Ontario · CCAA
Motion Record of the Applicants dated October 6, 2026
Application / notice of application · 6 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- financial positionnote: Total liabilities US$527.7M: current US$73M, non-current US$454.7M (including term loan net of capitalized costs of US$416M). Shareholder's equity approximately negative US$283M at September 30, 2024 (negative US$208M at December 31, 2023, when total liabilities were approximately US$628M). Figures are from the 2024 filing attached as an exhibit and do not reflect post-sale (2025) positions. Intercompany balances stated as at June 30, 2024 (e.g. Sandvine UK owes Sandvine OP (UK) Ltd. US$108.88M; Procera US owes Procera Holding US$46.7M). · page: 61 · as at: 2024-09-30 · basis: Sandvine's consolidated balance sheet as set out in the first-day (2024) affidavit; approximate amounts. Assets table is stated without its own as-at date on these pages (liabilities table is as at September 30, 2024); goodwill written down from US$253M (March 2024) to US$154M (June 2024) following Entity List designation. · scope: Consolidated Sandvine group (Sandvine Canada, Procera US and affiliates) · currency: USD · total assets: 245000000 · total liabilities: 527700000
- secured creditorsnote: Stated as the current outstanding principal under the DDTL Facility at the time of the first affidavit (October 2, 2024 initial draw of US$20M, including US$5M net-funded Backstop Premium). Facility total US$50M (US$45M new money plus US$5M backstop premium); the unfunded US$30M portion was the DIP commitment. Amount is from the first-day (2024) affidavit, not a current balance. · page: 84 · as of: 2024-10-02 · amount: 20000000 · debtor: Sandvine Canada; Procera US (borrowers); guarantors Procera II LP, Procera Holding, Sandvine UK, Sandvine OP (UK) Ltd., Sandvine Sweden · creditor: DDTL Tranche A Lenders (super-senior secured delayed-draw term loan under DDTL Credit Agreement; Seaport Loan Products LLC and Acquiom Agency Services LLC as co-administrative agents) · currency: USD · security: All of the Applicants' collateral, subject to customary exceptions; pari passu with DDTL Tranche B Loans and DIP Loans, senior in lien priority to Existing Loans (Intercreditor Agreement dated October 2, 2024)
- secured creditorsnote: Issued on Uptier Exchange of Existing Loans on a dollar-for-dollar basis (US$5 of Existing Loans per US$3 of Tranche A commitment). Amount is from the first-day (2024) affidavit. · page: 84 · as of: 2024-10-02 · amount: 75000000 · debtor: Sandvine Canada; Procera US (borrowers); guarantors Procera II LP, Procera Holding, Sandvine UK, Sandvine OP (UK) Ltd., Sandvine Sweden · creditor: DDTL Tranche B Lenders (super-senior secured, Uptier Exchange loans under DDTL Credit Agreement) · currency: USD · security: Same collateral as DDTL Tranche A; pari passu with Tranche A and DIP Loans; senior in lien and payment priority to Existing Loans
- secured creditorsnote: Outstanding principal per table in the first-day affidavit (post Uptier Exchange). Matures June 28, 2027. Prior to the October 2024 exchange the term loan principal was US$394,369,555.07 plus US$18M issued to former Second Lien Lenders in June 2024 (about US$412M total). Cash-collateralized letters of credit (16, about US$6.9M total: 10 totalling about US$2.4M plus 6 TD Bank totalling about US$4.5M) secure customer performance obligations. · page: 84 · as of: 2024-10-02 · amount: 336802432.45 · debtor: Sandvine Canada; Procera US (borrowers); guarantors Procera II LP, Procera Holding, Sandvine UK, Sandvine OP (UK) Ltd., Sandvine Sweden (and others per First Lien Guaranty) · creditor: First Lien Lenders (First Lien Credit Agreement; Jefferies Finance LLC original administrative/collateral agent) · currency: USD · security: First Lien Canadian Security Agreement dated November 2, 2018: all accounts, chattel paper, cash/deposit accounts, intangibles incl. intellectual property, goods, inventory, equipment, investment property, records and proceeds; subordinated in lien priority to DDTL and DIP loans under the Intercreditor Agreement
- secured creditorsnote: DIP commitment of US$30M (the unfunded portion of the DDTL Facility). No draw was projected before the Comeback Hearing; drawn amount not stated on these pages. Commitment ceiling, not a balance. Matures 366 days from the First DDTL Amendment (Nov. 6, 2024); SOFR + 9%. · page: 86 · debtor: Sandvine Canada; Procera US (borrowers); Procera II LP (ultimate parent) · creditor: DIP Lenders (Super-Senior DIP Credit Agreement; Seaport Loan Products LLC and Acquiom Agency Services LLC as DIP Agents) · currency: USD · security: DIP Charge; pari passu in lien and payment priority with DDTL Tranche A and B Loans, senior to Existing Loans
- unsecured creditors