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I understand that extension can be made past 2017 but would those shares get at least around 22$ near the end of the first term?

Read the prospectus carefully to understand what you are being promised. Most preferred shares are forever until called. The call provisions are specified. Hence, you will collect the promised interest payments until the issue is called. And they will be called at the call price--usually $25.

But if the market price is far below the call price, the company can tender for the shares by offering some premium over the market price for whatever shares people are willing to sell. Call is at company's option; shareholder must comply. Tender offer is optional. Shareholder need not accept the offer.

The company needs to come up with the funds to retire the issue. Earning the cash with ordinary business transactions is the easy way. But otherwise, if financing becomes available at lower cost, they can effectively refinance by calling the issue with borrowed money.

If the business is thought to be failing, shareholders will worry about the future and sell their shares, but price will plummet as few will buy shares in those circumstances. That is when a tender offer becomes attractive to the company.
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