The debt private placement process is similar to the public bond process but more straightforward. No arranger is appointed, but rather a placement agent who will facilitate but not underwrite the placement. No syndicate of banks is required as the debt will be privately placed to a small number of select investors. The terms and conditions of the bonds, will be negotiated directly between the Issuer and the investors (similar to the negotiation process for a bank loan). Similarly, the flow of due diligence information will be directly between the Issuer and the investors. An agent will probably still be required to carry out administrative tasks, such as making the payments of principal and interest to investors.