TORONTO, May 13, 2024
/CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to
redeem all $1.5 billion of its 2.95%
Debentures due June 19, 2029
(Non-Viability Contingent Capital (NVCC)) (subordinated
indebtedness) (the "Debentures"). In accordance with their terms,
the Debentures will be redeemed at 100% of their principal amount
on June 19, 2024, together with
accrued and unpaid interest up to but excluding the redemption
date. Interest on the Debentures will cease to accrue from and
after the redemption date.
The redemption will be financed out of the general corporate
funds of CIBC. Notice will be delivered to registered holders of
the Debentures in accordance with the terms outlined in the
prospectus supplement for the Debentures.
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 and Direct Financial
Services 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/ca/media-centre.
SOURCE CIBC