Ann: Magnolia LNG Secures $1.5 Billion Commitment from Stonepeak, page-36

I don’t quite get some parts of the agreement, and hope anyone could kindly help to understand it:

So, for the $1.5bn funding from Stonepeak to LNG;

• - During construction, fixed coupon with pay-in-kind provisions (shares?) are paid to Stonepeak;

Regarding the repayment to Stonepeak, it’s either:

• - Redeemable preferred interests from financial close having a 12 years tenor (like a 12 years of mortgage?)
• - Or, Redeemable in full three years following commercial operations – (a lump sum payment including interests?);

Seems at this stage we don’t know what is the percentage of interests will be paid to Stonepeak? It sounds very similar to a debt obligation but I don’t know if it’s often a cheaper option for the company?