UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2019
Aspen Aerogels, Inc.
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(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-36481 |
04-3559972 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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30 Forbes Road, Building B, Northborough, MA |
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01532 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (508) 691-1111
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 1.01 Entry into a Material Definitive Agreement.
On March 4, 2019, Aspen Aerogels, Inc. (the "Company") entered into the Ninth Amendment (the “Amendment”) to the Amended and Restated Loan and Security Agreement dated September 3, 2014, by and between the Company and Silicon Valley Bank to extend the maturity date of the existing revolving credit facility to April 28, 2020 (the “Credit Facility”) . Pursuant to the Amendment, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. At the Company’s election, the interest rate applicable to borrowings under the Credit Facility may be based on the prime rate or LIBOR, at borrower’s option. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly, unused revolving line facility fee of 0.5% per annum of the average unused portion of the Credit Facility. The Amendment also (i) revises the definition of “Borrowing Base” to remove the eligible inventory component of the Borrowing Base, (ii) removes the Adjusted Quick Ratio financial covenant, and (iii) establishes certain minimum EBITDA levels with respect to the minimum EBITDA financial covenant for the extended term.
The foregoing summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Aspen Aerogels, Inc. |
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Date: March 5, 2019 |
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By: |
/s/ John F. Fairbanks |
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Name: |
John F. Fairbanks |
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Title: |
Vice President, Chief Financial Officer and Treasurer |