Today’s financial headlines are typically dominated by the same few themes: inflation, rising interest rates, and recession risk. Inflation hit 9.1% in June 2022, the federal funds rate target is now 2.25-2.50%, and the US economy witnessed two quarters of consecutive contractions. Additional risks, including Russia’s invasion of Ukraine, China’s continued zero-COVID policy, and their subsequent impacts on energy and global supply chains, further complicate the overall economic environment. These headlines have rippled through the M&A and financing markets resulting in higher interest expense burdens, lower leverage multiples, and a renewed focus on credit agreement documentation and terms.