/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, July 14, 2020 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced a domestic public offering of $1
billion of 2.01% Debentures due July 21,
2030 (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 2.01% per
annum (paid semi-annually) until July 21, 2025, and at the
three-month Canadian dollar bankers' acceptance rate plus 1.28% per
annum (paid quarterly) thereafter until their maturity on July
21, 2030. The expected closing date is July 21, 2020.
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 July 21, 2025 at
par, together with accrued and unpaid interest, in whole at
any time or in part from time to time, on not less than 30 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 10
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. Ongoing news releases
and more information about CIBC can be found
at https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC - Investor Relations