An overview of the options available to an issuer seeking to restructure its outstanding debt securities and a summary of the legal issues to consider when restructuring the debt securities. Debt securities issued in public or private capital market transactions are typically governed by an indenture that does not permit the issuer to call the securities for prepayment for a certain period of time after issuance, if at all. This Practice Note reviews cash tender offers, exchange offers, open market purchases, privately negotiated purchases, and reliance on the indenture covenants as potential restructuring options for the issuer. It also considers the disclosure obligations of the issuer when restructuring outstanding debt securities.