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(From BusinessWorld (Philippines))
Byline: Ruby Anne M. Rubio
Ayala-led Globe Telecom, Inc. has secured a $50-million term loan facility to refinance "other more expensive debt," the country's second largest phone company said yesterday.
In a disclosure to the Philippine Stock Exchange, Globe said it signed the five-year facility with a floating interest rate with Nord-deutsche Landesbank Gironzen-trale last Friday.
In a telephone interview, Globe head of treasury division Alberto M. De Larrazabal said the firm chose a floating rate because it is currently cheaper.
"We will keep it floating until such time we see a cut in the …