DEBT (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Long-term debt

(in thousands of $)	2013		2012
U.S. dollar denominated fixed rate debt:
4.5% convertible bond due 2015	190,000		215,000
7.84% to 8.04% First Preferred Mortgage Term Notes	279,480		268,992
Unamortized discount on issuance of 7.84% First Preferred Mortgage Term Notes	(10,402	)	—
Total U.S. dollar fixed rate debt	459,078		483,992
Less: current portion of long-term debt	(22,706	)	(20,700	)
Long term portion of debt	436,372		463,292

Summary of movement in debt

Movements in debt in each of the three years ended December 31, 2013, maybe summarized as follows:

(in thousands of$)
Balance at December 31, 2010	1,364,358
Loan drawdowns	72,000
Loan repayments	(256,527	)
Assumed by Frontline 2012	(666,318	)
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 buy-back	(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

Debt repayment schedule

The outstanding debt as of December 31, 2013 is repayable as follows:

(in thousands of $)
Year ending December 31,
2014	22,706
2015	214,909
2016	27,289
2017	29,850
2018	32,619
Thereafter	131,705
	459,078

Schedule of sinking fund redemption payments

(in thousands of $) Year ending December 31,	Total Debt	Unamortized Discount		Net Debt
2014	24,855	(2,149	)	22,706
2015	26,850	(1,941	)	24,909
2016	29,025	(1,736	)	27,289
2017	31,365	(1,515	)	29,850
2018	33,895	(1,276	)	32,619
Thereafter	133,490	(1,785	)	131,705
	279,480	(10,402	)	269,078

Assets pledged

(in thousands of $)	2013	2012
Vessels, net, held in ITCL	263,367	280,929
Restricted cash and investments	66,249	86,280