Vista, Blackstone Sweeten Smartsheet Debt Terms as Deal Nears

Vista Equity Partners and Blackstone Inc. have made several concessions to a group of private lenders backing their proposed acquisition of Smartsheet Inc. as they inch closer to a deal with the software maker, according to people with knowledge of the matter.

The buyout firms have agreed to include key creditor safeguards in a $3.2 billion debt package supporting the Smartsheet acquisition after their initial proposal faced pushback from potential lenders, said the people, who asked not to be named discussing a private transaction.

The new terms include provisions that would prevent a controversial type of asset transfer that Vista ...