In a research note this morning, Cowen analyst Lance Vitanza told investors that he believes Intelsat no longer has a balance sheet problem. Furthermore, the analyst argued that the company’s equity market cap having risen dramatically to over $4.2B suggests a meaningful disconnect in sentiment between equity and credit investors. BALANCE SHEET FAVORABLY RESOLVED: This morning, Cowen’s Vitanza argued that yesterday’s $700M tack-on offering of 8.5% Jackson Senior Notes due ’24 completes the deft restoration of a balance sheet once widely viewed as ripe for restructuring. Proceeds from the tack-on offering will redeem the balance of the Jackson ’21 tranche, leaving 2023 as Intelsat’s next maturity “wall of consequence,” he contended. Meanwhile, the analyst pointed out that the company’s equity market cap has risen dramatically to over $4.2B, which he sees suggesting a meaningful disconnect in sentiment between equity and credit investors. C-BAND: Cowen’s Vitanza also told investors that with Telesat now on board, a “market-based approach” to monetization appears increasingly likely as FCC Chairman Pai noted in prior writings and public comments that an auction process, while having some advantages, would likely add years to the timeline. Whether market-based or auctioned, the analyst expects an eventual monetization opportunity for lead coalition partners Intelsat and SES Global in particular. Each company could retain a third or more of whatever existing terrestrial wireless operators may ultimately pay for terrestrial access to the C-band spectrum, he contended. The analyst believes that while additional spectrum within the 500-MHz C-band could ultimately be harnessed for terrestrial mobility, the NPRM suggests an initial allocation of 100 MHz, which would amount to 31.5B MHzPOPs of spectrum. A hypothetical 50c/MHz-POP valuation would imply gross proceeds of $15.75B, he noted, adding that Intelsat could ultimately reap $5B or more. PRICE ACTION: In afternoon trading, shares of Intelsat have jumped over 7% to $33.21.