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CIBC to Issue 4.15% NVCC Subordinated Debentures due April 2, 2035
CIBC to Issue 4.15% NVCC Subordinated Debentures due April 2, 2035 Canada NewsWire ...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\n\n CIBC to Issue 4.15% NVCC Subordinated Debentures due April 2, 2035\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE\n \n UNITED STATES\n \n /\n \n\n\n\n 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.\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 25, 2025\n \n\n /CNW/ -\n \n CIBC\n \n (TSX: CM) (NYSE: CM) today announced a domestic public offering of\n \n $1.25 billion\n \n 4.15% Debentures due\n \n April 2, 2035\n \n (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.\n \n\n\n\n\n\n\n\n\n\n The Debentures will bear interest at a fixed rate of 4.15% per annum (paid semi-annually) until\n \n April 2, 2030\n \n , 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.\n \n\n\n CIBC may, at its option, with the prior approval of the Superintendent of Financial Institutions Canada, redeem the Debentures on or after\n \n April 2, 2030\n \n 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.\n \n\n 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\n \n September 20, 2024\n \n , to be filed on or about\n \n March 26, 2025\n \n with the securities commiss...