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SHORT-TERM AND LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2024
Long-Term Debt, by Current and Noncurrent [Abstract] |
Schedule of short-term and long-term debt |
(in thousands of $) | June 30, 2024 |  | December 31, 2023
Short-term and long-term debt: |  |  |
NOK700 million senior unsecured floating rate bonds due 2024 | — |  |  | 68,426 |
NOK600 million senior unsecured floating rate bonds due 2025 | 53,373 |  |  | 58,089 |
7.25% senior unsecured sustainability-linked bonds due 2026 | 150,000 |  |  | 150,000 |
U.S. dollar denominated fixed rate debt due 2026 | 148,125 |  |  | 148,875 |
8.875% senior unsecured sustainability-linked bonds due 2027 | 150,000 |  |  | 150,000 |
8.25% senior unsecured sustainability-linked bonds due 2028 | 150,000 |  |  | — |
U.S. dollar denominated floating rate debt | 914,201 |  |  | 1,014,842 |
Lease debt financing | 733,522 |  |  | 573,456 |
Total debt principal | 2,299,221 |  |  | 2,163,688 |
Less: Unamortized debt issuance costs | (16,337) |  |  | (16,942) |
Less: Current portion of long-term debt | (570,992) |  |  | (432,918) |
Total long-term debt | 1,711,892 |  |  | 1,713,828 |
Schedule of interest rate information |
| June 30, 2024 |  | December 31, 2023
Weighted average interest rate on floating rate debt* | 6.38 | % |  | 6.49 | %
Weighted average interest rate on lease debt financing | 5.49 | % |  | 5.41 | %
Weighted average interest rate on fixed rate debt | 8.40 | % |  | 8.46 | %
Secured Overnight Financing Rate ("SOFR"), closing rate | 5.33 | % |  | 5.38 | %
Effective Federal Funds Rate ("EFFR"), closing rate | 5.33 | % |  | 5.33 | %
Norwegian Interbank Offered Rate ("NIBOR"), three-month, closing rate | 4.73 | % |  | 4.73 | %
*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 and cross currency swaps.
Schedule of U.S .Dollar Floating Rate Debt Drawn Downs and Redemptions | The following table presents information on U.S. dollar floating rate debt facilities outstanding as of June 30, 2024 and December 31, 2023. The facilities bear interest at SOFR plus a margin, except the $60 million loan facility which bears interest at EFFR plus a margin.
U.S. dollar floating rate debt | Corporate guarantee | Draw-down date | No. of subsidiaries † | Approx. term | Balance outstanding as of ($'millions),
June 30, 2024 | December 31, 2023
$45 million secured term loan and revolving credit facility* | Full | 2014 | 7 | 11 | 30.0 |  | 32.5 |
$20 million secured term loan facility* | Full | 2014 | 2 | 10 | — |  | 12.0 |
$76 million secured term loan facility* | Part | 2017 | 2 | 7 | 40.9 |  | 43.5 |
$175 million term loan facility* | Part | 2020 | 4 | 5 | 99.3 |  | 108.7 |
$50 million senior secured credit facility* | Full | 2020 | 1 | 4 | 32.5 |  | 35.0 |
$51 million term loan facility* | Part | 2021 | 1 | 4 | 36.8 |  | 39.0 |
$51 million term loan facility* | Part | 2021 | 1 | 4 | 37.9 |  | 40.1 |
$35 million term loan facility* | Part | 2021 | 1 | 7 | 29.9 |  | 30.9 |
$107.3 million term loan facility* | Part | 2021 | 3 | 5 | 92.6 |  | 95.7 |
$100 million term loan facility* | Part | 2022 | 4 | 5 | 77.2 |  | 82.3 |
$23 million term loan facility* | Full | 2022 | 2 | 2 | 14.9 |  | 17.3 |
$115 million term loan facility* | Part | 2022 | 8 | 3 | 80.0 |  | 90.0 |
$144.6 million term loan facility* | Full | 2023 | 4 | 3 | 131.8 |  | 136.9 |
$23.3 million term loan facility** | Full | 2023 | 1 | 1 | — |  | 13.9 |
$23.3 million term loan facility** | Full | 2023 | 1 | 1 | — |  | 18.6 |
$150 million senior secured term loan facility** | Full | 2023 | 1 | 3 | 142.0 |  | 150.0 |
$8.4 million senior unsecured term loan facility*** | — | 2023 | — | 3 | 8.4 |  | 8.4 |
$60 million loan facility**** | Part | 2024 | 1 | 0 | 60.0 |  | 60.0 |
Total |  |  |  |  | 914.2 |  | 1,014.8 |
† Number of wholly-owned subsidiaries which entered into the facility. *These facilities are secured against the vessels owned by the subsidiaries that entered into the facility agreements. In addition, the facilities contain a minimum value covenant and covenants that require the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios. ** These facilities are secured against the pre-delivery contracts or rigs owned by the subsidiaries that entered into the facility agreements. In addition, the facilities contain covenants that require the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios. ***This facility was drawn down by the Company and contains covenants that requires the Company to maintain certain minimum levels of free cash, working capital and adjusted book equity ratios. ****In December 2021, one of our wholly-owned subsidiaries entered into a general share lending agreement and as of June 30, 2024, 11.8 million of the Company’s shares were in the custody of the bank. This facility provides up to $60.0 million cash collateral to us, callable at any time, pertinent to the shares lent. The facility is repayable on demand, by either party to the agreement.
Schedule of Lease Debt Financing Facilities Outstanding | The following table presents information on lease debt financing facilities outstanding as of June 30, 2024 and December 31, 2023.
Lease Debt Financing | Price of vessel sold and leased back ($' millions) | Lease start date | Approx. length of lease in years | First repurchase option | Balance outstanding as of ($'millions),
June 30, 2024 | December 31, 2023
$65 million lease debt financing | 65.0 | 2021 | 6 | 2026 | 45.7 |  | 49.4 |
$65 million lease debt financing | 65.0 | 2021 | 6 | 2026 | 45.9 |  | 49.5 |
$23.5 million lease debt financing | 23.5 | 2022 | 3 | 2025 | 14.1 |  | 16.3 |
$25.3 million lease debt financing | 25.3 | 2022 | 3 | 2025 | 15.7 |  | 18.0 |
$120 million lease debt financing | 120.0 | 2022 | 8 | 2029 | 103.2 |  | 108.4 |
$120 million lease debt financing | 120.0 | 2022 | 8 | 2029 | 104.6 |  | 109.7 |
$45 million lease debt financing | 45.0 | 2023 | 5 | 2028 | 39.2 |  | 41.7 |
$38.5 million lease debt financing | 38.5 | 2023 | 9 | 2028 | 36.0 |  | 37.3 |
$72.2 million lease debt financing | 72.2 | 2023 | 12 | 2033 | 69.5 |  | 71.2 |
$72.2 million lease debt financing | 72.2 | 2023 | 12 | 2033 | 70.2 |  | 72.0 |
$77.5 million lease debt financing | 77.5 | 2024 | 12 | 2033 | 75.8 |  | — |
$77.5 million lease debt financing | 77.5 | 2024 | 12 | 2033 | 76.6 |  | — |
$37 million lease debt financing | 37.0 | 2024 | 8 | 2028 | 37.0 |  | — |
Total |  |  |  |  | 733.5 |  | 573.5 |

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