Primary Wave refi

PRIMARY CALLERS: Larry Mestel's Primary Wave Music has done a $125m deal to reduce debt, restructure and expand, The New York Post reports. The firm, which houses a pubco (discussed by our own I.B. Bad in his recent pubbery roundup) and management-marketing house (which joined forces with the late Chris Lighty's Violator to become Primary Violator in 2011), will see its constituent companies merged into one, according to the Post. The deal with Credit Suisse and Sun Trust, both of which are minority stakeholders, lopped $30m off Primary's obligations, Mestel told the paper's Claire Atkinson, though he declined to state its total debt. He added that he'd waited to make the move until after the flurry of deal activity surrounding the EU-stipulated disbursement of EMI assets in that company's merger with UMG. The company, which counts Nirvana's catalog among its copyrights, will now be freed up to acquire more pub holdings and will develop TV projects with Chief Creative Officer CeeLo. Meanwhile, HITS Chief Creative Officer Todd Hensley suggested a burping contest, then resumed his nap. (5/9p)