Riviera Tool cuts conversion price on $3.2 million in convertibles

By Sheri Kasprzak

New York, Feb. 5 - Riviera Tool Co. has again reduced the conversion price on $3.2 million in convertible term notes first issued to Laurus Master Fund, Ltd. in May 2005.

The notes, due May 17, 2008, are now convertible at $0.32 each, reduced from the original $1.66.

The conversion price has been cut before, in August 2006, to $0.35.

The notes bear interest at Prime rate plus 400 basis points.

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 down a penny Monday to settle at $0.32 (Amex: RTC).

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