Quarterly report pursuant to Section 13 or 15(d)

Indebtedness

v3.7.0.1
Indebtedness
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Debt Disclosure
Indebtedness
Debt consisted of the following:
 
March 31,
2017
 
December 31,
2016
Term loan credit facilities
$
282,686

 
$
284,233

Alon USA, LP Credit Facility

 

Convertible senior notes
138,422

 
136,602

Retail credit facilities
95,211

 
107,131

Total debt
516,319

 
527,966

Less: Current portion
16,414

 
16,414

Total long-term debt
$
499,905

 
$
511,552


(a) Letter of Credit Facility and Alon USA, LP Revolving Credit Facility
We had letters of credit outstanding under our $60,000 letter of credit facility of $56,227 and $57,727 at March 31, 2017 and December 31, 2016, respectively.
At March 31, 2017 and December 31, 2016, there were no outstanding borrowings under the Alon USA, LP $240,000 revolving credit facility. At March 31, 2017 and December 31, 2016, we had letters of credit outstanding of $68,159 and $100,613, respectively.
(b) Convertible Senior Notes
The conversion rate for our 3.00% unsecured convertible senior notes (“Convertible Notes”) is subject to adjustment upon the occurrence of certain events, including cash dividend adjustments, but will not be adjusted for any accrued and unpaid interest. As of March 31, 2017, the adjusted conversion rate was 73.702 shares of our common stock per each $1 (in thousands) principal amount of Convertible Notes, equivalent to a per share conversion price of approximately $13.57, to reflect cash dividend adjustments. The options had an adjusted strike price of $13.57 per share and the warrants had an adjusted strike price of $18.43 per share. Upon a potential change of control, we may have to settle the value of the warrants. Any future quarterly cash dividend payments in excess of $0.06 per share will cause further adjustment based on the formula contained in the indenture governing the Convertible Notes. As of March 31, 2017, there have been no conversions of the Convertible Notes.
(c) Financial Covenants
We have certain credit agreements that contain maintenance financial covenants. At March 31, 2017, we were in compliance with these covenants.