An anonymous director reports

CIBC TO ISSUE NVCC SUBORDINATED DEBENTURES

Canadian Imperial Bank of Commerce has arranged a domestic public offering of $1.25-billion of 5.30 per cent debentures due Jan. 16, 2034 (non-viability contingent capital (NVCC)) (subordinated indebtedness). The debentures will be issued in Canada and sold through a dealer syndicate led by CIBC Capital Markets.

The debentures will bear interest at a fixed rate of 5.30 per cent per annum (paid semi-annually) until Jan. 16, 2029, and at daily compounded Canadian overnight repo rate average plus 2.02 per cent per annum (paid quarterly) thereafter until their maturity on Jan. 16, 2034. The expected closing date is Jan. 16, 2024.

CIBC may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the debentures on or after Jan. 16, 2029, at par, together with accrued and unpaid interest, in whole at any time or in part from time to time, on not less than 10 days and not more than 60 days prior notice to registered holders of the debentures.

The net proceeds from this transaction will be used for general purposes of CIBC.

The debentures will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated Sept. 23, 2022, to be filed on or about Jan. 9, 2024, with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets and direct financial services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.