This note analyses the key issues that need to be considered when a borrower under a syndicated facility agreement wishes to buy back its own debt or when an entity related to the borrower wishes to buy the debt. In particular, it considers the circumstances in which debt buy-backs arise, typical features of debt buy-backs, issues raised by provisions of the facility agreement and disenfranchisement from the syndicate decision-making process if the buy-back is effected by an entity related to the borrower.