A 2 % lower borrowing on lets say US 100 K for a 3 mths period equals a $ 500 saving ( your cost 4.75 vs Libor 2.75 ). Let's assume an exchange at par. Now try to speculate what the currency conversions will do to you in good exchange times and in bad ones. The $ 500 savings in interest cost could look minimal.

We were exporters/traders in agri food products and receivables were always in US $. We barely ever had to exchange currency, so this risk was not there and therefore the borrowing a net gain.