Trust Preferred Securities - TruPS

What Does Trust Preferred Securities - TruPS Mean?
A security similar to debentures and preferreds that is generally longer term, has early redemption features, makes quarterly fixed interest payments, and matures at face value.

Investopedia explains Trust Preferred Securities - TruPS
TruPS have been created by companies for their favorable accounting treatments and flexibility. Specifically, these securities are taxed like debt obligations by the IRS while maintaining the appearance of equities in a company's accounting statements as according to GAAP procedures.