T-Mobile US, Inc. 8-K

What Happened
T-Mobile US, Inc. (via its subsidiary T‑Mobile USA, Inc.) announced on Jan. 5, 2026 that it entered into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and the participating lenders. The agreement replaces the Oct. 17, 2022 credit agreement, increases the revolving credit commitments from $7.5 billion to $10.0 billion, and extends the commitments’ maturity to Jan. 5, 2031.

Key Details

• Revolving credit facility increased to $10.0 billion (was $7.5 billion).
• Includes a $1.5 billion letter of credit sub‑facility and a $500 million swingline sub‑facility.
• Interest: Base Rate loans pay a 0.00% margin; Term Benchmark and RFR loans pay margins ranging from 0.600% to 1.000% depending on T‑Mobile USA’s senior unsecured long‑term debt rating.
• Unused commitment fee: 0.040% to 0.080% per annum (quarterly in arrears), based on debt rating.
• Obligations are unsecured and guaranteed by Parent (T‑Mobile US) and most wholly‑owned domestic restricted subsidiaries; contains customary covenants and a financial maintenance covenant requiring a Leverage Ratio of 4.50 to 1.00 or less at each fiscal quarter end.
• Borrowings may be repaid, reborrowed or commitments terminated without premium or penalty; customary events of default and lender relationships noted.

Why It Matters
This amendment improves T‑Mobile’s liquidity capacity and extends its committed borrowing runway to 2031, giving the company more flexibility to manage cash, capital expenditures, M&A or other needs. The agreement is unsecured but imposes a leverage covenant (4.5x maximum) that the company must meet each quarter, which could limit additional debt capacity if leverage rises. Interest margins and fees are tied to T‑Mobile USA’s credit rating, so borrowing costs could change with future rating actions.