If a company already has a significantly high level of debt, and hence the company has a highly geared capital structure, a CFO maybe reluctant to take on further debt as it could burden the company with greater risk. Generally, this added risk of further gearing is because debt requires fixed repayments, whereas other forms of finance such as equity would shift the risk to shareholders.
However it is not always the case and further debt does not necessarily involve greater risk or be undesirable to financiers. Some companies which have strong, steady and predictable cash flows may be able to handle greater debt and can maintain high leverage ratios. Interest coverage ratios are another area to look at, however these vary by industry and the size of the company.
Further, with regard to pricing, if a company's shares are highly valued in the listed market the CFO may decide the company can raise capital on better terms through equity finance and issuing more shares.
In debt markets, pricing changes may determine if a company buys back its outstanding debt and refinances on better terms depending on movements in interest rates.