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DEBT (Restated) (Tables) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Components of long-term debt (including related parties) |
(in thousands of $) | 2015 |  |  | 2014 |
| Restated |  |  | Restated |
Total long-term and short-term debt, net of deferred finance charges | 1,835,907 |  |  | 1,353,986 |
Less: current portion of long-term debt and short-term debt, net of deferred finance charges | (491,398 | ) |  | (112,853 | )
Long-term debt, net of deferred finance charges | 1,344,509 |  |  | 1,241,133 |
Future repayments of outstanding debt (including related parties) | The outstanding debt as of December 31, 2015 is repayable as follows:
Year ending December 31 |
(in thousands of $) |
2016 | 501,618 |
2017 | 386,008 |
2018 | 94,968 |
2019 | 145,968 |
2020 | 124,126 |
2021 and thereafter | 625,373 |
Total | 1,878,061 |
Deferred finance charges | (42,154 | )
Total, net of deferred finance charges | 1,835,907 |
Components of debt | At December 31, 2015 and 2014, our debt was as follows:
(in thousands of $) | 2015 |  |  | 2014 |  |  | Maturity date
Golar Arctic facility | 80,200 |  |  | 87,500 |  |  | 2019
Golar Viking facility | — |  |  | 82,000 |  |  | 2017
Golar Viking (2015) | 62,500 |  |  | — |  |  | 2020
Convertible bonds | 243,369 |  |  | 238,037 |  |  | 2017
GoFLNG Hilli facility | 50,000 |  |  | — |  |  | 2017
Hilli shareholder loans: |  |  |  |  |
- Keppel loan | 44,066 |  |  | 35,572 |  |  | 2027
- B&V loan | 5,000 |  |  | 5,000 |  |  | 2027
$1.125 billion facility: |  |  |  |  |
- Golar Seal facility | 106,612 |  |  | 117,273 |  |  | 2018/2025*
- Golar Celsius facility | 107,020 |  |  | 117,721 |  |  | 2018/2025*
- Golar Crystal facility | 111,941 |  |  | 122,602 |  |  | 2019/2026*
- Golar Penguin facility | 118,144 |  |  | 128,885 |  |  | 2019/2026*
- Golar Bear facility | 118,524 |  |  | 129,299 |  |  | 2019/2026*
- Golar Frost facility | 120,357 |  |  | 131,298 |  |  | 2019/2026*
Subtotal | 1,167,733 |  |  | 1,195,187 |  |  |
ICBC VIE loans: |  |  |  |  |
- Golar Glacier facility | 177,176 |  |  | 185,600 |  |  | 2016/2024**
- Golar Snow facility | 178,566 |  |  | — |  |  | 2016/2025**
- Golar Kelvin facility | 182,540 |  |  | — |  |  | **
- Golar Ice facility | 172,046 |  |  | — |  |  | **
Total debt | 1,878,061 |  |  | 1,380,787 |  |  |
Deferred finance charge | (42,154 | ) |  | (26,801 | ) |  |
Total debt, net of deferred finance charge | 1,835,907 |  |  | 1,353,986 |  |  |
* The commercial loan tranche matures earlier of the two dates, with the remaining balancing maturing at the latter date. ** This represents the total loan facilities drawn down by subsidiaries of ICBC which we consider as VIEs. We determined that we are the primary beneficiary of these VIEs, as we are expected to absorb the majority of the VIEs’ losses and residual gains associated with the vessels sold and leased backed from them. Accordingly, these VIEs and their related loan facilities are consolidated in our results.
Schedule of tranches | The facility is divided into three tranches, with the following general terms:
Tranche | Amount | Proportion of facility | Term of loan from date of drawdown | Repayment terms
K-Sure | $449.0 million | 40% | 12 years | Six-monthly installments
KEXIM | $450.0 million | 40% | 12 years | Six-monthly installments
Commercial | $226.0 million | 20% | 5 years | Six-monthly installments, unpaid balance to be refinanced after 5 years
Schedule of line of credit facilities |
Date of drawdown | Vessel | $1.125 billion facility | Amount drawn down
October 2013 | Golar Seal* | $133.2 million | $127.9 million
October 2013 | Golar Celsius | $133.2 million | $128.4 million
May 2014 | Golar Crystal | $133.2 million | $127.9 million
September 2014 | Golar Penguin | $133.2 million | $128.9 million
September 2014 | Golar Bear | $133.2 million | $129.3 million
October 2014 | Golar Frost | $134.8 million | $131.3 million
February 2014 | Golar Igloo** | $161.3 million | $161.3 million
December 2014 | Golar Eskimo*** | $162.8 million | $162.8 million
As at December 2014 |  | $1,125 million | $1,098 million
* In March 2016, we completed the refinancing of the Seal, which provided approximately $50 million excess cash to liquidity. ** In March 2014, we sold the Golar Igloo to Golar Partners. The Golar Igloo debt of $161.3 million was assumed by Golar Partners. *** In December 2014, we entered into a sale and purchase agreement with Golar Partners to sell the companies that own and operate the Golar Eskimo. Therefore, as of December 31, 2014, we classified the Golar Eskimo debt as "Liabilities held-for-sale" in our consolidated balance sheet. In January 2015, we completed the sale of our interests in the companies that own and operate the Golar Eskimo to Golar Partners. The adjusted consideration for the sale was $388.8 million less Golar Partners’ assumption of the Golar Eskimo debt (see note 6).

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