What is the expected spending on networks in 2020 by primarily large multinational tenants in international markets 
, the impact of the COVID-19 pandemic on our business, thus far, has been modest. We are pleased to see our global infrastructure assets play such a critical role in keeping people connected through this difficult time. And in closing, I will make two final points. First, we are energized about the United States as we look out over a multiyear period.
We expect the new wireless landscape to drive higher levels of network deployment activity as C-band spectrum becomes available, DISH begins rolling out their network and 5G activity across the industry ramps up. And second, our international markets also show great promise as our primarily large multinational tenants continue to invest heavily in their networks, including around $30 billion expected in 2020. Networks across the globe are seeing tremendous growth in mobile data usage as consumers gain access to advanced handsets and applications, and we expect a long cycle of carrier capital spending to support these trends. From our vantage point today, we continue to be excited about the future of wireless communications and the central role our real estate will play.
With that, operator, will you please open the line for questions?
Questions & Answers:
Operator
Thank you. [Operator instructions] Your first question comes from the line of Matthew Niknam. Please go ahead.
Matthew Niknam -- Deutsche Bank -- Analyst
Hey, guys. Thank you for taking the question. Just two, if I could. First, on the U.S., if you can give us any additional color on what you're seeing in your discussions with the new T-Mobile, whether this delay is really timing related or have there been any changes in terms of spending plans in there and relative to earlier expectations? And then just secondly, on the ATM Program, can you help us think about the investment opportunities you're evaluating and the decision to use equity, and the potential means of funding this relative to the debt you've traditionally used, given where your leverage sits today? Thank you.
Tom Bartlett -- President and Chief Executive Officer
Yes. Matt, this is Tom. On the T-Mobile side, based upon everything that I think they've said publicly, I think it's fair to say that it really is just timing. And they're working through all their plans.
They closed their deal in April, and then settled their transaction with DISH not that long ago. So we believe it clearly is timing and are looking forward to really supporting them as they continue to really build out their network even further. On the ATM side, really, it's good plumbing. It really is just having more flexibility.
It's not a significant number, clearly, compared to general ATM Programs as part of market cap. So it really is just kind of good plumbing to have a flexibility of having access to a number of different sources of capital.
Matthew Niknam -- Deutsche Bank -- Analyst
If I could just follow up. Go ahead, Rod.
Rod Smith -- Executive Vice President, Chief Financial Officer, and treasurer
I'm sorry, Matt. Yes, let me just add a couple of points on the U.S. growth. No.
1 is, everyone kind of saw the slowdown from T-Mobile toward the middle to third quarter of last year. Now that we're almost lapping that slowdown, that's where â the further away from the beginning of that slowdown, the bigger impact that it has on the organic tenant billings growth deceleration. So the fact that they haven't started up yet is that's causing us to reduce our outlook from above 5% down to about 4.5%. And the other expectations in the U.S.
industry remain the same. So we haven't seen any changes in our expectations relative to the other carriers or anything else going on in the U.S. It really is isolated to the new T-Mobile and the timing of when they begin spend.
Matthew Niknam -- Deutsche Bank -- Analyst
That was going to be my follow-up. Appreciate it. Thank you.
Operator
Your next question comes from the line of Batya Levi. Please go ahead.
Batya Levi -- UBS -- Analyst
Great. Thank you. Just to follow up on the U.S. activity.
Can you provide an update on how you think about the poten
, the impact of the COVID-19 pandemic on our business, thus far, has been modest. We are pleased to see our global infrastructure assets play such a critical role in keeping people connected through this difficult time. And in closing, I will make two final points. First, we are energized about the United States as we look out over a multiyear period.
We expect the new wireless landscape to drive higher levels of network deployment activity as C-band spectrum becomes available, DISH begins rolling out their network and 5G activity across the industry ramps up. And second, our international markets also show great promise as our primarily large multinational tenants continue to invest heavily in their networks, including around $30 billion expected in 2020. Networks across the globe are seeing tremendous growth in mobile data usage as consumers gain access to advanced handsets and applications, and we expect a long cycle of carrier capital spending to support these trends. From our vantage point today, we continue to be excited about the future of wireless communications and the central role our real estate will play.
With that, operator, will you please open the line for questions?
Questions & Answers:
Operator
Thank you. [Operator instructions] Your first question comes from the line of Matthew Niknam. Please go ahead.
Matthew Niknam -- Deutsche Bank -- Analyst
Hey, guys. Thank you for taking the question. Just two, if I could. First, on the U.S., if you can give us any additional color on what you're seeing in your discussions with the new T-Mobile, whether this delay is really timing related or have there been any changes in terms of spending plans in there and relative to earlier expectations? And then just secondly, on the ATM Program, can you help us think about the investment opportunities you're evaluating and the decision to use equity, and the potential means of funding this relative to the debt you've traditionally used, given where your leverage sits today? Thank you.
Tom Bartlett -- President and Chief Executive Officer
Yes. Matt, this is Tom. On the T-Mobile side, based upon everything that I think they've said publicly, I think it's fair to say that it really is just timing. And they're working through all their plans.
 They closed their deal in April, and then settled their transaction with DISH not that long ago. So we believe it clearly is timing and are looking forward to really supporting them as they continue to really build out their network even further. On the ATM side, really, it's good plumbing. It really is just having more flexibility.
It's not a significant number, clearly, compared to general ATM Programs as part of market cap. So it really is just kind of good plumbing to have a flexibility of having access to a number of different sources of capital.
Matthew Niknam -- Deutsche Bank -- Analyst
If I could just follow up. Go ahead, Rod.
Rod Smith -- Executive Vice President, Chief Financial Officer, and treasurer
I'm sorry, Matt. Yes, let me just add a couple of points on the U.S. growth. No.
1 is, everyone kind of saw the slowdown from T-Mobile toward the middle to third quarter of last year. Now that we're almost lapping that slowdown, that's where â the further away from the beginning of that slowdown, the bigger impact that it has on the organic tenant billings growth deceleration. So the fact that they haven't started up yet is that's causing us to reduce our outlook from above 5% down to about 4.5%. And the other expectations in the U.S.
industry remain the same. So we haven't seen any changes in our expectations relative to the other carriers or anything else going on in the U.S. It really is isolated to the new T-Mobile and the timing of when they begin spend.
Matthew Niknam -- Deutsche Bank -- Analyst
That was going to be my follow-up. Appreciate it. Thank you.
Operator
Your next question comes from the line of Batya Levi. Please go ahead.
Batya Levi -- UBS -- Analyst
Great. Thank you. Just to follow up on the U.S. activity.
Can you provide an update on how you think about the poten