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Clifford Chance

Clifford Chance
Emma Folds

Emma Folds


Emma Folds

Emma Folds specialises in domestic and cross border lending.

Emma is experienced in structuring, negotiating and documenting leveraged buy-outs and other acquisition finance transactions, infrastructure financings and investment grade loans. Emma also advises on high profile restructurings.


  • Matalan plc on its CLBILS Facility
  • The lenders in relation to the restructuring of Celsa UK
  • A prospective purchaser of the Thomas Cook group
  • The lenders in relation to Carillion plc
  • The second lien lenders in relation to the restructuring of the HC Starck group
  • The CoCom in relation to the restructuring of the Pelican Rouge group
  • Two syndicates of lenders and four bilateral lenders in relation to the recapitalisation of Outokumpu Oyj

Leveraged Finance

  • The lenders to the Imagina Group
  • The super senior revolving credit facility sitting alongside eDreams ODIGEO's high yield bond issue
  • On the financing for Cinven and CPPIB’s acquisition of Hotelbeds Group
  • On the pari passu bank bond financing for the Antolin Group
  • On the pari passu bank bond financing for Gestamp Automoción, S.A.

Infrastructure Finance

  • On the holdco financing for the Nortegas group
  • CK Infrastructure Holdings on its bid for Electricity North West and Cory Riverside
  • CK Infrastructure Holdings on its EUR 5.4 billion bid for the ista group including a EUR 1.99 billion bank financing
  • A Chinese bidder on the financing for its bid for the UK M6 toll road
  • On the financing for OTPP and Macquarie’s bid for Koole Tank Terminals
  • On the financing for CKI's bids for the Fortum Finland and Fortum Sweden assets

Investment Grade

  • On the USD$800 million revolving credit facility for Weir Group PLC
  • On the USD$1 billion refinancing for Bacardi Limited
  • The bank in relation to a £1 billion financing for Compass Group plc
  • The banks on the financings for RPC Group plc's public takeover of BPI and private acquisition of three companies in the Letica group
  • On a £3.60 billion revolving credit facility for British Telecommunications plc's acquisition of EE Limited
  • On the US$2.5 billion refinancing for the WPP Group

News and client work

View all news and client work featuring Emma Folds

Contact details

Career and qualifications

  • Lady Margaret Hall, Oxford (MA - Modern History) 1994
  • Admitted as a solicitor in England & Wales 1998
  • Trainee Solicitor and Qualified Solicitor at Wilde Sapte, subsequently Denton Wilde Sapte - 1996 to 2000
  • Joined Clifford Chance 2000
  • Partner since 2006

Awards and citations

  • Emma Folds was featured as an industry leading finance expert
    Legal Business 2023
  • Emma Folds ‘knows the market very well’ and is a popular choice advising on new money loans for investment grade corporates, as well as in a refinancing context.
    Legal 500 2023
  • Emma is fantastic; thorough, meticulous, and takes the time to explain things well.“
    Chambers 2023
  • "She is incredibly knowledgeable, technically skilled and a superb negotiator."
    Chambers 2023
  • "Emma is a pleasure to work with. She is very thorough and knowledgeable."
    Chambers 2023
  • "Emma Folds is a hugely experienced lawyer with a very deep understanding of the direct lending market, which enables her to give strong commercial advice about the appropriate position to take on key points." "Emma is extremely sharp and in complete command of all of the detail and commercial considerations of complex legal issues.“
    Chambers 2022
  • The extremely sharp' Emma Folds has a strong reputation among many leading banks, which are appreciative of her 'complete command of all of the detail and commercial considerations' on both sponsor-led leveraged, as well as investment grade-driven acquisition financings.
    Legal 500 2021
  • Emma Folds is a 'brilliant finance lawyer' whose broad finance practice includes a considerable amount of lender side investment grade syndicated financing work.
    Legal 500 2021
  • "She's super bright, very thorough and excellent technically."
    Chambers 2021
  • "Emma is one of the most organised and methodical lawyers I have ever known. She is all over transactions and also all over everything that goes with it. She is great at communicating with you at all stages of a deal and is really good at explaining things in a very simplistic format."
    Chambers 2021
  • Emma Folds has a respected corporate lending and debt restructuring practice and is praised for her representation of banks and alternative capital providers. Clients say: "She gives you immense confidence and is very straightforward at explaining things to people with varying degrees of knowledge. She has a calming easy manner and is responsive and always available.“
    Chambers 2020