This financing puts equity at risk by lowering its status one notch. Or a couple. The fact that they are not convertible means they will never be part of equity (common). They are also cumulative. Therefore if the company ever stops paying them out the dividends will accrue. Finally, perpetual means their redemption claims are forever, including non-paid dividends. The company is placing a roadblock in the capital structure weakening common shares.
This is not a friendly deal for common stock and whoever is behind it (bankers, etc.) that will acquire these shares seeks to make a statement (much further protection) against common shares.