I think you are probably right - plus I think people are using the word "refinance" differently.
I might be misinterpreting, but here's what I am seeing from a cursory read:
Igy is saying that MCD has debt maturing. MCD will probably have to "refinance" that debt meaning issue new bonds to pay back the old ones. And on top of that MCD is borrowing billions more in order to raise cash to buy back shares. The cumulative impact of this is that MCD debt has been downgraded, which will probably make the borrowing more expensive. Igy sees this as dangerous to equity holders because more and more money will go out the door to pay bondholders, leaving less for equity holders. And generally a negative for the future of the company.
Sally seems to think "refinance" means MCD will call in old MCD bonds and reissue lower cost debt. This is not what is happening to my knowledge.
*note I have not been reading the debate carefully, I might very well be misrepresenting facts. But I'm feeling didactic this morning so there you go. *