You are correct, but one would like to think you would not put yourself or company in the predicament of needing to hedge as it is purely insurance and if they did not carry the debt level they had would not have been a need. i believe as companies MCAP grew pre GFC they then believed that was their green light to increase debt but when MCAP collapsed the ratio was totally Skewed and left debt way higher than it need to be.
$50-60 New Normal or U.S Shale Bubble?, page-730
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