/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Jan. 8, 2024
/CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a
domestic public offering of $1.25
billion 5.30% Debentures due January
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
annum (paid semi-annually) until January 16,
2029, and at Daily Compounded CORRA plus 2.02% per annum
(paid quarterly) thereafter until their maturity on January 16, 2034. The expected closing date is
January 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 January 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 September 23, 2022, to be filed on or about
January 9, 2024 with the securities
commissions and other similar regulatory authorities in each of the
provinces and territories of Canada.
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 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. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre.
SOURCE CIBC