I think the analyst toward the end of that piece has it right. There are concerns (rightly) about the leveraged loan market, but, as you suggest, much of that debt was driven by the cost (and tax) consideration and the related stock buybacks. The easiest way to pump up stock prices is to substitute debt for equity--it was not a "need" consideration (for example, Apple didn't need to issue debt, they were pushed by shareholders to do so). We'll probably see a move in the other direction (equity for debt) over the next 5 years or so.