TORONTO, Jan. 22,
2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced
today that it will redeem in full its Floating Rate Subordinated
Capital Debentures due 2085 (the "Debentures"). CIBC has given
notice to the holders of the Debentures that it will redeem the
full US$9,750,000 outstanding
principal amount of the Debentures on February 28, 2025 (the
"Redemption Date").
The Debentures will be redeemed on the Redemption Date for the
aggregate amount of US$10,011,865.50,
representing a redemption price of (i) US$1,000 for each US$1,000 principal amount, and (ii) all accrued
and unpaid interest to but excluding the Redemption Date.
Pursuant to the terms of the trust indenture governing the
Debentures, CIBC has received approval from the Office of the
Superintendent of Financial Institutions to redeem all of the
Debentures.
Beneficial owners of the Debentures are encouraged to contact
their investment dealer if they have any questions about this
redemption.
A Note About Forward-Looking Statements
From time to time, we make written or oral forward-looking
statements within the meaning of certain securities laws, including
in this press release, in other filings with Canadian securities
regulators or the U.S. Securities and Exchange Commission and in
other communications. These statements include, but are not limited
to, statements about the redemption of the Debentures.
Forward-looking statements are subject to inherent risks and
uncertainties that may be general or specific. A variety of
factors, many which are beyond our control, could cause actual
results to differ materially from the expectations expressed in any
of our forward-looking statements, including general business and
economic conditions worldwide; amendments to, and interpretations
of, risk-based capital guidelines; and changes in monetary and
economic policy. We do not undertake to update any forward-looking
statement except as required by law.
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 https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC - Investor Relations
