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SHORT-TERM AND LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2021
Long-term Debt, by Current and Noncurrent [Abstract] |
Schedule of short-term and long-term debt |
(in thousands of $) | June 30, 2021 |  | December 31, 2020
Long-term debt: |  |  |
5.75% senior unsecured convertible notes due 2021 | 146,919 |  |  | 212,230 |
4.875% senior unsecured convertible notes due 2023 | 137,900 |  |  | 139,900 |
7.25% senior unsecured sustainability-linked bonds due 2026 | 150,000 |  |  | — |
NOK700 million senior unsecured floating rate bonds due 2023 | 81,238 |  |  | 81,572 |
NOK700 million senior unsecured floating rate bonds due 2024 | 80,657 |  |  | 80,989 |
NOK600 million senior unsecured floating rate bonds due 2025 | 62,669 |  |  | 62,927 |
Borrowings secured on Frontline shares | 15,639 |  |  | 15,639 |
Total Fixed Rate and Foreign Debt | 675,022 |  |  | 593,257 |
U.S. dollar denominated floating rate debt due through 2025 | 1,020,471 |  |  | 1,070,137 |
Total debt principal | 1,695,493 |  |  | 1,663,394 |
Less: Unamortized debt issuance costs | (13,770) |  |  | (14,325) |
Less: Current portion of long-term debt | (369,552) |  |  | (484,956) |
Total long-term debt | 1,312,171 |  |  | 1,164,113 |
Movements in the period:
(in thousands of $) |  | Fixed Rate and Foreign Debt |  | U.S. Dollar Floating Rate Debt |  | Total debt principal
Balance at December 31, 2020 |  | 593,257 |  |  | 1,070,137 |  |  | 1,663,394 |
Drawdowns |  | 150,000 |  |  | 102,000 |  |  | 252,000 |
Repayments and redemptions |  | (67,311) |  |  | (151,666) |  |  | (218,977) |
Effects of foreign exchange |  | (924) |  |  | — |  |  | (924) |
Balance at June 30, 2021 |  | 675,022 |  |  | 1,020,471 |  |  | 1,695,493 |
Schedule of interest rate information |
| June 30, 2021 |  | December 31, 2020
Weighted average interest rate* | 2.85 | % |  | 2.91 | %
US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate | 0.15 | % |  | 0.24 | %
Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate | 0.20 | % |  | 0.49 | %
*The weighted average interest rate is for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) which takes into consideration the effect of related interest rate swaps.
Schedule of fixed rate and foreign debt redemptions | Fixed Rate and Foreign Debt Redemptions between January 1, 2021 and June 30, 2021
Bond |  |  | In Millions of USD
4.875% senior unsecured convertible notes due 2023 |  |  | 2.0
5.75% senior unsecured convertible notes due 2021 |  |  | 65.3
Schedule of floating rate debt new facilities and redemptions | U.S. Dollar Floating Rate Debt New facilities entered into between January 1, 2021 and June 30, 2021:
Name of facility | Draw down date | Number of wholly owned subsidiaries entering into the facility | Term | Balance outstanding at period end ($ millions)
$51 million term loan facility | Feb. 2021 | one | 4 years | 49.9
$51 million term loan facility | Apr. 2021 | one | 4 years | 51.0
The Company has provided limited corporate guarantees for the above facilities, which bear interest at LIBOR plus a margin. Facilities redeemed between January 1, 2021 and June 30, 2021:
Name of facility | Original draw down date | Number of wholly owned subsidiaries that had entered into the facility | Original Term | Amount redeemed ($ millions)
$210 million secured term loan facility | Nov. 2015 | three | 5 years | 99.5

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