Money is cheap. It is a depreciating asset in a money printing environment. A solid company is wise to borrow today to buy back it’s stock and reissue stock in the future at a much higher price after an inflationary period, paying back past, depreciated debt with future, hopefully more sound currency.
In the late '70s farmers in these parts were told the same thing. Borrow while inflation is high, and pay the money back with inflated dollars. It will only cost you a couple percent in the long run, despite the high interest rates. SO some replaced aging equipment with new top of the line stuff (on the several square mile wheat farms, that sort of equipment even then would cost a half million to a million dollars). Then the commodities market crashed, about the same time oil prices tanked, and they couldn't even go roughnecking to save the farm. It was pretty grim for some who lost everything.