Riviera Tool raises $13.2 million in private placement of line of credit, note

By Sheri Kasprzak

Atlanta, May 18 - Riviera Tool Co. said it has raised $13.2 million in a private placement.

The company sold a $10 million revolving line of credit and a $3.2 million term note to Laurus Master Fund, Ltd.

The details of the line of credit and the term note could not be determined by press time Wednesday, but according to a statement from Riviera, the conversion provisions of both are at a premium to the current market price.

Based in Grand Rapids, Mich., Riviera manufactures large-scale metal stamping die systems used to produce sheet metal parts and assemblies for the automotive industry. The proceeds will be used to repay $3 million in subordinated debt, to finance growth and to provide working capital.

The company's stock closed up $0.06 at $1.15 Wednesday.

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