Definition: Debt refinancing
External debt - IMF
Debt refinancing refers to the conversion of the original debt including arrears, into a new debt instrument. In other words, overdue payments or future debt-service obligations are "paid off" using a new debt obligation. In the Guide, as in BPM5, a change in the terms of a debt instrument is to be reported as the creation of a new debt instrument, with the original debt extinguished.
International Monetary Fund (IMF), "External Debt Statistics: Guide for Compilers and Users; Appendix III. Glossary of External Debt Terms", Washington D.C., 2003