>Many companies purposely have junk bonds so they can borrow more money at a low rate, compared to investment grade bonds.

What? Conventional wisdom says that risky (junk) bonds would have higher yields (aka costs for the borrower) than safer (investment grade) bonds.

Yes. Their purpose is to have funding. Do you think they pay higher interest rates out of the goodness of their hearts? I am not sure what you are arguing here.