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Wolf discloses loan terms

York businessman Tom Wolf, the front runner for the Democratic nomination for governor, released terms of a $4.45 million loan he obtained from M & T bank, which he said was intended to consolidate personal debt and to support his campaign.

York businessman Tom Wolf, the front-running Democratic candidate for governor, on Thursday released terms of a $4.45 million loan he obtained from M &T bank, which he said was intended to consolidate personal debt and to support his campaign.

The action came after U.S. Rep. Allyson Scwhartz raised the issue during a Wednesday night debate and reiterated her concerns during a visit Thursday to The Inquirer's editorial board.

Wolf and his wife, Frances, personally guaranteed the loan, pledging all their personal assets in the event of a default, according to a summary of the loan provided by the campaign. Those assets include 7.5 million shares of preferred class B stock in the Wolf Organization, the family building-supplies design and distribution firm, as well as 6.2 million shares of common stock in the company.

The Wolfs are required to repay the loan in quarterly installments of $150,000, which began in January. The loan matures in December 2016.

Interest rate is a variable annual rate of 3 percentage points above the LIBOR bank rate, the summary said. That amount was 3.18 percent when Wolf filed his statement of financial interests with the state last month.