You are analyzing a new security that has been promoted as equity, with the following features:

a. The dividend on the security is fixed in dollar terms for the life of the security, which is 20 years.

b. The dividend is not tax deductible

c. In the case of default, the holders of this security will receive cash only after all debt holders, secured and unsecured, are paid

d. The holders of this security will have no voting rights

Based on the description of debt and equity in the lecture, how would you classify this security?