The CFO of an Italian firm has completed the financing for the acquisition of a new subsidiary in Malaysia. A syndicated credit facility has been negotiated and will be used by the Italian firm to lend funds to its new subsidiary. Identify the choice of answer that is incorrect.

A$.$ Like bond debt, a syndicated facility will have covenants that the borrower must comply with.

B$.$ Contrary to a bond, a syndicated facility is not sold on the market.

C$.$ Same as a bond, the interest cost of a syndicated credit facility will be included in the WACC.

D$.$ Same as a bond, the Italian firm had to obtain a rating from an external rating agency.