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DEBT (Restated) (Tables)
 12 Months Ended
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).