For a company, it would be obtaining capital cheaply on a per share basis. Most of these companies have huge debt. Take for example, Amgen which is spending $

For a company, it would be obtaining capital cheaply on a per share basis. Most of these companies have huge debt. Take for example, Amgen which is spending $10 billion to buy back shares. They have over 31 billion in debt or which is $10 billion is short term.