Rather than allowing notes to remain on issue at a rate below current market rates, the call date for the FirstMac Bond Series 2006-1C and FirstMac is in the process of structuring a refinancing of the notes. This will result in participating noteholders having their debt replaced with notes which reflect current market terms and conditions.

From a legal perspective, Mallesons said the processes and restructuring involved in the transaction require careful consideration to ensure the refinancing is conducted in accordance with the parameters of the existing transaction.

The Mallesons team is being led by partner Paul Smith.