When a load balancer terminates an SSL connection does it create a new TCP connection to the destination server?

A layer 3 Nat load balancer simply overwrites the ip addresses in the layer 3 headers and forwards the packet on. All of the TCP stuff stays the same.

What happens in a SSL terminating load balancer? I'm thinking it's the server that the client forms the syn/ack TCP connection with and then the LB recieves the SSL packet unwraps/dencrypts it then creates a new TCP connection with the back end and forwards this packet on?

Am I conceptualizing this correctly?