The firm, which has acted for Spark since its initial public offering in 2005, is also advising the infrastructure fund on its subsequent restructure.

The company has unveiled a two-for-seven non-renounceable entitlement offer to institutional and retail shareholders, priced at $1 a share, in a bid to reduce debt from $425m to $225m, as well as fund future capex.

The repositioning of the company follows a comprehensive strategic review announced in February this year.

Still subject to court and security holder approvals, the restructure is to be implemented after the capital raising. Mallesons said this will involve three schemes of arrangement and two similar processes.

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Mallesons acted n all legal aspects of the deal, led by partner John Sullivan and partners Tony Bancroft, Ros Anderson and Shannon Finch, as well as senior associates Natalie Kurdian and Intan Eow.