2027 Notes, assuming, the Call Strike at $77.51 and the Warrant Strike at $106.35, $460 millions in notes to pay off.
Exercising and paying off everything at $125:
IDCC will pay $460 million in cash to pay the principal on the notes. If the Calls/Warrants are converted to cash, IDCC will be owed a net (Call Value - Warrant Value) of $171,157,270. If the Calls/Warrants are converted to shares, IDCC will be owed a net (Call Shares - Warrant Shares) of 1369258 shares. Notice that IDCC is getting the money or the shares, not some Goldman Sachs customer.
IDCC's approximate costs for the whole 2027 transaction so far: $10 million loan fee $36.8 million for Call Spread cost $32.2 million in interest(2 years)
I have this all automatically calculated on a Call Spread spreadsheet and can give you the numbers for any exercise price.