Which One of the Following Statements Concerning Debt Issues Is

Which one of the following statements concerning debt issues is correct?

A) Firms often pay higher interest rates on term loans than on public issues of debt.
B) The only difference between a term loan and a private placement is the size of the issue.
C) A prospectus is required for equity issues but not for debt issues.
D) The flotation costs of issuing debt tend to be more expensive than for issuing equity.
E) Direct long-term loans must be registered with the SEC.