TORONTO, May 22, 2019 /CNW/ - CIBC (TSX: CM; NYSE: CM) today announced that CIBC Capital Trust, a trust wholly-owned by CIBC, intends to redeem all $1.3 billion of its 9.976% CIBC Tier 1 Notes – Series A Due June 30, 2108 (the "Tier 1 - Series A Notes"). In accordance with their terms, the Tier 1 - Series A Notes will be redeemed at 100% of their principal amount on June 30, 2019, together with accrued and unpaid interest up to but excluding the redemption date. Interest on the Tier 1 - Series A 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 Tier 1 - Series A Notes in accordance with the terms outlined in the short form prospectus for the Tier 1 - Series A Notes.
CIBC is a leading North American financial institution with 10 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/ca/media-centre.