I had this requirement where there was a need to rename some of the existing Managed MetaData Terms, [Old Parent, Old1, Old2, & Old3] to a single new Term [New Term].

Usually, renaming a single term is no big deal. However, this was a Many => One relationship and you cannot have 2 or more Terms with identical names at the same level of hierarchy. So renaming was not an option here. We had to make sure that for all the existing ListItems, the GUIDs of every old term should get replaced with the New Term GUID. Following is the PowerShell script I came up with to do this job.
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