Which option is NOT classified as a long-term debt (bond)?

In the context of debt instruments, long-term debt typically refers to bonds or other borrowings that are due to be repaid beyond one year. Understanding the classifications of bonds can help differentiate between types of long-term debt.

Private Placement is indeed a method of raising capital where securities are sold directly to a specific group of investors, rather than through a public offering. While private placements can involve long-term debt securities, they are not classified strictly as a type of bond; instead, they represent the process or method through which debt might be issued.

On the other hand, revenue bonds, general obligations, and participating bonds are recognized categories of long-term debt. Revenue bonds are repaid from specific revenue sources, general obligation bonds are backed by the full faith and credit of the issuing authority, and participating bonds can provide investors with additional payments tied to conditions. Each of these categories represents a defined type of bond with particular characteristics and repayment structures as part of long-term financing.

Thus, recognizing that private placement refers to the issuance method rather than a traditional bond classification is crucial in understanding why this choice stands apart from the other categories.