TORONTO, Feb. 4 /CNW/ - CIBC (CM: TSX; NYSE) today announced that it
completed the offering of 13 million non-cumulative Rate Reset Class A
Preferred Shares Series 35 (the "Series 35 Shares") priced at $25.00 per share
to raise gross proceeds of $325 million.
    The offering was made through a syndicate of underwriters led by CIBC
World Markets Inc. Following the successful sale of the previously announced
10 million Series 35 Shares, the underwriters exercised an option to purchase
an additional 3 million shares. The Series 35 Shares commence trading on the
Toronto Stock Exchange today under the ticker symbol CM.PR.L.
    The Series 35 Shares will yield 6.5% per annum, payable quarterly, for an
initial period ending April 30, 2014. On April 30, 2014, and on April 30 every
five years thereafter, the dividend rate will reset to be equal to the then
current five-year Government of Canada bond yield plus 4.47%.
    Holders of the Series 35 Shares will have the right to convert their
shares into non-cumulative Floating Rate Class A Preferred Shares, Series 36
(the "Series 36 Shares"), subject to certain conditions, on April 30, 2014,
and on April 30 every five years thereafter. Holders of the Series 36 Shares
will be entitled to receive a quarterly floating rate dividend equal to the
three-month Government of Canada Treasury Bill yield plus 4.47%.
    Holders of the Series 36 Shares may convert their Series 36 Shares into
Series 35 Shares, subject to certain conditions, on April 30, 2019, and on
April 30 every five years thereafter.
    The Series 35 Shares are redeemable by CIBC, subject to regulatory
approval, for $25.00 per share on April 30, 2014, and on April 30 every five
years thereafter. The Series 36 Shares are redeemable by CIBC, subject to
regulatory approval, for $25.00 per share on April 30, 2019, and on April 30
every five years thereafter, or for $25.50 per share on any other date after
April 30, 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.

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