Approaching the LBO model, pre-auction

I've built LBO models before, but what is generally the convention. So lets say its a $100 mm EBITDA company with the markets allowing for 4x leverage. Assuming a 8x purchase price, disregarding transaction and financing fees. Also, the company has $350 total debt that will be refinanced (with no cash on the balance sheet)

So based off of this, if you were to immediately approach the model, would you first build S&U section:

Uses: Equity Purchase Price: $450 million
Debt Refinanced: $350 Million

Sources: Bank debt: $400 million
Sponsor Equity: $400 million

then build in management cases etc. and run the model, and then do sensitivity tables at the end to figure out acceptable multiples, refining your leverage and multiple assumptions along the way. Am I leaving anything out, or is this generally how they are approached, and are leverage and EBITDA multiples generally the two most relevant considerations that are adjusted throughout the process. Any other considerations to add?

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