Explain briefly: $1)$ major benefits of using debt financing for companies; $2)$ reasons why firms in some industries rely more heavily on debt financing $($banks$,$ automakers$)$ versus firms in other sectors $($high$-$tech, pharmaceuticals$).$ Support your answer with real world examples and$/$or theoretical framework from the assigned readings.

Consider this: firm with a capital needs for expansion project is considering bond financing. This firm: a$)$ has fairly low credit rating; b$)$ volatile operational CFs$,$ c$)$ new project will not generate sufficient CFs to service debt $($i$.$e$.,$ pay interest in full$)$ for the first three years. How would you recommend to structure this debt $-$ to make it appealing to potential investors, yet reasonably cheap for this company? In other words, which features$/$terms you'd recommend adding to this bond to reduce borrowing costs and attract investors?