NORWALK, Conn.--(BUSINESS WIRE)--Dec. 14, 2004--GE Commercial Finance Technology 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. The transaction closed on October 21, 2004.
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."
About GE Commercial Finance Technology Lending
A unit of Global Media & Communications, Technology Lending provides debt financing to businesses who are backed by institutional or professional investors. Sector focuses include: Communications, Electronics, Energy, Hardware, Information Technology, Logistics, Semiconductor, Software, Supply Chain Management, and Other Emerging Technologies. www.getechnologylending.com
About GE Commercial Finance Global Media & Communications
With over $5 billion in assets and offices in Atlanta, Chicago, Delhi, Hong Kong, London, New York, Norwalk, and San Francisco, Global Media & Communications represents a "one-stop" source for the comprehensive range of GE's lending and other structured financial services offered to the media, telecom, leisure & entertainment, and technology industries. www.gegmc.com. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. General Electric (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's website at www.ge.com.
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