TORONTO, March 9, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all $1.1 billion of its 4.11% Debentures due April 30, 2020 (subordinated indebtedness). In accordance with their terms, the Debentures will be redeemed at 100% of their principal amount on April 30, 2015, together with accrued and unpaid interest to but excluding the redemption date. Interest on the 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 Debentures in accordance with the terms outlined in the prospectus supplement for the Debentures.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
SOURCE CIBC - Investor Relations