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TORONTO, July 18, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that, during the conversion notice period which ran from July 1, 2019 to July 16, 2019, 350,312 Non-cumulative Rate Reset Class A Preferred Shares Series 39 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 39 Shares") were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 40 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 40 Shares"). As per the conditions set out in the prospectus supplement dated June 2, 2014 relating to the issuance of the Series 39 Shares, since less than 1,000,000 Series 40 Shares would be outstanding on July 31, 2019, holders of Series 39 Shares who tendered their Series 39 Shares for conversion will not be entitled to convert their shares into Series 40 Shares. As a result, Series 40 Shares will not be issued at this time.
On July 31, 2019, CIBC will have 16,000,000 Series 39 Shares issued and outstanding. The Series 39 Shares are currently listed on the Toronto Stock Exchange under the symbol CM.PR.O.
The quarterly fixed dividend rate applicable to the Series 39 Shares for the five-year period from and including July 31, 2019 to but excluding July 31, 2024 is 3.713%, payable quarterly as and when declared by the Board of Directors of CIBC.
CIBC is a leading North American global 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 https://www.cibc.com/en/about-cibc/media-centre.html