Sources & Uses - Roll Over vs. Purchase of Partial Equity

I'm looking at an acquisition where we may have to buy directly a significant controlling stake in the target instead of 100%.  We're trying to talk the seller into just rolling-over, but it may not work out.  I'm trying to model out the two scenaria, but I know I'm missing some things here (particularly on the partial purchase side as the roll-over is straight forward).  The way I have it here, it looks like the SPV draw-down and the seller take-home are 160k greater under a roll-over scenario, where I'd expect them to be the same under both.  Please advise.  Thanks in advance.


Illustrative sources & uses

 

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