/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
The prospectus supplement, the corresponding base shelf
prospectus and any amendment thereto in connection with this
offering will be accessible through SEDAR+ within two business
days.
TORONTO, March 25,
2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM)
today announced a domestic public offering of $1.25 billion 4.15% Debentures due April 2, 2035 (Non-Viability Contingent Capital
(NVCC)) (subordinated indebtedness) (the "Debentures"). 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 4.15%
per annum (paid semi-annually) until April
2, 2030, and at Daily Compounded CORRA plus 1.72% per annum
(paid quarterly) thereafter until their maturity on April 2,
2035. The expected closing date is April 2, 2025.
CIBC may, at its option, with the prior approval of the
Superintendent of Financial Institutions Canada, redeem the
Debentures on or after April 2, 2030
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 to the Bank from the sale of the Debentures,
after deducting expenses of issue, will be used for general
corporate purposes, which may include the redemption of outstanding
capital securities of the Bank, and/or the repayment of other
outstanding liabilities of the Bank. The Debentures will be offered
by way of a prospectus supplement to the bank's short form base
shelf prospectus dated September 20,
2024, to be filed on or about March
26, 2025 with the securities commissions and other similar
regulatory authorities in each of the provinces and territories of
Canada.
Access to the prospectus supplement, the corresponding base
shelf prospectus and any amendment thereto in connection with this
offering is provided in accordance with securities legislation
relating to procedures for providing access to a shelf prospectus
supplement, a base shelf prospectus and any amendment thereto. The
prospectus supplement, the base shelf prospectus and any amendment
thereto in connection with this offering will be accessible within
two business days at www.sedarplus.com.
An electronic or paper copy of the prospectus supplement, the
corresponding base shelf prospectus and any amendment to the
documents may be obtained, without charge, from CIBC World Markets
Inc., by contacting 416-594-8515 or email at
Mailbox.CIBCDebtSyndication@cibc.com, by providing the contact with
an email address or address, as applicable.
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, 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 - Investor Relations
