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DEBT (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Long-term debt
(in thousands of $)
2014

 
2013

U.S. dollar denominated floating rate debt
29,500

 
—

U.S. dollar denominated fixed rate debt:
 

 
 

   4.5% convertible bond due 2015
126,700

 
190,000

   8.04% First Preferred Mortgage Term Notes
36,657

 
83,240

   7.84% First Preferred Mortgage Term Notes
—

 
196,240

   Unamortized discount on issuance of 7.84% First Preferred Mortgage Term Notes
—

 
(10,402
)
Total debt
192,857

 
459,078

Current portion of long-term debt
(165,357
)
 
(22,706
)
Long term portion of debt
27,500

 
436,372
Summary of movement in debt
Movements in debt in each of the three years ended December 31, 2014, maybe summarized as follows:
(in thousands of $)
 
Balance at December 31, 2011
513,513

4.5% convertible bond - buy-back
(10,000
)
Loan repayments
(19,521
)
Balance at December 31, 2012
483,992

4.5% convertible bond - debt-for-equity swap
(25,000
)
Loan repayments
(21,531
)
Issuance of 7.84% First Preferred Mortgage Term Notes
32,019

Discount on issuance of 7.84% First Preferred Mortgage Term Notes
(12,222
)
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes
1,820

Balance at December 31, 2013
459,078

4.5% convertible bond - buy-back
(17,800
)
4.5% convertible bond - debt-for-equity swaps
(45,500
)
Loan repayments
(54,732
)
Loan draw downs
30,000

Effect of de-consolidation of subsidiaries - 7.84% First Preferred Mortgage Term Notes
(179,818
)
Amortization of discount on issuance of 7.84% First Preferred Mortgage Term Notes
1,629

Balance at December 31, 2014
192,857
Debt repayment schedule
The outstanding debt as of December 31, 2014 is repayable as follows:
(in thousands of $)
 
Year ending December 31,
 
2015
165,357

2016
2,000

2017
25,500

2018
—

2019
—

Thereafter
—

 
192,857
Assets pledged
(in thousands of $)
2014

 
2013

Vessels, net,
55,812

 
263,367

Restricted cash and investments
38,560

 
66,249