ASPEN AEROGELS INC (ASPN): debt financing — Aspen Aerogels secures $100M GM loan for Georgia plant; cuts convertible note conversion price

ASPEN AEROGELS INC

Up to $100M senior secured term loan from GM Holdings for Phase 1 of Bulloch County, GA aerogel plant; interest at Term SOFR + 8% (cash) or +9% (PIK).
First $33M available after KSP equity investment of ≥$100M; remainder subject to milestones and matching equity/debt.
Convertible note conversion price reduced from $34.9366 to $29.9366/share and transfer restrictions removed.
SVB $20M revolver terminated with no outstanding borrowings; $1.2M in letters of credit cash collateralized.
Loan guaranteed by company and Aspen RI, secured by assets excluding IP; Koch convertible notes subordinated.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASPEN AEROGELS INC incurred term loan of aggregate principal amount of up to $100.0 million with General Motors Holdings LLC at The interest rate on the Loan is equal to the term Secured Overnight Financing R maturing the earlier of (i) March 31, 2025 and (ii) 90 days prior to the maturity date of any other debt facility to which the Loan Parties may be a party (other than an.

Instrument: term loan
Principal: aggregate principal amount of up to $100.0 million
Counterparty: General Motors Holdings LLC
Rate: The interest rate on the Loan is equal to the term Secured Overnight Financing R
Maturity: the earlier of (i) March 31, 2025 and (ii) 90 days prior to the maturity date of any other debt facility to which the Loan Parties may be a party (other than an
Event: incurrence

Exact text from the filing

and equipment for the first phase of the Plant (the “ Budget ”). The Loan Agreement provides for a multi-draw senior secured term loan in an aggregate principal amount of up to $100.0 million (the “ Loan ”), available to the Borrower to draw on a delayed draw basis after January 1, 2023 to September 30, 2023, subject to certain conditions precedent to funding. The

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Source: SEC EDGAR

accession 0001193125-22-294312

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