T‑Mobile US announced a proposed senior notes offering on January 7, 2026. The company plans to raise capital through a registered public offering, with proceeds earmarked for refinancing existing indebtedness or for general corporate purposes. Deutsche Bank, J.P. Morgan, RBC Capital Markets and UBS have been appointed as joint book‑running managers for the transaction.
The announcement comes as T‑Mobile continues to manage a sizable debt load. As of the most recent quarter, total debt stood at $121.33 billion, with long‑term debt of roughly $79 billion and a debt‑to‑equity ratio that has hovered around 2.0. The company’s credit profile remains investment‑grade, with S&P, Moody’s and Fitch all maintaining BBB‑level ratings and Moody’s recently upgrading the unsecured rating to Baa1. T‑Mobile’s net‑leverage target is approximately 2.5× net debt‑to‑EBITDA, a benchmark it has been working to sustain.
The strategic rationale for the offering is two‑fold. First, the company seeks to refinance at a time when market rates are favorable, thereby reducing interest expense and extending the maturity profile of its debt. Second, the proceeds will support the company’s shareholder return program, which is authorized for up to $14.6 billion, and will provide additional flexibility for future investments in network expansion and fixed‑wireless broadband initiatives.
CEO Srini Gopalan underscored the company’s focus on network leadership and disciplined financial management. He highlighted that the refinancing aligns with T‑Mobile’s broader strategy of maintaining a robust balance sheet while continuing to invest in growth opportunities, including the expansion of its fixed‑wireless broadband portfolio and the integration of recent acquisitions such as UScellular and Metronet.
Investor reaction to the announcement has been muted, reflecting the routine nature of debt issuances for a company of T‑Mobile’s scale. The offering is part of an ongoing debt‑management strategy that has been executed repeatedly over the past years, and it is not expected to materially alter the company’s financial outlook in the short term.
The specific terms of the notes—size, maturity dates, coupon rates, and other covenants—will be disclosed in the forthcoming prospectus. Once finalized, the issuance is expected to modestly improve the debt‑to‑equity ratio and support the company’s target leverage metrics, while preserving capital for strategic initiatives and shareholder returns.
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