3 N/A Industrial $350 11/1/ % 8.6% Sr. Unsecured William Lyon Homes B3 N/A Homebuilding $100 11/15/ % 7.3% Sr. Unsecured Blackboard Caa1 CCC+ Technology $365 11/15/ % 7.8% Sr. Unsecured Dole Food Caa1 CCC+ Foods $300 5/1/ % 7.3% Sr. Secured Exopack Holdings Caa2 B- Basic Materials $325 11/1/ % 7.9% Sr. Unsecured Jack Cooper Finance N/A B- Industrial $150 6/1/ % 8.2% Sr. Secured Banco Nal Costa Rica N/A N/A Financial $500 11/1/ % 6.4% Sr. Unsecured JBS Investments N/A N/A Packaged Foods $1,000 10/28/ % 7.8% Sr. Unsecured Omni Cred Finance N/A N/A Financial $30 4/28/ % 9.0% Sr. Unsecured Total Bond Volume Week of 10/21/ YTD 2012 YTD YOY Change $MM # $MM # $MM # $MM # Investment Grade $30, $886,024 1,166 $857,135 1, % +6.4% High-Yield $6, $333, $329, % +9.2% Total Corporates $36, $1,219,691 1,819 $1,186,898 1, % +7.4% Since Member SIPC and NYSE. Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, Minnesota

5 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Spread To Worst Spread To Worst $ In Billions $ In Billions Issue No. 282: October 28, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 5 LOAN & BOND VOLUME Leveraged Loan & HY Volume Middle Market Loan Volume $600 $500 Leveraged Loans High-Yield Bonds $50 $40 $400 $30 $300 $200 $20 $100 $10 $0 $0 Source: S&P LCD HIGH-YIELD INDEX SPREADS Moody s Rating: Ba Moody s Rating: B High: /27/ High: /16/ Low: /10/ Current: Low: /8/ Current: +472 Theodore Christianson Head of Equity Private Placements & Debt Capital Markets theodore.j.christianson@pjc.com James Chiarelli Managing Director james.d.chiarelli@pjc.com Information contained in this publication is based on data obtained from sources we deem to be reliable, however, it is not guaranteed as to accuracy and does not purport to be complete. Nothing contained in this publication is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. PIPER JAFFRAY IS A LEADING INVESTMENT BANK AND ASSET MANAGEMENT FIRM. Piper Jaffray Companies is an investment bank and asset management firm headquartered in Minneapolis with offices across the U.S. and in London, Hong Kong* and Zurich. Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., member NYSE and SIPC, and in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority. Asset management products and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC. Piper Jaffray Companies 800 Nicollet Mall, Minneapolis, Minnesota Additional information is available upon request. Since Member SIPC and NYSE. Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, Minnesota

PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1. New Leveraged Loans In the Market

Issue Issue No. No. 276: 276: September September 16, 16, PIPER JAFFRAY DEBT CAPITAL MARKETS UPDATE Page 1 The Piper Jaffray Debt Capital Markets Update is published weekly and provides a summary and analysis