TORONTO, Dec. 10, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all $1.0 billion of its 3.42% Debentures Due January 26, 2026 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) (the "3.42% Debentures"). In accordance with their terms, the 3.42% Debentures will be redeemed at 100% of their principal amount on January 26, 2021, together with accrued and unpaid interest up to but excluding the redemption date. Interest on the 3.42% Debentures 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 3.42% Debentures in accordance with the terms outlined in the prospectus supplement for the 3.42% Debentures.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and 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.