It doesn't matter if the debt is fixed rate or floating rate, bonds were trading at a premium during the era of lower interest rates.

Thanks to the surge in interest rates, those bonds are trading below face value.

This allows firms to spend less money to pay down a higher amount of debt (ex. spending $7 billion cash to pay down $8 billion worth of debt because those bonds are trading at a discount).

I definitely see telecom companies doing something like this.