8-K 1 d689698d8k.htm 8-K 8-K

 

 

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 6, 2014

 

 

COBRA ELECTRONICS CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   0-511   36-2479991

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

6500 West Cortland Street, Chicago, Illinois   60707
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code:  (773) 889-8870

N/A

(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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01. Entry into a Material Definitive Agreement.

On March 6, 2014, Cobra Electronics Corporation (the “Company”) entered into the Waiver and Sixth Amendment to Credit Agreement (the “Amendment”) among the Company, BMO Harris Bank N.A. (formerly known as Harris N.A.), as administrative agent, and the lenders party thereto. The Amendment waives the Company’s non-compliance with the fixed charge coverage ratio in the Credit Agreement for the fourth quarter of 2013, replaces the interest reserve with a $1.5 million availability block which applies to the borrowing base under the Credit Agreement and adds a 2 percent pricing fee on a portion of the amount of borrowings outstanding under the Credit Agreement.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Amendment attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information required by this Item 2.03 is contained in Item 1.01 above and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 

  (d) The following is a list of the exhibits filed herewith.

 

Exhibit No.

  

Description of Exhibit

10.1    Waiver and Sixth Amendment to Credit Agreement dated March 6, 2014 among Cobra Electronics Corporation, BMO Harris Bank N.A. (formerly known as Harris N.A.), as administrative agent, and the lenders party thereto.

 

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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.

 

Date: March 7, 2014   COBRA ELECTRONICS CORPORATION
  By:  

/s/ Robert J. Ben

  Name:   Robert J. Ben
  Title:  

Senior Vice President, Chief

Financial Officer and Secretary

 

 

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EXHIBIT INDEX

The following is a list of the exhibits filed herewith.

 

Exhibit No.

  

Description of Exhibit

10.1    Waiver and Sixth Amendment to Credit Agreement dated March 6, 2014 among Cobra Electronics Corporation, BMO Harris Bank N.A. (formerly known as Harris N.A.), as administrative agent, and the lenders party thereto.

 

 

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