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CIBC to Issue Aggregate $600 million of NVCC AT1 Limited Recourse Capital Notes & Institutional NVCC Preferred Shares
CIBC to Issue Aggregate $600 million of NVCC AT1 Limited Recourse Capital Notes & Institution...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\n\n CIBC to Issue Aggregate $600 million of NVCC AT1 Limited Recourse Capital Notes & Institutional NVCC Preferred Shares\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 CIBC to Issue Aggregate $600 million of NVCC AT1 Limited Recourse Capital Notes & Institutional NVCC Preferred Shares\n \n\n Canada NewsWire\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 supplements, the corresponding base shelf prospectus and any amendment thereto in connection with these offerings will be accessible through SEDAR+ within two business days.\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 17, 2025\n \n\n /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a domestic public offering of\n \n $450 million\n \n of 6.369% Limited Recourse Capital Notes Series 6 (Non-Viability Contingent Capital (\"\n \n NVCC\n \n \")) (Subordinated Indebtedness) (the \"\n \n LRCNs\n \n \") and a domestic public offering of\n \n $150 million\n \n Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 61 (NVCC) (the \"\n \n Series 61 Shares\n \n \", and collectively with the LRCNs, the \"\n \n Securities\n \n \"). The Securities 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 6.369% annually, payable semi-annually, for the initial period ending on, but excluding,\n \n April 28, 2030\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 3.65%. The LRCNs will mature on\n \n April 28\n \n , 2085.\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 60 (NVCC) (the \"\n \n Series 60 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...