Revlon has a stock offer for the shareholders?

the offer is to change series a common stock to series a preferred stock each share will receive a 12.75% dividend quarterly in cash and will be mandatorily redeemed after four years I don't understand the after four years part . is this a good deal for the shareholders ?Revlon has a stock offer for the shareholders?
Well you gain the benefit of a senior position over the common stock but you lose the potential gains that common stock can produce. Looking deeper into the situation Revlon can only cover its bond interest 1.1 times currently and that is a dangerously low. I think Benjamin Graham would have advise against that investment, and I would too. I would recommend selling that stock and putting it into something a little safer.Revlon has a stock offer for the shareholders?
I received my pamplet from REVLON just a few days ago and I am confused too. I can't say if this is a good deal or not, but we still have some time to make our minds up before the deadline. I understood that there will be a cap off at (up to 12.50 per share) if we sign the agreement. I wish I could help but I am not that experienced...