Pro Forma Balance Sheet for Dividend Recap

Let's say you are working on a div recap for a private company. in a 3 statement model, let's say you have $300 book value of equity before the transaction. post transaction, you have $400mm term loan and $400mm dividend.

would the pf balance sheet be, $400mm in liabilities, -$100 in book value of equity?

am i missing something?

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