"refactoring" means changing the (often implicit) structure of code without changing its external behaviour.
In this case "reorganized" or "repartitioned" could probably be more apt.
If we'd talked about software here (and not disk layout), I'd have considered less leniently the use of "refactoring", and a hint of unclear intentions.
Sorry for being so nitpicky, but this is a sore thumb from too many "refactorings" that are, indeed, somenthing else.