Hi Maggie,
you are assuming that interest rates will only rise by a small amount. If the genie of inflation gets out of the bottle as the current US inflation figure is around 6-7%, then when you have hundreds of millions borrowed, or a billion, it start to hurt in your profits as payback to shareholders. Happy for you to disagree with my views, but businesses can have huge borrowing.
News: CVN Carnarvon Energy Will Issue 234.8 Million New Shares At A$0.30 Per Share, page-61
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