TORONTO, Sept. 10 /CNW/ - CIBC (CM: TSX; NYSE) today announced that it
completed the offering of 12 million non-cumulative Rate Reset Class A
Preferred Shares Series 33 (the "Series 33 Shares") priced at $25.00 per share
to raise gross proceeds of $300 million.
    The offering was made through a syndicate of underwriters led by CIBC
World Markets Inc.  Following the successful sale of the initially announced 9
million Series 33 Shares, the underwriters exercised an option to purchase an
additional 3 million shares. The Series 33 Shares commence trading on the
Toronto Stock Exchange today under the ticket symbol CM.PR.K.
    The Series 33 Shares will yield 5.35% per annum, payable quarterly, as
and when declared by the Board of Directors of CIBC, for an initial period
ending July 31, 2014. At such time and every five years thereafter, the
dividend rate will reset to be equal to the then current five-year Government
of Canada bond yield plus 2.18%.
    Holders of the Series 33 Shares will have the right to convert their
shares into non-cumulative Floating Rate Class A Preferred Shares, Series 34
(the "Series 34 Shares"), subject to certain conditions, on July 31, 2014 and
on July 31 every five years thereafter. Holders of the Series 34 Shares will
be entitled to receive a quarterly floating rate dividend, as and when
declared by the Board of Directors of CIBC, equal to the three-month
Government of Canada Treasury Bill yield plus 2.18%.
    Holders of the Series 34 Shares may convert their Series 34 Shares into
Series 33 Shares, subject to certain conditions, on July 31, 2019 and on  July
31 every five years thereafter.
    The Series 33 Shares are redeemable by CIBC, subject to regulatory
approval, for $25.00 per share on July 31, 2014 and on July 31st every five
years thereafter.  The Series 34 Shares are redeembable by CIBC, subject to
regulatory approval, for $25.00 per share on July 31, 2019 and on July 31st
every five years thereafter, or for $25.50 per share on any other date after
July 31, 2019.
    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.