Loan to Own

Can anyone point out to a link / explain how someone would model a “loan to own” situation in a case study. You look at the debt, you identify the “fulcrum” security in your idea and say that is trading at 50c. How would you approach the modelling of this scenario? Is your return the EV (exit multiple * ebitda in a few years) / the tot debt quantum of the “fulcrum” security? Thank you in advance 

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