CIBC announces the issuance of NVCC Preferred Stock to institutional investors

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Threads : Offers and savings

/ Not for distribution to US news agencies. Not for distribution in the US/

TorontoAnd the The September 9, 2022 / CNW / – CIBC (TSX: cm(NYSE:CM) today announced a public offering of a five-year, non-cumulative national fixed-rate dividend of Class A, Preferred Stock Offering Series 56 (contingency non-viable capital) [FPUNV](Preference Shares) for $600 million. Preferred shares will be sold to certain institutional investors through the Syndicate of Traders operated by CIBC Capital Markets.

Preferred shares will be priced at $1,000 per share and will yield a return of 7.361% annually. Preferred Stock will pay a dividend of 7.365% annually, payable semi-annually, as determined by the CIBC Board of Directors, for the initial period ending October 28, 2027, excluding this date. Thereafter, the preferred dividend rate will be reset every five years at a rate equal to the Government of Canada’s five-year rate of return. CanadaPlus 4.20%. The expected deadline for the presentation is September 16, 2022.

CIBC may redeem Preferred Shares between September 28 and October 28, beginning on September 28, 2027, and every five years thereafter, with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part based on at least 10 days’ notice and at most 60 days’ notice.

The net proceeds from this transaction will be used in CIBC’s general business.

Preferred Shares will be offered by way of a prospectus supplementary to the CIBC Short Prospectus dated August 28, 2020, which will be filed on or about September 12, 2022 with securities and other regulatory agencies. and regions Canada.

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Preferred Shares have not been and will not be registered in the United States under The United States Securities Act of 1933, In its modified version (file Securities Law), or the securities laws of any state in the United States and may not be offered, sold, or delivered, directly or indirectly, in the United States to, for or for the account or interest of United States nationals (as defined in the Securities Act regulations). This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States or in any other jurisdiction where such a request would be unlawful.

About CIBC

CIBC is a major North American financial institution serving 13 million individual and corporate clients, including institutional and public sector clients. With its retail and small business banking, commercial banking and wealth management, and capital markets services, CIBC offers a full range of advice, solutions and services through its digital banking network at the fore, and from its locations around the world. Canada, in the United States and around the world. News releases and additional information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.

SOURCECIBC

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Press release sent on September 9, 2022 at 3:22 pm and distributed by:

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