TORONTO, May 2, 2018 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all $600 million of its 6.00% Medium Term Notes due June 6, 2023 (subordinated indebtedness) (the "Notes"). In accordance with their terms, the Notes will be redeemed at 100% of their principal amount on June 6, 2018, together with accrued and unpaid interest up to but excluding the redemption date. Interest on the Notes will cease to accrue from and after the redemption date.
The redemption will be financed out of the general corporate funds of CIBC. Notice will be delivered to registered holders of the Notes in accordance with the terms outlined in the prospectus supplement for the Notes.
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 www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC - Investor Relations