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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Components of Long-term Debt (including related parties) |
(in thousands of $) | 2019 |  | 2018
Total long-term and short-term debt | 2,535,827 |  |  | 2,565,359 |
Less: current portion of long-term debt and short-term debt | (1,241,108) |  |  | (730,257) |
Long-term debt | 1,294,719 |  |  | 1,835,102 |
Future Repayments of Outstanding Debt (including related parties) | The outstanding debt as of December 31, 2019 is repayable as follows:
Year ending December 31 | Golar debt |  | VIE debt (1) |  | Total debt
(in thousands of $) |  |  |  |  |
2020 | 279,011 |  |  | 965,588 |  |  | 1,244,599 |
2021 | 70,678 |  |  | 261,881 |  |  | 332,559 |
2022 | 397,144 |  |  | 67,338 |  |  | 464,482 |
2023 | 87,344 |  |  | 67,337 |  |  | 154,681 |
2024 | 103,355 |  |  | 67,337 |  |  | 170,692 |
2025 and thereafter | 48,050 |  |  | 153,688 |  |  | 201,738 |
Total | 985,582 |  |  | 1,583,169 |  |  | 2,568,751 |
Deferred finance charges | (29,884) |  |  | (3,040) |  |  | (32,924) |
Total | 955,698 |  |  | 1,580,129 |  |  | 2,535,827 |
(1) 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, 2019 and 2018, our debt was as follows:
(in thousands of $) | 2019 | 2018 | Maturity date
Golar Arctic facility | 43,767 |  | 58,300 |  | 2024
Golar Viking facility | 41,667 |  | 46,875 |  | 2020
2017 Convertible bonds | 368,133 |  | 353,661 |  | 2022
Term Facility | 150,000 |  | — |  | 2020
Margin Loan | 100,000 |  | 100,000 |  | 2020
Gimi Facility | 130,000 |  | — |  | 2029
$1.125 billion facility: |  |  |
- Golar Bear facility | 75,425 |  | 86,200 |  | 2024/2026*
- Golar Frost facility | 76,590 |  | 87,532 |  | 2024/2026*
Subtotal (excluding lessor VIE loans) | 985,582 |  | 732,568 |  |
ICBCL VIE loans: |  |  |
- Golar Glacier facility | 127,579 |  | 154,226 |  | Repayable on demand
- Golar Snow facility | 128,112 |  | 154,566 |  | Repayable on demand
- Golar Kelvin facility | 147,025 |  | 182,540 |  | Repayable on demand
- Golar Ice facility | 100,799 |  | 117,888 |  | Repayable on demand
CMBL VIE loan: |  |  |
- Golar Tundra facility | 104,884 |  | 121,741 |  | 2021
CCBFL VIE loan: |  |  |
- Golar Seal facility | 100,424 |  | 123,524 |  | 2021
COSCO VIE loan: |  |  |
- Golar Crystal facility | 91,275 |  | 97,163 |  | 2027
CSSC VIE loan: |  |  |
- Hilli facility | 783,071 |  | 897,980 |  | Repayable on demand/2026
Total debt (gross) | 2,568,751 |  | 2,582,196 |  |
Deferred finance charges | (32,924) |  | (16,837) |  |
Total debt | 2,535,827 |  | 2,565,359 |  |
* The commercial loan tranche matures at the 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. In October 2018, the maturity of the commercial tranche, and consequently the option to the lenders, was extended by five years, to 2024.
Schedule of Quarterly Dividends Details |
In $, except conversion rate |  |  |
| Distribution declared per share | Conversion rate | Conversion price
Second quarter, 2018 | 0.125 |  | 26.610 |  | 37.58 |
Third quarter, 2018 | 0.150 |  | 26.638 |  | 37.54 |
Fourth quarter, 2018 | 0.150 |  | 26.840 |  | 37.26 |
First quarter, 2019 | 0.150 |  | 26.993 |  | 37.05 |
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
Schedule of Lessor VIE Debt |
Facility | Effective from | SPV | Loan counterparty | Loan facility at inception (in $ millions) | Loan facility at December 31, 2019 (in $ millions) | Loan duration/maturity | Interest
Golar Glacier | October 2014 | Hai Jiao 1401 Limited | ICBCIL Finance Co.(1) | 184.8 | 127.6 | Repayable on demand | 3.21% - 6.00%
Golar Snow | January 2015 | Hai Jiao 1402 Limited | ICBCIL Finance Co.(1) | 182.6 | 128.1 | Repayable on demand | 3.21% - 6.00%
Golar Kelvin | January 2015 | Hai Jiao 1405 Limited | ICBCIL Finance Co.(1) | 182.5 | 147.0 | Repayable on demand | 3.21% - 3.89%
Golar Ice | February 2015 | Hai Jiao 1406 Limited | ICBCIL Finance Co.(1) | 172.0 | 100.8 | Repayable on demand | 3.21% - 3.89%
Golar Tundra(2) | November 2015 | Sea 24 Leasing Co Ltd | CMBL | 205.1 | 104.9 | 2021 | LIBOR plus margin
Golar Seal(3) | March 2016 | Compass Shipping 1 Corporation Limited | CCBFL | 162.4 | 100.4 | 2021 | 3.5%
Golar Crystal | April 2018 | Oriental Fleet LNG 01 Limited | COSCO Shipping | 101.0 | 91.3 | 10 years | LIBOR plus margin
Hilli(4) | June 2018 | Fortune Lianjing Shipping S.A. | CSSC | 840.0 | 599.1 | 10 years non-recourse | LIBOR plus margin
|  |  |  | 120.0 | 184.0 | Repayable on demand | Nil
The vessels in the table above are secured as collateral against the long-term loans (see note 26). (1) ICBCIL Finance Co. is a related party of ICBCL. (2) A precondition of the Golar Tundra lease financing with CMBL is for the FSRU to be employed under an effective charter. By virtue of our prior termination of the WAGL charter, we were required to find a replacement charter by June 30, 2019 or we could be required to refinance the vessel. In May 2019, the June 2019 call option date was extended to June 2021. As a result, we have classified the Golar Tundra facility as long-term debt as of December 31, 2019. (3) In November 2018, we obtained an extension on the Seal Facility's put option to January 2021. (4) In July 2019, the SPV, Fortune Lianjiang Shipping S.A., repaid $150.0 million to the interest bearing facility and subsequently drew down $150.0 million from the internal loan with CSSC.

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