Which statement is correct?

a. All U.S. debt issues, private and public, must be registered with the SEC.

b. Rarely is debt issued privately in the U.S.

c. It is easier to renegotiate a public issue than it is a private issue of debt.

d. Private placements generally have shorter maturities than term loans.

e. A direct placement of debt generally has more restrictive covenants than a public issue.