/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, March 27, 2018 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced a domestic public offering of
$1.50 billion of 3.45% Debentures due
April 4, 2028 (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 3.45% per
annum (paid semi-annually) until April 4,
2023, and at the three-month Canadian dollar bankers'
acceptance rate plus 1.00% per annum (paid quarterly) thereafter
until their maturity on April 4,
2028. The expected closing date is April 4, 2018.
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 4, 2023
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 Canadian-based global 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 www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC - Investor Relations