SHORT-TERM AND LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2022

Long-Term Debt, by Current and Noncurrent [Abstract]

Schedule of short-term and long-term debt


(in thousands of $)	June 30, 2022	December 31, 2021
Long-term debt:
NOK700 million senior unsecured floating rate bonds due 2023	70,930	79,507
NOK700 million senior unsecured floating rate bonds due 2024	70,423	78,939
NOK600 million senior unsecured floating rate bonds due 2025	54,717	61,334
4.875% senior unsecured convertible notes due 2023	137,900	137,900
7.25% senior unsecured sustainability-linked bonds due 2026	150,000	150,000
Lease debt financing	167,409	126,955
Borrowings secured on Frontline shares	15,639	15,639
Total Fixed Rate and Foreign Debt	667,018	650,274
U.S. dollar denominated floating rate debt due through 2029	1,308,592	1,253,481
Total debt principal	1,975,610	1,903,755
Less: Unamortized debt issuance costs	(12,069)	(14,541)
Less: Current portion of long-term debt	(760,473)	(302,769)
Total long-term debt	1,203,068	1,586,445

Movements in the period:


(in thousands of $)	Fixed Rate and Foreign Debt	U.S. Dollar Floating Rate Debt	Total debt principal
Balance as of December 31, 2021	650,274	1,253,481	1,903,755
Drawdowns	48,750	206,600	255,350
Repayments and redemptions	(8,297)	(151,489)	(159,786)
Effects of foreign exchange	(23,709)	—	(23,709)
Balance as of June 30, 2022	667,018	1,308,592	1,975,610

Schedule of interest rate information


	June 30, 2022		December 31, 2021
Weighted average interest rate*	3.61	%	2.68	%
US Dollar London Interbank Offered Rate ("LIBOR"), 3-Month, closing rate	2.29	%	0.21	%
Secured Overnight Financing Rate ("SOFR"), closing rate	1.50	%	0.05	%
Norwegian Interbank Offered Rate ("NIBOR"), 3-Month, closing rate	1.68	%	0.95	%

*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 U.S. Dollar floating rate debt

New facilities drawn down between January 1, 2022 and June 30, 2022:

Name of facility

Draw down
date

Number of wholly owned subsidiaries entering into the facility

Term

Balance outstanding at period end
($ millions)

$107.25 million term loan facility*

Dec. 2021 - Feb. 2022

three

5 years

105.2

$35 million term and revolving loan facility

Feb. 2022

two

3 years

—

$100 million term loan facility

Mar. 2022

four

5 years

97.5

*The total balance of this facility drawn down in the six months ended June 30, 2022 was $71.5 million.

The Company has provided limited corporate guarantees for the above facilities, which bear interest at LIBOR plus a margin or the compounded daily SOFR plus a margin.

Facilities redeemed between January 1, 2022 and June 30, 2022:

Name of facility

Original draw down date

Number of wholly owned subsidiaries that had entered into the facility

Original Term

Amount redeemed
($ millions)

$50 million secured term loan facility

Feb. 2019

three

4 years

35.2

$29.5 million term loan facility

Mar. 2019

two

5 years

18.0

$35 million term and revolving loan facility

Feb. 2022

two

3 years

35.1