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SHORT-TERM AND LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2021
Long-term Debt, by Current and Noncurrent [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | 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 |
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. New Facilities, Renewals and 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
During the six months ended June 30, 2021, the Company recorded a net loss of $0.7 million on the repurchase of fixed rate and foreign debt recorded in 'Gain or loss on repurchase of bonds'. During the six months ended June 30, 2020, a net gain of $1.1 million was recorded in respect of the repurchases of NOK500 million of its NOK500 million senior unsecured floating rate bonds due 2020, NOK5 million of its NOK700 million senior unsecured floating rate bonds due 2024, NOK60 million of its NOK600 million senior unsecured floating rate bonds due 2025 and $6.4 million of its 4.875% senior unsecured convertible notes due 2023. New Facilities 7.25% senior unsecured sustainability-linked bonds due 2026 In May 2021, the Company issued a senior unsecured sustainability-linked bond totaling $150 million in the Nordic credit market. The bonds bear quarterly interest at a fixed rate of 7.25% per annum and are redeemable in full on May 12, 2026. The net amount outstanding at June 30, 2021 was $150.0 million. U.S. Dollar Floating Rate Debt New facilities entered into between January 1, 2021 and June 30, 2021:
Name of facility | Draw down date | Number of wholly owned subsidiaries entering into the facility | Term | Balance outstanding at period end ($ 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
Agreements related to long-term debt provide limitations on the amount of total borrowings and secured debt, and acceleration of payment under certain circumstances, including failure to satisfy certain financial covenan ts. As at June 30, 2021, the Company was in compliance with all of the covenants under its long-term debt facilities. Borrowings secured on Frontline shares As at June 30, 2021, the Company had a forward contract which expired in July of 2021, to repurchase 1.4 million shares of Frontline at a repurchase price of $16.3 million including accrued interest. The transaction has been accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability of $15.6 million recorded within debt at June 30, 2021 (December 31, 2020: $15.6 million). In July 2021, the forward contract to repurchase 1.4 million shares of Frontline, was rolled over to January 2022, at a repurchase price of $16.4 million. The Company is required to post collateral of 20% of the total repurchase price plus any negative mark to market movement from the repurchase price for the duration of the agreement. As at June 30, 2021, $5.9 million (December 31, 2020: $9.0 million) was held as collateral and recorded as restricted cash.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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