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TORONTO, Jan. 20, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that, during the conversion notice period which ran from January 1, 2020 to January 16, 2020, 70,730 Non-cumulative Rate Reset Class A Preferred Shares Series 41 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 41 Shares") were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 42 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 42 Shares"). As per the conditions set out in the prospectus supplement dated December 8, 2014 relating to the issuance of the Series 41 Shares, since less than 1,000,000 Series 42 Shares would be outstanding on January 31, 2020, holders of Series 41 Shares who tendered their Series 41 Shares for conversion will not be entitled to convert their shares into Series 42 Shares. As a result, Series 42 Shares will not be issued at this time.
On January 31, 2020, CIBC will have 12,000,000 Series 41 Shares issued and outstanding. The Series 41 Shares are currently listed on the Toronto Stock Exchange under the symbol CM.PR.P.
The fixed dividend rate applicable to the Series 41 Shares for the five-year period from and including January 31, 2020 to but excluding January 31, 2025 is 3.909%, payable quarterly as and when declared by the Board of Directors of CIBC.
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 with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://cibc.mediaroom.com/.