What Happens When Companies Sell a Lot of Debt?

Low interest rates made money cheap, so companies loaded up on debt for whatever purpose. Now the piper is being paid because now they're being stuck with with higher rates. So if, in fact, they are artificially depressed, then we should expect get to sky rocket. And lo and behold, it did. Et recket levels that have never been an absolute level, or as pecentage of g d p,. or any other way of measuring, and never been as high wut they say: 'If you subsidize something, you should expect more of it'