Financing for Francisco Partners’s Acquisition of Sandvine Corporation

Cravath represented JPMorgan Chase Bank, N.A., as agent and arranger, in connection with the arrangement of $430 million of senior secured credit facilities made available to Procera Networks, Inc. (“Procera”), an affiliate of Francisco Partners and a leading subscriber and network intelligence provider. The facilities consisted of a $400 million first lien term loan facility and a $30 million first lien revolving credit facility, to be used to finance Procera’s acquisition of Sandvine Corporation, repay existing indebtedness and for working capital. The transaction closed on September 21, 2017.

The Cravath team included partner Stephen M. Kessing and associates Matthew G. Jones and Shakera M. Thompson on banking matters; practice area attorney Janet L. Lewis on real estate matters; partner Matthew Morreale on environmental matters; associate Bradley M. Tarrash on tax matters; and associate Daniel P. Herrmann on executive compensation and benefits matters. Phillip F. Schreiber also worked on executive compensation and benefits matters.