---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-294312"
form_type: "8-K"
ticker: "ASPN"
cik: "0001145986"
company_name: "ASPEN AEROGELS INC"
filed_at: "2022-11-29T23:59:59+00:00"
generated_at: "2026-06-21T12:06:14.866377+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Aspen Aerogels secures $100M GM loan for Georgia plant; cuts convertible note conversion price

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-22-294312
- form_type: 8-K
- ticker: ASPN
- cik: 0001145986
- company_name: ASPEN AEROGELS INC
- filed_at: 2022-11-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1145986/000119312522294312/0001193125-22-294312-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1145986/000119312522294312/d407335d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-294312
- JSON: https://secwatch.observer/filing/0001193125-22-294312.json
- Plain text: https://secwatch.observer/filing/0001193125-22-294312.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1145986/000119312522294312/0001193125-22-294312-index.htm

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