The Berlin Brewing Company was purchased three years ago in a leveraged buy-out resulting in long-term debt for the Company of $500 million. The debt is divided between $400 million of senior debt with an interest rate of 6%, and subordinated debt of $100 million with an interest rate of 12%. Interest on both notes compounds quarterly. No principal payments are required on the debt until maturity, which will occur in another two years, at which time the entire $500 million balance will need to be paid off or re-financed. The Company can refinance its total debt today into a single class of senior notes that mature in two years with an interest rate of 7%, quarterly compounding, and no principal payments due until maturity. It will have to pay a $7.5 million transaction fee in order to refinance. Should it refinance now or wait until maturity of the current notes, and why?