TORONTO, March 6 /CNW/ - CIBC (CM: TSX; NYSE) today announced that it
completed the offering of 8 million non-cumulative Rate Reset Class A
Preferred Shares Series 37 (the "Series 37 Shares") priced at $25.00 per share
to raise gross proceeds of $200 million.
    The offering was made through a syndicate of underwriters led by CIBC
World Markets Inc. The Series 37 Shares commence trading on the Toronto Stock
Exchange today under the ticker symbol CM.PR.M.
    The Series 37 Shares will yield 6.5% per annum, payable quarterly, for an
initial period ending July 31, 2014. On July 31, 2014, and on July 31 every
five years thereafter, the dividend rate will reset to be equal to the then
current five-year Government of Canada bond yield plus 4.33%.
    Holders of the Series 37 Shares will have the right to convert their
shares into non-cumulative Floating Rate Class A Preferred Shares, Series 38
(the "Series 38 Shares"), subject to certain conditions, on July 31, 2014, and
on July 31 every five years thereafter. Holders of the Series 38 Shares will
be entitled to receive a quarterly floating rate dividend equal to the
three-month Government of Canada Treasury Bill yield plus 4.33%.
    Holders of the Series 38 Shares may convert their Series 38 Shares into
Series 37 Shares, subject to certain conditions, on July 31, 2014, and on July
31 every five years thereafter.
    The Series 37 Shares are redeemable by CIBC, subject to regulatory
approval, for $25.00 per share on July 31, 2014, and on July 31 every five
years thereafter. The Series 38 Shares are redeemable by CIBC, subject to
regulatory approval, for $25.00 per share on July 31, 2019, and on July 31
every five years thereafter, or for $25.50 per share on any other date on or
after July 31, 2014 .
    The securities being offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute an
offer to sell or an invitation to purchase or subscribe for any securities in
the United States or in any other jurisdiction where such offer is unlawful.

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