Vista-Backed Tech Firm Moves Assets Away From Private Lenders

Vista Equity Partners-backed Pluralsight Inc. shifted assets away from its private credit lenders as part of a move to raise fresh financing, according to people with knowledge of the matter.

The company moved intellectual property into a new subsidiary and used those assets to obtain financing from Vista, the people said. The new loan weakens existing lenders’ claims against the IP, they added, asking not to be identified discussing a private transaction.

The maneuver — often referred to as a ‘dropdown’ — is reminiscent of other aggressive financings that have pitted creditors against each other in recent years. While ...