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DEBT (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Components of long-term debt (including related parties)
(in thousands of $)
2017

 
2016

 
 
 
 
Total long-term and short-term debt
2,410,847

 
1,977,198

Less: current portion of long-term debt and short-term debt
(1,384,933
)
 
(451,454
)
Long-term debt
1,025,914

 
1,525,744
Future repayments of outstanding debt (including related parties)
The outstanding debt as of December 31, 2017 is repayable as follows:
Year ending December 31
Golar debt (1)

 
VIE debt (2)

 
Total debt

(in thousands of $)
 
 
 
 
 
2018
559,225

 
834,004

 
1,393,229

2019
118,186

 
15,650

 
133,836

2020
180,603

 
15,650

 
196,253

2021
19,811

 
15,650

 
35,461

2022
399,237

 
15,650

 
414,887

2023 and thereafter
69,434

 
191,800

 
261,234

Total
1,346,496

 
1,088,404

 
2,434,900

Deferred finance charges
(22,004
)
 
(2,049
)
 
(24,053
)
Total
1,324,492

 
1,086,355

 
2,410,847


(1) Included within current portion of long-term debt and short-term debt, due by December 31, 2018, is $525.0 million relating to the Hilli pre-delivery facility which is expected to mature in May 2018, when we will draw on the post-delivery financing (sale and leaseback arrangement).
(2) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our financial statements as variable interest entities (see note 5).
Components of debt
At December 31, 2017 and 2016, our debt was as follows:
(in thousands of $)
2017

 
2016

 
Maturity date
Golar Arctic facility
65,600

 
72,900

 
2019
Golar Viking facility
52,083

 
57,292

 
2020
2017 Convertible bonds
340,173

 
—

 
2022
2012 Convertible bonds
—

 
218,851

 
2017
Margin Loan
119,125

 
—

 
2020
FLNG Hilli facility
525,000

 
250,000

 
2018
Hilli shareholder loans:
 
 
 
 
 
- Keppel loan
44,066

 
44,066

 
2027
- B&V loan
5,000

 
5,000

 
2027
$1.125 billion facility:
 
 
 
 
 
- Golar Crystal facility
—

 
101,280

 
2019/2026*
- Golar Bear facility
96,975

 
107,749

 
2019/2026*
- Golar Frost facility
98,474

 
109,415

 
2019/2026*
Subtotal (excluding lessor VIE loans)
1,346,496

 
966,553

 
 
ICBCL VIE loans:
 
 
 
 
 
- Golar Glacier facility
161,876

 
169,526

 
2018/2024**
- Golar Snow facility
162,566

 
170,566

 
2018/2025**
- Golar Kelvin facility
182,540

 
182,540

 
**
- Golar Ice facility
134,954

 
152,056

 
**
CMBL VIE loan:
 
 
 
 
 
- Golar Tundra facility
198,613

 
205,145

 
2026**
CCBFL VIE loan:
 
 
 
 
 
- Golar Seal facility
143,849

 
157,120

 
2026**
COSCO VIE loan:
 
 
 
 
 
- Golar Crystal facility
104,006

 
—

 
2027**
Total debt (gross)
2,434,900

 
2,003,506

 
 
Deferred finance charges
(24,053
)
 
(26,308
)
 
 
Total debt
2,410,847

 
1,977,198

 
 

* The commercial loan tranche matures earlier of the two dates, with the remaining balance maturing at the latter date. However, in the event that the commercial tranche is not refinanced within five years, the lenders have the option to demand repayment.
** This represents the total loan facilities drawn down by subsidiaries of ICBC, CMBL, CCBFL and COSCO, which we consider to be VIEs. We determined that we are the primary beneficiary of these VIEs as we are expected to absorb the majority of these 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 make a true-up adjustment for any material differences. See note 5.
Schedule of tranches
The facility is divided into three tranches, with the following general terms:
Tranche
Proportion of facility
Term of loan from date of drawdown
Repayment terms
K-Sure
40%
12 years
Six-monthly installments
KEXIM
40%
12 years
Six-monthly installments
Commercial
20%
5 years
Six-monthly installments, unpaid balance to be refinanced after 5 years