Investor returns after refinance

[Jonathan Kranzler]

I am raising money for a fairly large project and looking to structure payouts with investors. It is mostly buy and hold with a little work to be done. We agreed on a preferred return of 7% and a revenue share between me (GP) and the LP's of everything on top. In terms of a refinance, If I return capital back to investors should it reduce their equity and/or preferred return in the deal?

All advice for help. Thank you.