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DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Components of Long-term Debt (including related parties)
(in thousands of $)20202019
Total long-term and short-term debt2,350,782 2,535,827 
Less: current portion of long-term debt and short-term debt(982,845)(1,241,108)
Long-term debt1,367,937 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 31Golar debt
VIE debt (1)
Total debt
(in thousands of $) 
2021 (2)
118,236 945,509 1,063,745 
2022401,976 158,456 560,432 
202318,236 173,085 191,321 
202473,672 68,279 141,951 
202567,079 68,279 135,358 
2026 and thereafter206,661 80,063 286,724 
Total885,860 1,493,671 2,379,531 
Deferred finance charges(26,179)(2,570)(28,749)
Total859,681 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 $)20202019Maturity date
Golar Arctic facility36,472 43,767 2024
Golar Viking facility— 41,667 2020
2017 Convertible bonds383,739 368,133 2022
Term Facility— 150,000 2020
Margin Loan— 100,000 2020
Revolving Credit Facility100,000 — 2021
Gimi Facility300,000 130,000 2030
$1.125 billion facility:
- Golar Bear facility— 75,425 
- Golar Frost facility65,649 76,590 
2024/2026(1)
Subtotal (excluding lessor VIE loans)885,860 985,582 
ICBCL VIE loans:
- Golar Glacier facility110,625 127,579 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 facility89,450 104,884 2021
CCBFL VIE loan:
- Golar Seal facility90,178 100,424 2022
COSCO VIE loan:
- Golar Crystal facility83,596 91,275 2027
CSSC VIE loan:
   - Hilli facility
691,488 783,071 Repayable on demand/2026
AVIC VIE loan:
Golar Bear facility104,807 — 
2023 (2)
Total debt (gross)2,379,531 2,568,751 
Deferred finance charges(28,749)(32,924)
Total debt2,350,782 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 shareConversion rateConversion price
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, 2020 (in $ millions)Loan duration/maturityInterest
Golar GlacierOctober 2014Hai Jiao 1401 Limited
ICBCIL Finance Co.(1)
184.8110.6Repayable on demand
2.65% - 6.00%
Golar SnowJanuary 2015Hai Jiao 1402 Limited
ICBCIL Finance Co.(1)
182.6111.1Repayable on demand
2.65% - 6.00%
Golar KelvinJanuary 2015Hai Jiao 1405 Limited
ICBCIL Finance Co.(1)
182.5128.6Repayable on demand
2.65% - 3.89%
Golar IceFebruary 2015Hai Jiao 1406 Limited
ICBCIL Finance Co.(1)
172.083.9Repayable on demand
2.65% - 3.89%
Golar Tundra(2)
November 2015Sea 24 Leasing Co LtdCMBL205.189.52021LIBOR plus margin
Golar Seal(3)
March 2016Compass Shipping 1 Corporation LimitedCCBFL162.490.220223.5%
Golar CrystalMarch 2017Oriental Fleet LNG 01 LimitedCOSCO Shipping101.083.610 yearsLIBOR plus margin
Hilli(4)
June 2018Fortune Lianjing Shipping S.A.CSSC840.0353.0
8 years non-recourse
LIBOR plus margin
120.0338.5Repayable on demandNil
Golar Bear (5)
June 2020Cool Bear Shipping LimitedAVIC110.0104.820234.0%
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%.