LBO Modeling for a JV?

If two companies form a JV to do an LBO - each contributing 50% of the purchase price with 50% ownership of the acquired company - how would the mechanics of the JV look like in an LBO model?

Additionally, how should I be thinking about the post-deal capital structure in this case? Would each JV partner handle how they would finance their 50% contribution (% D / E) or would they have to jointly decide on the debt portion and how much would come from their respective equity checks?

Thanks in advance for any insight on this!

 

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