The statement they're paying off debt by taking on another debt is not just semantics because by itself it doesn't tell the whole story and is misleading.
You yourself qualified that sentence saying it was the equivalent to reducing debt.
Otherwise the flipside is someone could say, they're paying off debt with another debt and now they're raising $16m for working capital. Don't think that would fly either.
The statement they're paying off debt by taking on another debt...
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