Does this count as taking on new debt to pay off old debt?

SpaceX plans to issue at least $20 billion in bonds to replace bridge loans
Sources familiar with the matter say that SpaceX (SPCX.O)'s cooperating investment banks are likely to hold investor conference calls as early as next week to discuss the bond issuance plan following the company's record-breaking IPO.
Sources indicate that the bond issuance is expected to be at least $20 billion, with investor communication possibly starting as early as Monday; the plan and timeline are still subject to change.
SpaceX plans to issue its first investment-grade U.S. dollar bonds, with proceeds used to replace a $20 billion bridge loan due in September 2027.
According to the company's IPO filing with the U.S. Securities and Exchange Commission, as of March 31, this bridge loan accounts for the majority of the company's $29.1 billion in long-term debt.
Sources say that Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley jointly provided this bridge loan and will lead the underwriting of this bond issuance. $SPCX
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