Note 8—Debt

The following table summarizes our outstanding debt (in thousands):



	March 31, 2017			December 31, 2016
Hawaii Retail Credit Facilities	$	92,569		$	95,319
5.00% Convertible Senior Notes due 2021	115,000			115,000
Term Loan	50,361			60,361
Par Wyoming Holdings Term Loan	67,325			67,325
Wyoming Refining Senior Secured Term Loan	53,394			55,715
Wyoming Refining Senior Secured Revolver	7,800			6,700
Principal amount of long-term debt	386,449			400,420
Less: unamortized discount and deferred financing costs	(28,043		)	(30,024		)
Total debt, net of unamortized discount and deferred financing costs	358,406			370,396
Less: current maturities	(20,286		)	(20,286		)
Long-term debt, net of current maturities	$	338,120		$	350,110

Our debt is subject to various affirmative, negative, and financial covenants. As of March 31, 2017, we were in compliance with all debt covenants. Some of our subsidiaries have restrictions in their respective credit facilities with regard to dividends, distributions, loans, or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.

Wyoming Refining Credit Facilities

Wyoming Refining Company and its wholly owned subsidiary, Wyoming Pipeline Company LLC, are borrowers under a Third Amended and Restated Loan Agreement dated as of April 30, 2015 (as amended, the “Wyoming Refining Credit Facilities”), with Bank of America, N.A. as the lender. The Wyoming Refining Credit Facilities provide for (a) a revolving credit facility in the maximum principal amount at any time outstanding of $30 million ("Wyoming Refining Senior Secured Revolver"), subject to a borrowing base, which provides for revolving loans and for the issuance of letters of credit and (b) certain term loans that are fully advanced ("Wyoming Refining Senior Secured Term Loan"). The Wyoming Refining Senior Secured Term Loan requires quarterly principal payments of $2.3 million. All remaining outstanding amounts under the Wyoming Refining Senior Secured Term Loan and the Wyoming Refining Senior Secured Revolver are fully payable on April 30, 2018.

5.00% Convertible Senior Notes Due 2021

As of March 31, 2017, the outstanding principal amount of the 5.00% Convertible Senior Notes was $115.0 million, the unamortized discount and deferred financing cost was $22.9 million and the carrying amount of the liability component was $92.1 million. As of March 31, 2017, the if-converted value did not exceed the outstanding principal amount of the 5.00% Convertible Senior Notes.

Cross Default Provisions

Included within each of our debt agreements are customary cross default provisions that require the repayment of amounts outstanding on demand should an event of default occur and not be cured within the permitted grace period, if any. As of March 31, 2017, we are in compliance with all of our credit agreements.

Guarantors

In connection with our shelf registration statement on Form S-3, which was filed with the SEC on September 2, 2016 and declared effective on September 16, 2016 (“Registration Statement”), we may sell non-convertible debt securities and other securities in one or more offerings with an aggregate initial offering price of up to $750 million. Any non-convertible debt securities issued under the Registration Statement may be fully and unconditionally guaranteed (except for customary release provisions), on a joint and several basis, by some or all of our subsidiaries, other than subsidiaries that are “minor” within the meaning of Rule 3-10 of Regulation S-X (the “Guarantor Subsidiaries”). We have no “independent assets or operations” within the meaning of Rule 3-10 of Regulation S-X and certain of the Guarantor Subsidiaries may be subject to restrictions on their ability to distribute funds to us, whether by cash dividends, loans or advances.