TLE WBS Issuer assigned ratings for inaugural senior secured notes
The Learning Experience is bringing its first whole business securitization to market through TLE WBS Issuer, LLC, backed by substantially all of the company’s revenue-generating assets. The financing is set to refinance existing corporate debt, cover transaction expenses and support general corporate purposes as the childcare franchisor expands across the U.S. and UK.
Highlights
- TLE WBS Issuer, LLC’s Series 2026-1 senior secured notes received KBRA ratings, collateralized by The Learning Experience Corp's revenue-generating and intellectual property assets.
- Proceeds from the securitization will refinance existing corporate debt, cover transaction expenses, and support general corporate purposes, with the ability to issue further note series.
- The Learning Experience system reported over $955 million in system-wide sales from 540 schools across 32 U.S. states and the UK in the twelve months ended June 30, 2026.
Transaction structure and collateral package
As reported by KBRA, citing Kroll Bond Rating Agency, KBRA assigns ratings to TLE WBS Issuer, LLC’s Series 2026-1 senior secured notes in the inaugural whole business securitization for The Learning Experience Corp.The transaction allows the company to contribute substantially all of its revenue-generating assets to the issuer as collateral for the offered notes. The collateral pool includes existing and future domestic and international franchise assets, including franchise and development agreements, franchise royalties and fees, company-owned school synthetic royalties, curriculum and other licensing fees, and securitization intellectual property, including curriculum fees.
The issuer also can offer subsequent series of notes if certain requirements set out in the transaction documents are met. Proceeds from the offered notes are earmarked to refinance existing corporate debt, pay transaction expenses and fund general corporate purposes.
Scale of the education and childcare platform
The Learning Experience, founded in 2002, operates as a franchisor and provider of early childhood education and childcare in the U.S. and UK. The system is approximately 93% franchised and generates more than $955 million in system-wide sales from 540 schools across 32 U.S. states and England, Wales and Scotland in the last 12 months ended June 30, 2026.The securitization highlights continued use of franchise cash flows and intellectual property in structured finance, particularly for consumer-facing service businesses with recurring royalty income. For The Learning Experience, the deal broadens access to capital while tying funding capacity to the performance and expansion of its franchise network.
Earlier, we looked at Hainan Rubber’s proposed BBB- rated Perpetual securities as it sought to refinance offshore debt.
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