The loan agreement lists the terms under which a loan is given. The bank is the lender, and any borrowing entity--individual, partnership, company--is the borrower. The loan agreement covers many of the same terms and conditions as a promissory note, although it is longer and more complicated.
The subsidiaries remain private. They are private subsidiaries of a public company. Think about it: if a subsidiary went public, that would mean that its shares were being offered to the public, instead of all being owned by the parent company, and so it would no longer be a subsidiary.
A publicly traded company is one which has shares of stock traded on the open market. 1  Private companies, on the other hand, do not have shares available for public purchase. Private companies may be owned by an individual, a family, a partnership, employees, or a small group of investors. To illustrate the difference, consider Hershey and Mars, two of the largest candy companies in the world. The late Milton Hersheyâs chocolate business is publicly traded on the New York Stock Exchange.