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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Components of Long-term Debt (including related parties) |
(in thousands of $) | 2020 |  | 2019
Total long-term and short-term debt | 2,350,782 |  |  | 2,535,827 |
Less: current portion of long-term debt and short-term debt | (982,845) |  |  | (1,241,108) |
Long-term debt | 1,367,937 |  |  | 1,294,719 |
Future Repayments of Outstanding Debt (including related parties) | The outstanding gross debt as of December 31, 2020 is repayable as follows:
Year ending December 31 | Golar debt |  | VIE debt (1) |  | Total debt
(in thousands of $) |  |  |  |  |
2021 (2) | 118,236 |  |  | 945,509 |  |  | 1,063,745 |
2022 | 401,976 |  |  | 158,456 |  |  | 560,432 |
2023 | 18,236 |  |  | 173,085 |  |  | 191,321 |
2024 | 73,672 |  |  | 68,279 |  |  | 141,951 |
2025 | 67,079 |  |  | 68,279 |  |  | 135,358 |
2026 and thereafter | 206,661 |  |  | 80,063 |  |  | 286,724 |
Total | 885,860 |  |  | 1,493,671 |  |  | 2,379,531 |
Deferred finance charges | (26,179) |  |  | (2,570) |  |  | (28,749) |
Total | 859,681 |  |  | 1,491,101 |  |  | 2,350,782 |
(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 (note 5). (2) As of December 31, 2020, we have presented the maturities for the Golar Tundra facility and Golar Seal facilities as 2021 and 2022 in the table above, due to the call and put options maturing in June 2021 and January 2022, respectively. As the put/call options which are future covenants have not been breached as of December 31, 2020, we have classified the Golar Seal and Golar Tundra facilities as long-term debt, in line with the maturities of their loan facilities related to our lessor VIEs.
Components of Debt | At December 31, 2020 and 2019, our debt was as follows:
(in thousands of $) | 2020 | 2019 | Maturity date
Golar Arctic facility | 36,472 |  | 43,767 |  | 2024
Golar Viking facility | — |  | 41,667 |  | 2020
2017 Convertible bonds | 383,739 |  | 368,133 |  | 2022
Term Facility | — |  | 150,000 |  | 2020
Margin Loan | — |  | 100,000 |  | 2020
Revolving Credit Facility | 100,000 |  | — |  | 2021
Gimi Facility | 300,000 |  | 130,000 |  | 2030
$1.125 billion facility: |  |  |
- Golar Bear facility | — |  | 75,425 |  |
- Golar Frost facility | 65,649 |  | 76,590 |  | 2024/2026(1)
Subtotal (excluding lessor VIE loans) | 885,860 |  | 985,582 |  |
ICBCL VIE loans: |  |  |
- Golar Glacier facility | 110,625 |  | 127,579 |  | Repayable on demand
- Golar Snow facility | 111,108 |  | 128,112 |
- Golar Kelvin facility | 128,562 |  | 147,025 |
- Golar Ice facility | 83,857 |  | 100,799 |
CMBL VIE loan: |  |  |
- Golar Tundra facility | 89,450 |  | 104,884 |  | 2021
CCBFL VIE loan: |  |  |
- Golar Seal facility | 90,178 |  | 100,424 |  | 2022
COSCO VIE loan: |  |  |
- Golar Crystal facility | 83,596 |  | 91,275 |  | 2027
CSSC VIE loan: |  |  |
- Hilli facility | 691,488 |  | 783,071 |  | Repayable on demand/2026
AVIC VIE loan: |  |  |
Golar Bear facility | 104,807 |  | — |  | 2023 (2)
Total debt (gross) | 2,379,531 |  | 2,568,751 |  |
Deferred finance charges | (28,749) |  | (32,924) |  |
Total debt | 2,350,782 |  | 2,535,827 |  |
(1) 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. (2) The Golar Bear facility was refinanced in 2020 before the maturity date, see below for more information.
Schedule of quarterly dividends details |
In $, except conversion rate |  |  |
| Distribution declared per share | Conversion rate | Conversion price
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, 2020 (in $ millions) | Loan duration/maturity | Interest
Golar Glacier | October 2014 | Hai Jiao 1401 Limited | ICBCIL Finance Co.(1) | 184.8 | 110.6 | Repayable on demand | 2.65% - 6.00%
Golar Snow | January 2015 | Hai Jiao 1402 Limited | ICBCIL Finance Co.(1) | 182.6 | 111.1 | Repayable on demand | 2.65% - 6.00%
Golar Kelvin | January 2015 | Hai Jiao 1405 Limited | ICBCIL Finance Co.(1) | 182.5 | 128.6 | Repayable on demand | 2.65% - 3.89%
Golar Ice | February 2015 | Hai Jiao 1406 Limited | ICBCIL Finance Co.(1) | 172.0 | 83.9 | Repayable on demand | 2.65% - 3.89%
Golar Tundra(2) | November 2015 | Sea 24 Leasing Co Ltd | CMBL | 205.1 | 89.5 | 2021 | LIBOR plus margin
Golar Seal(3) | March 2016 | Compass Shipping 1 Corporation Limited | CCBFL | 162.4 | 90.2 | 2022 | 3.5%
Golar Crystal | March 2017 | Oriental Fleet LNG 01 Limited | COSCO Shipping | 101.0 | 83.6 | 10 years | LIBOR plus margin
Hilli(4) | June 2018 | Fortune Lianjing Shipping S.A. | CSSC | 840.0 | 353.0 | 8 years non-recourse | LIBOR plus margin
120.0 | 338.5 | Repayable on demand | Nil
Golar Bear (5) | June 2020 | Cool Bear Shipping Limited | AVIC | 110.0 | 104.8 | 2023 | 4.0%
The vessels in the table above are secured as collateral against the long-term loans (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 of December 31, 2020, the call option which is a future covenant had not been breached, thus we have classified the Golar Tundra facility as a long-term debt. We presented the maturity of the loan facility to be in June 2021 even though the maturity of the sale and leaseback arrangement is in November 2025 as the maturity date of the call option is the earlier of the two. (3) The Golar Seal facility includes a put option that if exercised requires us to repay the facility if an appropriate long-term charter of 4 years or more is not entered into by January 2021. In November 2020, we agreed and executed an extension with CCBFL to extend such put option by one year. As of December 31, 2020, the put option which is a future covenant had not been breached, thus we have classified the Golar Seal facility as a long-term debt. We presented the maturity of the loan facility to be in January 2022 even though the maturity of the sale and leaseback arrangement is in March 2026 as the maturity date of the call option is the earlier of the two. (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. In March, 2020, the SPV, Fortune Lianjiang Shipping S.A., repaid $215.2 million to the interest bearing facility and subsequently drew down $223.0 million from the internal loan with CSSC. (5) In June 2020, we refinanced the Golar Bear facility and concurrently entered into an agreement to bareboat charter the vessel with AVIC for $110.0 million and drawdown $100.0 million. The sale and leaseback arrangement has a term of seven years and bears a interest rate of LIBOR plus margin of 4.00%. However, the loan facility between Cool Bear Shipping Limited and AVIC has a term of three years and bears a fixed interest rate of 4.0%.

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