Skip to content
Link copied to clipboard
Link copied to clipboard

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.