The company's recent bond issuance involved borrowing at 2.69%...

The company's recent bond issuance involved borrowing at 2.69% to repay existing debt which was around 4.5% per annum. Thus they are lowering their burden of servicing the debt, even if not reducing the gross amount. Also their acquisition of Bemis packaging is paying off, their investments within the company are producing organic growth and buying back shares at current valuations is another great use of funds if they resume a buyback. Paying off all their debt is hardly something a quality business with an enduring business model ever needs to do. When the interest burden is easily manageable and much better alternative uses for funds exist.

Different matter for mining companies which by definition have finite resources and for individuals who also typically retire at some point.

This is a sleep easy stock with a very healthy yield and in my view a strong chance of a significant rerate soon.