In September 2019, Apple decided to borrow $7 billion by selling new 5-year bonds despite still sitting on $200 billion in cash reserves and investment securities. Apple took advantage of a corporate tax break to repatriate some of the cash it had overseas. The company spent $17 billion on stock buybacks in the prior quarter (2Q 2019). Based on the WACC theory, how can you explain the rationale for this corporate move? Why borrow when it has excess cash reserves?