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CIBC to Issue 5.898% NVCC AT1 Limited Recourse Capital Notes
CIBC to Issue 5.898% NVCC AT1 Limited Recourse Capital Notes Canada NewsWire ...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\n\n CIBC to Issue 5.898% NVCC AT1 Limited Recourse Capital Notes\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\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE 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 Sept. 22, 2025\n \n\n /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a domestic public offering of\n \n $450 million\n \n of 5.898% Limited Recourse Capital Notes Series 8 (Non-Viability Contingent Capital (\"\n \n NVCC\n \n \")) (Subordinated Indebtedness) (the \"\n \n LRCNs\n \n \"). The LRCNs will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets.\n \n\n\n\n\n\n\n\n\n The LRCNs will be issued at a price of\n \n $1,000\n \n per note and will bear interest at a rate of 5.898% annually, payable semi-annually, for the initial period ending on, but excluding,\n \n January 28, 2031\n \n . Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.113%. The LRCNs will mature on\n \n January 28, 2086\n \n . The expected closing date of the offering is\n \n September 29, 2025\n \n .\n \n\n In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 63 (NVCC) (the \"\n \n Series\n \n\n 63\n \n\n Shares\n \n \") to be held by Computershare Trust Company of\n \n Canada\n \n as trustee of CIBC LRCN Limited Recourse Trust (the \"\n \n Limited Recourse Trust\n \n \"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 63 Shares except in limited circumstances.\n \n\n CIBC ...