To avoid taxes many companies keep profits offshore in lower tax jurisdictions, only paying US taxes when money is repatriated. It is super common for companies to have billions offshore but to keep it there, take out US debt to und share buybacks or other US domestic initiatives and then only repatriate each year the amount needed to service that debt.

IMO, it’s a stupid loophole that legislators should close.

Need to or want to?

Offering a bond and using it for buybacks is a way for shareholders to make future profits today.

why does any company?

because they see the terms as advantageous

all the money-flush tech companies issue debt, even though they have no "reason" to

Might be cheaper to borrow than turn some cash equivalent into cash or move it where they need it.