Higher rates only affects new issuances of bonds, rolling over of existing debt, or bank loans (which are a small fraction of the total debt market in developed economies).
The average maturity of a corporate bond is now 15+ years, and most bonds pay a fixed interest rate that doesn't vary due to current rates [1].
That means that any change to rates will not have much of an immediate impact on the interest expense line item. On the other hand, it will actually increase the interest income they receive on their cash balances.
Not to necessarily agree with the OP's prognosis, but the Fed rate also affects inflation which can affect the viability of every contract written in terms of dollars when it strays from where it's expected to be.
The average maturity of a corporate bond is now 15+ years, and most bonds pay a fixed interest rate that doesn't vary due to current rates [1].
That means that any change to rates will not have much of an immediate impact on the interest expense line item. On the other hand, it will actually increase the interest income they receive on their cash balances.
[1] https://www.ft.com/content/41213b02-b87e-11e6-ba85-95d1533d9...