Just to throw a related POV out.
Almost every treasurer, the world over, will tell you that money is ridiculously cheap - and will continue to be for quite some time.
If you did NOTHING MORE than simply roll notes as they came due, most would save millions/yr in interest. Savings that could be used to 1) greatly lengthen maturity terms on the replacement notes, 2) pay the interest on a NEW (and large) note issue, or 3) simply be allowed to flow to the bottom line.
At a time of significant technological change, newly constructed long term assets are subject to heightened obsolesce risk. It is far smarter to use the capital in industry consolidation, to extract greater production efficiencies and economies of scale - closing old plant along the way, by assigning work to your now most efficient plants, operating at a now higher capacity. But not good for employment.
But if you consolidated in the minerals sectors (o/g, metals, etc.), the outcome is very different. Obsolesce risk is minimal, opex savings from scale are immediate, and write downs on stranded assets ensure little/no tax for some time. Better still, as cheaper mineral deposits exhaust (& technologies improve) over time, the stranded asset becomes viable again, and the write downs reverse.
Point? Once Covid settles down, there will be is a growing and enormous wall of money going into industry consolidation, And it will go to the minerals sectors first, where job-loss is more uncertain.
Skate to where the puck is going .. not where it is right now.
SD