/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Jan. 18, 2018 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced that it has completed the offering of 18
million Basel III-compliant Non-cumulative Rate Reset Class A
Preferred Shares Series 47 (Non-Viability Contingent Capital
(NVCC)) (the "Series 47 Shares") priced at $25.00 per share to raise gross proceeds of
$450 million.
The offering was made through a syndicate of underwriters led by
CIBC Capital Markets. The Series 47 Shares commence trading on the
Toronto Stock Exchange today under the ticker symbol CM.PR.S.
The Series 47 Shares were issued under a prospectus supplement
dated January 11, 2018, to CIBC's
short form base shelf prospectus dated March
16, 2016.
CIBC has designated the Series 47 Shares as eligible to
participate in the CIBC Shareholder Investment Plan along with
Series 41, 43 and 45. Holders of eligible shares may elect to have
dividends on those preferred shares reinvested in common shares if
they reside in Canada, or may
elect stock dividends if they reside in the U.S. See "CIBC
Shareholder Investment Plan" at www.cibc.com for more
information.
The securities being offered have not been and will not be
registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or an
invitation to purchase or subscribe for any securities in
the United States or in any other
jurisdiction where such offer is unlawful.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 million personal banking, business, public sector and
institutional clients. Across Personal and Small Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
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 https://cibc.mediaroom.com/.
SOURCE CIBC - Investor Relations