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DEBT (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Components of Long-term Debt (including related parties)
(in thousands of $)20192018
Total long-term and short-term debt2,535,827  2,565,359  
Less: current portion of long-term debt and short-term debt(1,241,108) (730,257) 
Long-term debt1,294,719  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 31Golar debt
VIE debt (1)
Total debt
(in thousands of $) 
2020279,011  965,588  1,244,599  
202170,678  261,881  332,559  
2022397,144  67,338  464,482  
202387,344  67,337  154,681  
2024103,355  67,337  170,692  
2025 and thereafter48,050  153,688  201,738  
Total985,582  1,583,169  2,568,751  
Deferred finance charges(29,884) (3,040) (32,924) 
Total955,698  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 $)20192018Maturity date
Golar Arctic facility43,767  58,300  2024
Golar Viking facility41,667  46,875  2020
2017 Convertible bonds368,133  353,661  2022
Term Facility150,000  —  2020
Margin Loan100,000  100,000  2020
Gimi Facility130,000  —  2029
$1.125 billion facility:
- Golar Bear facility75,425  86,200  2024/2026*
- Golar Frost facility76,590  87,532  2024/2026*
Subtotal (excluding lessor VIE loans)985,582  732,568  
ICBCL VIE loans:
- Golar Glacier facility127,579  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 facility104,884  121,741  2021
CCBFL VIE loan:
- Golar Seal facility100,424  123,524  2021
COSCO VIE loan:
- Golar Crystal facility91,275  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 debt2,535,827  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 shareConversion rateConversion price
Second quarter, 20180.125  26.610  37.58  
Third quarter, 20180.150  26.638  37.54  
Fourth quarter, 20180.150  26.840  37.26  
First quarter, 20190.150  26.993  37.05  
Schedule of Tranches The facility is divided into three tranches, with the following general terms:
TrancheProportion of facilityTerm of loan from date of drawdownRepayment terms
K-Sure40%12 years
six-monthly installments
KEXIM40%12 years
Six-monthly installments
Commercial20%5 years
Six-monthly installments, unpaid balance to be refinanced after 5 years
Schedule of Lessor VIE Debt
FacilityEffective fromSPVLoan counterpartyLoan facility at inception (in $ millions)Loan facility at December 31, 2019 (in $ millions)Loan duration/maturityInterest
Golar GlacierOctober 2014Hai Jiao 1401 Limited
ICBCIL Finance Co.(1)
184.8127.6Repayable on demand
3.21% - 6.00%
Golar SnowJanuary 2015Hai Jiao 1402 Limited
ICBCIL Finance Co.(1)
182.6128.1Repayable on demand
3.21% - 6.00%
Golar KelvinJanuary 2015Hai Jiao 1405 Limited
ICBCIL Finance Co.(1)
182.5147.0Repayable on demand
3.21% - 3.89%
Golar IceFebruary 2015Hai Jiao 1406 Limited
ICBCIL Finance Co.(1)
172.0100.8Repayable on demand
3.21% - 3.89%
Golar Tundra(2)
November 2015Sea 24 Leasing Co LtdCMBL205.1104.92021LIBOR plus margin
Golar Seal(3)
March 2016Compass Shipping 1 Corporation LimitedCCBFL162.4100.420213.5%
Golar CrystalApril 2018Oriental Fleet LNG 01 LimitedCOSCO Shipping101.091.310 yearsLIBOR plus margin
Hilli(4)
June 2018Fortune Lianjing Shipping S.A.CSSC840.0599.1
10 years non-recourse
LIBOR plus margin
120.0184.0Repayable on demandNil
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.