Companies issue corporate bonds, which are basically loans broken up and sold on the open market. So with a near 0% interest rate, many companies took advantage

Companies issue corporate bonds, which are basically loans broken up and sold on the open market. So with a near 0% interest rate, many companies took advantage by issuing billions of dollars of bonds at low rates, so much so that even at rates of like 2-3% the companies are struggling to pay the interest on these bonds. Maybe someone can enlighten with hard numbers, but last I looked dead-man-walking companies like Macy's and TJMaxx have billions and billions of bonds outstanding while their annual revenue is a fraction that. Now as rates rise they can't go to the well again and all these bonds will end in default. Who gets hurt? Pension plans, mutual funds, all the "safe" funds... so buyer beware with corporate bonds right now.