Hyflux Preference Shares

Hyflux is offering  S$200 million worth of Cumulative Non-Convertible preference shares at 6% p.a.
Cumulative in that if they do not pay you this time, they have to pay you the next time around. They will also recall the shares at par value in 2018, failing which, they will step up to 8%.

Pros of this:
1.) High yield in a currency with historically low interest rates.
2.) 8% if they do not recall the shares in 2018.
3.) If price opens high, can stag off for quick profit

Cons:
1.) Hyflux is a terribly cyclical company, may face difficulty paying out the dividends during bad times; having said that, the cumulative portion guarantees 6%, just not the timing
2.) Hyflux's equity is lower than liabilities.
3.) Why did they need to find financing at 6%, unless banks are reluctant to lend them more money?Concerned with their balance sheet, they only are willing to lend at a high interest rate?
4.) SPH and Starhub have close to 6% dividend yield. Having said that, SPH/SH do not guarantee this high payout. 

I won't be applying for this CPS. minimum bid is at $10,000, i can only afford to bid $10,000. Probably just going to waste $2.