CIBC to Issue NVCC Subordinated Debentures

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 8, 2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a domestic public offering of $1.25 billion 5.30% Debentures due January 16, 2034 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness). The Debentures will be issued in Canada and sold through a dealer syndicate led by CIBC Capital Markets.

The Debentures will bear interest at a fixed rate of 5.30% per annum (paid semi-annually) until January 16, 2029, and at Daily Compounded CORRA plus 2.02% per annum (paid quarterly) thereafter until their maturity on January 16, 2034. The expected closing date is January 16, 2024.

CIBC may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Debentures on or after January 16, 2029 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.

The net proceeds from this transaction will be used for general purposes of CIBC.

The Debentures will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated September 23, 2022, to be filed on or about January 9, 2024 with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

The Debentures 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.

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