Kirkland Advises The Learning Experience on Whole-Business Securitization Featuring $285 Million Notes Offering and $50 Million Variable Funding Facility

Kirkland & Ellis represented Harvest Partners-backed The Learning Experience, a franchisor and operator of early childhood education and childcare centers, in its whole-business securitization through a Rule 144A notes offering. The transaction closed on November 10, 2026, and included the issuance of $285 million of Series 2026-1 fixed-rate senior secured Class A-2 term notes, a $50 million variable funding note facility to support working capital and growth initiatives, and $6 million of liquidity reserve notes to provide additional support for noteholders. The notes are secured by substantially all of The Learning Experience’s revenue-generating assets, including company-owned and franchised schools, as well as related intellectual property assets. These assets include schools associated with Banana Moon, the company’s newest UK-based acquisition.

The Kirkland team included structured finance lawyers Michael Urschel, Chirag Domadia, Shuang Wu, Jennifer Tian, Brooke Brimo, Omar Haddad, Kate Wise, Suril Patel and Orfeas Asimopoulos; technology & IP transactions lawyers Bernadette Coppola, Shellie Freedman, Abby O’Neill, Julia Monti, Ben Zeris, Emma Flett and Saif Khan; corporate lawyer Merih Oliver Altay; tax lawyers David Gilbert, Jon Nelsen, David Wheat and Caroline Inker; and litigation lawyer Nick Niles.