/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, March 31, 2022 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced a domestic public offering of
$1.0 billion of 4.20% Debentures due
April 7, 2032 (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 4.20% per
annum (paid semi-annually) until April 7,
2027, and at Daily Compounded CORRA plus 1.69% per annum
(paid quarterly) thereafter until their maturity on April 7, 2032. The expected closing date is
April 7, 2022.
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 April 7, 2027 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 being offered have not been and will not be
registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or an invitation to purchase or subscribe for any
securities in the United States or in any other
jurisdiction where such offer is unlawful.
About CIBC
CIBC is a leading North American financial institution with 11
million personal banking, business, public sector and institutional
clients. Across Personal and Small 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. Ongoing news releases
and more information about CIBC can be found
at https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC