Primary Wave nails down new financing

RIDING A WAVE: Primary Wave has completed a recapitalization that will provide funds for further acquisitions. The N.Y.-based catalog aggregator paid off $80 million in high-interest loans and negotiated an expanded credit line of $100 million with Credit Suisse Group and SunTrust Banks, CEO Larry Mestel said Tuesday in an interview with Bloomberg. He also revealed that his company had raised $40 million in new debt and equity. Now one of the 10 biggest U.S. pubcos, Primary Wave has lined up catalogs of “iconic and legendary” artists it plans to add to its coffers, which include the catalogs of Steven Tyler, Hall & Oates, Kurt Cobain and Lamont Dozier. Mestel added that Primary Wave has been profitable since 2007, a year after launch. The refinancing “just makes the company that much stronger and positions us much better for acquisitions and future growth,” he noted. “We continue to increase our earnings stream in the face of a difficult market by taking advantage of creative, brand-marketing opportunities.” (9/29a)