CIBC announces final amounts for preferred share issue
TORONTO, Feb. 2 /CNW/ - On February 1, 2007 CIBC (CM: TSX; NYSE) agreed to issue 10 million non-cumulative Class A preferred shares Series 32 (the "Series 32 Shares") through a syndicate of underwriters led by CIBC World Markets Inc. and including BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Laurentian Bank Securities Inc. and Trilon Securities Corporation. CIBC today announced that the underwriters have exercised their option to purchase an additional 2 million Series 32 Shares. CIBC will now issue a total of 12 million Series 32 Shares priced at $25.00 per share to raise gross proceeds of $300 million. The Series 32 Shares will yield 4.50% annually and are redeemable by CIBC, subject to regulatory approval, at a declining premium after approximately five years for cash. The expected closing date for the issue of the Series 32 Shares is February 14, 2007. The net proceeds of this offering will be used for general purposes of CIBC. The securities being offered have not been 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 securities in the United States. %SEDAR: 00002543EF
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