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): February 11, 1998
Commission File Number 0-511
COBRA ELECTRONICS CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-2479991
(State of Incorporation) (I.R.S. 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
<PAGE>
ITEM 5. OTHER EVENTS
The Registrant has entered into a new $35,000,000 secured credit agreement
with two financial institutions for a three-year revolving credit facility
used for refinancing the Registrant's previously existing $30,000,000 secured
credit facility with another lender. Loans outstanding under the new
agreement bear interest, at the Registrant's option, at the prime rate or,
under a LIBOR option, at LIBOR plus 2%. Revolving loans outstanding under
the previously existing secured credit agreement bore interest at the prime
rate plus 1.5%. Additionally, the new agreement provides for higher advance
rates on eligible inventory and receivables and eliminates the 2% per annum
charge that the Registrant was obligated to pay on its average outstanding
balance of letters of credit under the previously existing agreement.
<PAGE>
SIGNATURE
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 thereunto duly authorized.
COBRA ELECTRONICS CORPORATION
BY: /S/ Gerald M. Laures
--------------------
Gerald M. Laures
Vice President-Finance and
Corporate Secretary
(Chief Financial and
Accounting Officer)
Date: February 11, 1998
<PAGE>
