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SHORT-TERM AND LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2020
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, 2020December 31, 2019
Long-term debt:
5.75% senior unsecured convertible bonds due 2021212,230 212,230 
NOK500 million senior unsecured floating rate bonds due 2020— 56,910 
4.875% senior unsecured convertible bonds due 2023141,900 148,300 
NOK700 million senior unsecured floating rate bonds due 202372,607 79,674 
NOK700 million senior unsecured floating rate bonds due 202472,088 79,674 
NOK600 million senior unsecured floating rate bonds due 202556,011 — 
Borrowings secured on Frontline shares15,639 36,763 
Total Fixed Rate and Foreign Debt570,475 613,551 
U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 20251,038,842 1,013,626 
Total debt principal1,609,317 1,627,177 
Less: Unamortized debt issuance costs(18,258)(19,089)
Less: Current portion of long-term debt(298,300)(253,059)
Total long-term debt1,292,759 1,355,029 

(in thousands of $)
Fixed Rate and Foreign DebtU.S. Dollar Floating Rate DebtTotal debt principal
Balance atDecember 31, 2019613,551 1,013,626 1,627,177 
Drawdowns67,231 280,000 347,231 
Repayments and redemptions(87,278)(254,784)(342,062)
Effects of foreign exchange(23,029)— (23,029)
Balance atJune 30, 2020570,475 1,038,842 1,609,317 

Interest rate information
June 30, 2020December 31, 2019
Weighted average interest rate2.63 %4.27 %
US Dollar London Interbank Offered Rate ("LIBOR")0.30 %1.91 %
Norwegian Interbank Offered Rate (" NIBOR")0.36 %1.84 %
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, 2020 and June 30, 2020

Bond In Millions of NOKIn Millions of USD
NOK500 million senior unsecured floating rate bonds due 2020500
NOK700 million senior unsecured floating rate bonds due 20245
NOK600 million senior unsecured floating rate bonds due 202560
4.875% senior unsecured convertible bonds due 2023 6.4
During the six months ended June 30, 2020 the Company recorded a gain of $1.1 million on the repurchase of Fixed rate and Foreign Debt recorded in 'Gain on repurchase of bonds and extinguishment of debt'. During the six months ended June 30, 2019 a gain of $1.8 million was recorded in respect of the repurchases of $3.4 million of its 4.875% senior unsecured convertible bonds due 2023 and $11.0 million of the $101.4 secured term loan facility for $9.4 million.

New Facilities

NOK600 million senior unsecured bonds due 2025
In January 2020, the Company issued a senior unsecured bond totaling NOK600 million (equivalent to $67.2 million) in the Nordic credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on January 21, 2025. Since issue, the Company repurchased NOK60 million, the net amount outstanding at June 30, 2020 was NOK540 million, equivalent to $56.0 million.

U.S. Dollar Floating Rate Debt

New facilities entered into between January 1, 2020 and June 30, 2020

Name of facilityMonth drawn down Number of wholly owned subsidiaries entering into the facilityTermBalance outstanding at period end ($ millions)
$40 million secured term loan facilityMarchtwo2 years39
$15 million secured term loan facilityMarchthree5 years14
$175 million secured term loan facilityAprilfour5 years175
$50 million secured term loan facilityMayone5 years50

Except for the $50 million facility, the Company has provided corporate guarantees either limited or full, for the above facilities, which bear interest at LIBOR plus a margin.


Facilities redeemed between January 1, 2020 and June 30, 2020

Name of facilityOriginal drawn down Number of wholly owned subsidiaries that had entered into the facilityOriginal TermBalance redeemed ($ millions)
$128 million secured term loan facilitySept 2014two7 years84
$128 million secured term loan facilityNov 2014two7 years87


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 covenants. As of June 30, 2020 the Company was in compliance with all of the covenants under its long-term debt facilities.

Borrowings secured on Frontline shares

As at December 31, 2019, the Company had a forward contract to repurchase 3.4 million shares of Frontline on June 30, 2020 for $36.8 million. The transaction was accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability recorded at December 31, 2019 within debt for $36.8 million. During the six
months ended June 30, 2020 the company repurchased 2.0 million shares subject to the forward contact and repaid $21.1 million of the secured borrowing.

As at June 30, 2020 the Company had a forward contract to repurchase 1.4 million shares of Frontline on September 30, 2020, at a repurchase price of $16.1 million including deemed interest. The transaction has been accounted for as a secured borrowing, with the shares transferred to 'Marketable securities pledged to creditors' and a liability recorded within debt for $15.6 million. The Company is required to post collateral of 20% of the total repurchase price plus 100% of the mark to market movement from the repurchase price for the duration of the agreement. As at June 30, 2020 $8.0 million (December 31, 2019: $3.5 million) was held as collateral and recorded as restricted cash.