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GE FINANCE TECHNOLOGY LENDING ARRANGES $5 MILLION IN SENIOR SECURED FINANCING FOR ASPEN AEROGELS, INC.
11 March 2006 - AZDEL
| GE Commercial Finance echnology Lending, a unit of Global Media & Communications, announced that it has arranged $5 million in senior secured financing for Aspen Aerogels, Inc. The financing consists of a $4 million term loan and $1 million revolving loan facility, and the funding will be used as growth capital. |
GE Commercial Finance echnology Lending, a unit of Global Media & Communications, announced that it has arranged $5 million in senior secured financing for Aspen Aerogels, Inc. The financing consists of a $4 million term loan and $1 million revolving loan facility, and the funding will be used as growth capital.
Based in Northborough, Mass., Aspen Aerogels is an advanced materials company that supplies and develops novel aerogel based nanotechnologies and products that have broad applications in the commercial and military sectors. Founded in 2001, the company utilizes a proprietary, cost-effective method for producing aerogels, which provide from two to ten times more thermal and acoustical insulating capacity than traditional insulations per unit of material.
"The financing support we've received from GE's Technology Lending team will be instrumental in helping us to meet our growth objectives," said P.J. Piper, chief financial officer, Aspen Aerogels, Inc. "We also greatly appreciate the opportunity to discuss potential, future shared initiatives with other GE units that operate in our key industries."
"We believe that our relationship with Aspen Aerogels will be a growth opportunity for us as we identify new ways going forward to help the company meet its capital needs," said Mike Marziani, senior vice president, GE Commercial Finance Technology Lending. "Demonstrating our comfort with Aspen's business approach and product set, we made a commitment to provide financing for not only its domestic receivables, but government and overseas receivables as well. Very few lenders can offer that level of flexibility."
http://www.ge.com
About: AZDEL
AZDEL, Inc. is a joint venture of GE Advanced Materials and PPG Industries. The AZDEL business was established in 1972 by PPG, and the 50/50 joint venture was set up with GE in 1986. AZDEL is a global leader in the manufacture and supply of high-performance composite materials serving a wide variety of markets and industries including automotive, transportation interiors, large truck, materials handling, heating, ventilation and air conditioning (HVAC), and building and construction. * AZDEL and VolcaLite are trademarks of AZDEL, Inc., a 50/50 joint venture of General Electric Company and PPG Industries. |
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