Nope, not a chance.
Not even remotely close to a debt problem, that NBN lease for the next few decades throwing off more than a $billion per year should put at ease any suggestions like that, just look at what rates TLS can borrow compared to other telco's, no debt problem at all IMO, we know what they have been spending the money on.
Best analogy I can give is if a railway increased it's debt levels 30% building out a railway and hadn't yet received any income from that railway, is that a debt problem?
The railway opens up to revenue as of next financial, that's some bloody good use of really well priced debt!
(20min delay)