I would have to look "again" -- many years since school or Series 7
When raising money
Debt comes with a higher obligation to pay interest per schedule - and to pay back at date certain (ignore the few "eternal" bonds during crazy times). When a company uses DEBT to raise capital it has to pay it back with interest
JPS is a way to raise capital that got popular because it had not date certain when the company had to discharge it or pay the investors back. Usually sold with the ability of the company to call it in after 5 years and with a dividend higher than the interest rate say on 5-10 year bond paper ----- but no obligation of the company to ever buy it back. And other than cumulative accruing JPS ----- if the BOD decides to not declare a dividend - boom its money not spent ever
Makes more sense for the company than the investor but the pot usually was sweetened for investors with a higher cash flow than bonds
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