DCF Valuation before an potential LBO

Hi Guys!

I just want to know your guys opinion regarding a DCF analysis which is supposed to be conducted before an LBO. Would you use the "new" debt portion of the company which it might receive due to the lob process and thus the higher interest expenses? Or would you rather assume the old amounts of debt in order to project future interest expenses in a DCF? I mean, if you insert the "new" high amounts of debt which came with the leveraged buyout, you probably have much higher interest expenses which doesn't give you the real value in a dcf valuation.

Thanks in Advance!! Max