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Pluralsight
restructuredSoftware — Vista Equity
Deal Terms
Entry Year2021
Entry EV$3.5B
Entry Multiple15x
Leverage6x
Debt Amount$1.3B
Outcome
PIK ActiveYES
Risk Metrics
LTV (est.)37%
Debt / EV0.37x
Notes
Vista wrote down from $3.5B to $0. Transferred IP to unrestricted subsidiary. Lenders took 100% ownership via debt-for-equity swap. Ares and Oaktree wrote equity to zero.