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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Components of Long-term Debt (including related parties) |
(in thousands of $) | 2021 |  | 2020
Total debt, net of deferred finance charges | (2,409,801) |  |  | (2,350,782) |
Less: Current portion of long-term debt and short-term debt | 1,051,582 |  |  | 982,845 |
Long-term debt | (1,358,219) |  |  | (1,367,937) |
Future Repayments of Outstanding Debt (including related parties) | The outstanding debt, gross of deferred finance charges, as of December 31, 2021 is repayable as follows:
Year ending December 31 | Golar debt |  | VIE debt (1) |  | Total debt
(in thousands of $) |  |  |  |  |
2022 | (343,793) |  |  | (708,758) |  |  | (1,052,551) |
2023 | (28,147) |  |  | (173,085) |  |  | (201,232) |
2024 | (101,074) |  |  | (68,279) |  |  | (169,353) |
2025 | (367,646) |  |  | (146,819) |  |  | (514,465) |
2026 | (176,691) |  |  | (42,448) |  |  | (219,139) |
2027 and thereafter | (249,583) |  |  | (35,602) |  |  | (285,185) |
Total | (1,266,934) |  |  | (1,174,991) |  |  | (2,441,925) |
Deferred finance charges | 30,377 |  |  | 1,747 |  |  | 32,124 |
Total debt net of deferred finance charges | (1,236,557) |  |  | (1,173,244) |  |  | (2,409,801) |
(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).
Components of Debt | At December 31, 2021 and 2020, our debt was as follows:
(in thousands of $) | 2021 | 2020 | Maturity date
Golar Arctic facility | (29,178) |  | (36,472) |  | 2024
2017 Convertible bonds | (315,646) |  | (383,739) |  | 2022
Norwegian bonds | (299,403) |  | — |  | 2025
Golar Tundra facility | (158,000) |  | — |  | 2026
Revolving Credit Facility | — |  | (100,000) |  |
Gimi Facility | (410,000) |  | (300,000) |  | 2030
$1,125 billion facility: |  |  |
- Golar Frost facility | (54,707) |  | (65,649) |  | 2024 (1)
Subtotal (excluding lessor VIE loans) | (1,266,934) |  | (885,860) |  |
ICBCL VIE loans: |  |  |
- Golar Glacier facility | (82,816) |  | (110,625) |  | Repayable on demand
- Golar Snow facility | (81,970) |  | (111,108) |
- Golar Kelvin facility | (99,538) |  | (128,562) |
- Golar Ice facility | (54,947) |  | (83,857) |
CMBL VIE loan: |  |  |
- Golar Tundra facility | — |  | (89,450) |  |
CCBFL VIE loan: |  |  |
- Golar Seal facility | (78,540) |  | (90,178) |  | 2025
COSCO VIE loan: |  |  |
- Golar Crystal facility | (75,094) |  | (83,596) |  | 2027
CSSC VIE loan: |  |  |
- Hilli facility | (597,280) |  | (691,488) |  | Repayable on demand/2026
AVIC VIE loan: |  |  |
Golar Bear facility | (104,806) |  | (104,807) |  | 2023
Total debt (gross) | (2,441,925) |  | (2,379,531) |  |
Deferred finance charges | 32,124 |  | 28,749 |  |
Total debt net of deferred finance charges | (2,409,801) |  | (2,350,782) |  |
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 | The following loans relate to our lessor VIE entities, including ICBCL, CCBFL, COSCO, CSSC and AVIC that we consolidate as variable interest entities (“VIEs”). Although we have no control over the funding arrangements of these entities, we consider ourselves the primary beneficiary of these VIEs and we are therefore required to consolidate these loan facilities into our financial results. See note 5 for additional information.
Facility | Effective from | SPV | Loan counterparty | Loan facility at inception (in $ millions) | Loan facility at December 31, 2021(in $ millions) | Loan duration/maturity | Interest
Golar Glacier | October 2014 | Hai Jiao 1401 Limited | ICBCIL Finance Co.(1) | (184.8) | (82.8) | Repayable on demand | 2.11% - 2.65%
Golar Snow | January 2015 | Hai Jiao 1402 Limited | ICBCIL Finance Co.(1) | (182.6) | (82.0) | Repayable on demand | 2.11% - 2.65%
Golar Kelvin | January 2015 | Hai Jiao 1405 Limited | ICBCIL Finance Co.(1) | (182.5) | (99.5) | Repayable on demand | 2.11% - 2.65%
Golar Ice | February 2015 | Hai Jiao 1406 Limited | ICBCIL Finance Co.(1) | (172.0) | (54.9) | Repayable on demand | 2.11% - 2.65%
Golar Seal (2) | March 2016 | Compass Shipping 1 Corporation Limited | CCBFL | (162.4) | (78.5) | 2025 | 2.46% - 3.50%
Golar Crystal | March 2017 | Oriental Fleet LNG 01 Limited | COSCO Shipping | (101.0) | (75.1) | 10 years | LIBOR plus margin
Hilli (3) | June 2018 | Fortune Lianjing Shipping S.A. | CSSC | (840.0) | (320.2) | 8 years non-recourse | LIBOR plus margin
(120.0) | (277.1) | Repayable on demand | Nil
Golar Bear | June 2020 | Cool Bear Shipping Limited | AVIC | (110.0) | (104.8) | 2023 | 3.00% - 4.00%
The vessels in the table above are secured as collateral against these long-term loans (note 29). (1) ICBCIL Finance Co. is a related party of ICBCL. (2) 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. In November 2021, we entered into another supplemental agreement with existing lender to extend further the put option maturity from January 2025. Since then, we presented the maturity of the loan facility to January 2025 even though the maturity of the sale and leaseback arrangement is in March 2026 given the maturity date of the call option is the earlier of the two. (3) 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.

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