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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-08 C$ 62.91
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CIBC arranges $600-million NVCC offering

2022-09-09 15:45 ET - News Release

An anonymous director reports

CIBC TO ISSUE INSTITUTIONAL NVCC PREFERRED SHARES

Canadian Imperial Bank of Commerce (CIBC) has arranged a domestic public offering of $600-million of non-cumulative five-year fixed-rate-reset Class A preferred shares, Series 56 (non-viability contingent capital (NVCC)). The preferred shares will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets.

The preferred shares will be issued at a price of $1,000 per share and will yield 7.361 per cent annually. The preferred shares will pay dividends at a rate of 7.365 per cent annually, payable semi-annually, as and when declared by the board of directors of CIBC, for the initial period ending on, but excluding, Oct. 28, 2027. Thereafter, the dividend rate on the preferred shares will reset every five years at a rate equal to the prevailing five-year government of Canada yield plus 4.20 per cent. The expected closing date of the offering is Sept. 16, 2022.

CIBC may redeem the preferred shares during the period from Sept. 28 to and including Oct. 28, commencing on Sept. 28, 2027, and every five years thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days of prior notice or more than 60 days of prior notice.

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

The preferred shares will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated Aug. 28, 2020, to be filed on or about Sept. 12, 2022, 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)

CIBC is a leading North American financial institution with 13 million personal banking, business, public-sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets 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.

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