Riviera Tool reduces conversion price on $3.2 million in convertibles

By Sheri Kasprzak

New York, Aug. 31 - Riviera Tool Co. cut the conversion price on $3.2 million in convertible term notes held by Laurus Master Fund, Ltd.

The note will now be convertible at $0.35 per share, reduced from $1.66.

The notes were issued to Laurus in May 2005 and bear interest at Prime rate plus 400 basis points. The notes are due May 17, 2008.

Grand Rapids, Mich.-based Riviera manufactures large-scale metal stamping die systems used to produce sheet metal parts and assemblies for the automotive industry.

The stock closed up 2 cents to close at $0.44 (Amex: RTC).

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