secwatch.observer — SEC 8-K summary
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Issuer:     ASPEN AEROGELS INC (ASPN)
CIK:        0001145986
Form:       8-K
Filed at:   2022-11-29T23:59:59+00:00
Accession:  0001193125-22-294312
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1145986/000119312522294312/0001193125-22-294312-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1145986/000119312522294312/d407335d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-294312

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