---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-25-007988"
form_type: "8-K"
ticker: "ASPN"
cik: "0001145986"
company_name: "ASPEN AEROGELS INC"
filed_at: "2025-12-18T23:59:59+00:00"
generated_at: "2026-05-16T12:42:30.997792+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Aspen Aerogels amends MidCap credit facility: removes EBITDA covenant, boosts liquidity threshold to 100% of term loan

## Summary
- Minimum liquidity threshold raised from greater of $50M and 85% of term loan to greater of $50M and 100%.
- Minimum EBITDA financial maintenance covenant removed entirely.
- Mandatory prepayment from asset sales reduces amortization in direct order of maturity; acquisition basket reduced.
- CFO states liquidity trending ahead of expectations; amendment provides flexibility for 2026.

## SEC filing metadata
- accession: 0001171843-25-007988
- form_type: 8-K
- ticker: ASPN
- cik: 0001145986
- company_name: ASPEN AEROGELS INC
- filed_at: 2025-12-18T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1145986/000117184325007988/0001171843-25-007988-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1145986/000117184325007988/f8k_121725.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-25-007988
- JSON: https://secwatch.observer/filing/0001171843-25-007988.json
- Plain text: https://secwatch.observer/filing/0001171843-25-007988.txt

## Key facts
- Material Agreements
  ASPEN AEROGELS INC amended Amendment No. 2 to Credit, Security and Guaranty Agreement with MidCap Funding IV Trust, as agent, MidCap Financial Trust, as term loan servicer, and the Lenders party thereto (effective 2025-12-16).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: MidCap Funding IV Trust, as agent, MidCap Financial Trust, as term loan servicer, and the Lenders party thereto
  - Effective: 2025-12-16
  source text: are limited liability company (“ Aspen Mexico ”) and Aspen Aerogels Georgia, LLC, a Georgia limited liability company (“ Aspen Georgia ” and, together with the Company, Aspen RI and Aspen Mexico, collectively, the “ Credit Parties ”) entered into that certain Amendment No. 2 to Credit, Security and Guaranty Agreement (“ Amendment No. 2 ”), by and among the Credit Parties, MidCap Funding IV Trust, as agent (the “ Agent ”), MidCap Financial Trust, as term loan servicer (the “ Term Loan Servicer ”), and the Lenders (as defined below) party thereto, which amends that certain Credit, Security and Guaranty Agreement, dated as of August 19, 2024 (the “ Credit Agreement ” and the facilities provided thereunder, collectively, the “ MidCap Loan Facility ”; the MidCap Loan Facility, as amended by that certain Amendment No.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1145986/000117184325007988/0001171843-25-007988-index.htm

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