Convertible Adjustable Preferred Stock - CAPS

What Does Convertible Adjustable Preferred Stock - CAPS Mean?
A preferred, floating rate issue, whose interest rate is tied to Treasury security rates. They can be exchanged for common stock or cash after the next period's dividend rates are announced. The shares received upon conversion are equal in market value to the par value of the preferred.

Investopedia explains Convertible Adjustable Preferred Stock - CAPS
The convertible feature is designed to protect the preferred investor's principal and provide greater liquidity in case the issuer's credit rating declines.