Happy and relaxed after record rise (7)
I believe the answer is:
pleased
'happy' is the definition.
('pleased' can be similar in meaning to 'happy')
'relaxed after record rise' is the wordplay.
'relaxed' becomes 'eased' (I've seen this before).
'after' says to put letters next to each other.
'record' becomes 'lp' (LP is an example).
'rise' shows that the letters should be reversed in order.
'lp' back-to-front is 'pl'.
'eased' after 'pl' is 'PLEASED'.
'and' acts as a link.
(Other definitions for pleased that I've seen before include "Content" , "like Punch?" , "Grateful, delighted" , "Gratified" , "Feeling satisfaction" .)