Indeed you didn't understand.
The preferred offering is not a loan in the strict sense of it. PPHM defined the terms, they can buy back (at common 3.90, if control changes hands, and as of 2017 at any ppps, etc).
So they can never be forced to pay the capital back unless they want to buy the PPHMP back and for as long they pay the 10.5%. Which as such indicates (indication remains speculative) they do not intend to pay 10.5% for long and have some revenue expectation (probably a pre-payment on something).
In case of conversion these shares come out of the ATM shelf and no one will convert under 3$ because it is cheaper to buy them on the open market.
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