---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-051137"
form_type: "8-K"
ticker: "ASPN"
cik: "0001145986"
company_name: "ASPEN AEROGELS INC"
filed_at: "2023-10-02T23:59:59+00:00"
generated_at: "2026-06-10T06:15:21.607102+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Aspen Aerogels amends $500M+ GM loan; extends draw period, maturity, adds covenants

## Summary
- Draw period extended to March 31, 2024 from September 30, 2023 (start linked to GM's Plant production date).
- Maturity date extended from March 31, 2025 to September 30, 2025.
- Added financial covenants: Total Leverage Ratio ≤ 5.00:1.00 and debt/equity ≤ 1.20x, effective Q4 2024.
- New condition: Borrower must evidence aggregate equity/debt financing of at least $500M for Plant construction.
- Borrowing requires 70% of total Plant cost fully funded before any draw under the Loan Agreement.

## SEC filing metadata
- accession: 0000950170-23-051137
- form_type: 8-K
- ticker: ASPN
- cik: 0001145986
- company_name: ASPEN AEROGELS INC
- filed_at: 2023-10-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1145986/000095017023051137/0000950170-23-051137-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1145986/000095017023051137/aspn-20230928.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-051137
- JSON: https://secwatch.observer/filing/0000950170-23-051137.json
- Plain text: https://secwatch.observer/filing/0000950170-23-051137.txt

## Key facts
- Material Agreements
  ASPEN AEROGELS INC amended Loan Agreement with General Motors Holdings LLC valued at Extended draw period to end on March 31, 2024; extended maturity date to September 30, 2025; added f (effective 2023-09-28).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: General Motors Holdings LLC
  - Value: Extended draw period to end on March 31, 2024; extended maturity date to September 30, 2025; added f
  - Effective: 2023-09-28
  source text: On September 28, 2023 (the “ First Amendment Effective Date ”), Aspen Aerogels Georgia, LLC, a Georgia limited liability company (the “ Borrower ”), a wholly-owned subsidiary of Aspen Aerogels, Inc., a Delaware corporation (the “ Company ”), entered into a first amendment (the “ First Amendment ”) to amend that certain loan agreement, dated as of November 28, 2022 (the “ Loan Agreement ”), by and among (i) the Borrower, (ii) the Company, as a guarantor and (iii) Aspen Aerogels Rhode Island, LLC, a Rhode Island limited liability company (“ Aspen RI ” and, together with the Borrower and the Company, each, a “ Loan Party ” and collectively, the “ Loan Parties ”), as a guarantor, and (iv) General Motors Holdings LLC (“ GM ”), as lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1145986/000095017023051137/0000950170-23-051137-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.