For many companies yes. But for companies with relatively poor financial fundamentals, debt is not that cheap. Tesla's 8 year bonds are currently yielding close

For many companies yes. But for companies with relatively poor financial fundamentals, debt is not that cheap. Tesla's 8 year bonds are currently yielding close to 6% (and they got a great deal on this too). They're rated junk. Spotify would likely have to pay a higher coupon than Tesla. Debt for them is not that cheap. That being said, if you can issue investment grade bonds, then debt is very cheap.