Shares are perpetual, but are puttable (require the company to redeem) to the company, at the option of the holder beginning 10/21/2022 for $25 plus accrued dividends. Company may redeem with cash or common shares at their option.
Commencing 10/21/2022, if shares have not been redeemed the coupon rate will increase by 2% (50 cents) of the liquidation preference ($25/share) per annum. The coupon will increase by 2% on each anniversary date thereafter to a maximum of 14%.
If the company fails to maintain an asset coverage ratio of 200% the company must redeem enough shares (which may include some of these preferred shares) to cause the company to meet the asset coverage ratio.
9/21/2020 the company announced they are redeeming 1,393,294 shares on 10/21/2020