Replacement Unit by Apple for iPhone 11 Pro Max

Hi all. I had a query. Apple is replacing my phone due to an issue. I have the iPhone 11 Pro Max (256GB) (Space Gray) and I’m wondering if the replacement unit that I am getting is a brand new phone or a refurbished unit? The term ‘replacement unit’ is a bit ambiguous and the issue due to which they are changing my phone is one that can easily be ignored as it is cosmetic and not hardware/software related.