877-269-7890 from 8 AM - 10 PM ET
877-269-7890 from 8 AM - 10 PM ET
/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.
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.
For further information: Investor Relations: Alice Dunning, 416-861-8870, [email protected]; Jason Patchett, 416-980-8691, [email protected]; Investor & Financial Communications, Erica Belling, 416-594-7251, [email protected]
About 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...
CIBC Asset Management announces final valuation for terminating...
CIBC introduces additional Canadian Depositary Receipts ("CDRs")...
Summertime and the livin's expensive: CIBC Poll...
CIBC Asset Management announces final valuation for terminating...
CIBC introduces additional Canadian Depositary Receipts ("CDRs")...
Summertime and the livin's expensive: CIBC Poll...
CIBC to Issue NVCC AT1 Limited Recourse Capital Notes...
CIBC Increases Dividends for the Quarter Ending July 31, 2022...
CIBC Announces Second Quarter 2022 Results...
877-269-7890 from 8 AM - 10 PM ET