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DEBT (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Components of long-term debt (including related parties)
(in thousands of $)
2016

 
2015

 
 
 
 
Total long-term and short-term debt
1,772,053

 
1,835,907

Less: current portion of long-term debt and short-term debt
(451,454
)
 
(491,398
)
Long-term debt
1,320,599

 
1,344,509
Future repayments of outstanding debt (including related parties)
The outstanding debt as of December 31, 2016 is repayable as follows:
Year ending December 31
 
(in thousands of $)
 
2017
674,257

2018
320,601

2019
165,083

2020
92,703

2021
173,877

2022 and thereafter
371,840

Total
1,798,361

Deferred finance charges
(26,308
)
Total
1,772,053
Components of debt
At December 31, 2016 and 2015, our debt was as follows:
(in thousands of $)
2016

 
2015

 
Maturity date
Golar Arctic facility
72,900

 
80,200

 
2019
Golar Viking facility
57,292

 
62,500

 
2020
Convertible bonds
218,851

 
243,369

 
2017
FLNG Hilli facility
250,000

 
50,000

 
2018
Hilli shareholder loans:
 
 
 
 
 
- Keppel loan
44,066

 
44,066

 
2027
- B&V loan
5,000

 
5,000

 
2027
$1.125 billion facility:
 
 
 
 
 
- Golar Seal facility
—

 
106,612

 
2018/2025*
- Golar Celsius facility
—

 
107,020

 
2018/2025*
- Golar Crystal facility
101,280

 
111,941

 
2019/2026*
- Golar Penguin facility
—

 
118,144

 
2019/2026*
- Golar Bear facility
107,749

 
118,524

 
2019/2026*
- Golar Frost facility
109,415

 
120,357

 
2019/2026*
Subtotal
966,553

 
1,167,733

 
 
ICBC VIE loans:
 
 
 
 
 
- Golar Glacier facility
169,526

 
177,176

 
2017/2024**
- Golar Snow facility
170,566

 
178,566

 
2017/2025**
- Golar Kelvin facility
182,540

 
182,540

 
**
- Golar Ice facility
152,056

 
172,046

 
**
CCBFL VIE loan:
 
 
 
 
 
- Golar Seal facility
157,120

 
—

 
2026**
Total debt
1,798,361

 
1,878,061

 
 
Deferred finance charges
(26,308
)
 
(42,154
)
 
 
Total debt
1,772,053

 
1,835,907

 
 


* 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 and by CCBFL 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. In consolidating these VIEs, on a quarterly basis, we must make assumptions regarding (i) the debt amortization profile; (ii) the interest rate to be applied against the VIEs’ debt principal; and (iii) the VIE’s application of cash receipts. Our estimates are therefore dependent upon the timeliness of receipt and accuracy of financial information provided by these lessor VIE entities. Upon receipt of the audited financial statements of the lessor VIEs, we will make a true-up adjustment for any material differences.
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 Golar Seal, which provided approximately $50 million excess cash to liquidity.
** In July 2016, we closed the transaction forming the 50/50 joint venture, Golar Power, with investment vehicles affiliated with the private equity firm Stonepeak, and, as part of the transaction, we deconsolidated the net assets relating to the Golar Celsius and Golar Penguin (see note 7). The Golar Celsius and Golar Penguin debts were assumed by Golar Power, however we continue to guarantee this debt.
*** 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 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).