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TORONTO, July 20, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that, during the conversion notice period which ran from July 1, 2020 to July 16, 2020, 106,305  Non-cumulative Rate Reset Class A Preferred Shares Series 43 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 43 Shares") were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 44 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 44 Shares").  As per the conditions set out in the prospectus supplement dated February 27, 2015 relating to the issuance of the Series 43 Shares, since less than 1,000,000 Series 44 Shares would be outstanding on July 31, 2020, holders of Series 43 Shares who tendered their Series 43 Shares for conversion will not be entitled to convert their shares into Series 44 Shares.  As a result, Series 44 Shares will not be issued at this time.

On July 31, 2020, CIBC will have 12,000,000 Series 43 Shares issued and outstanding. The Series 43 Shares are currently listed on the Toronto Stock Exchange under the symbol CM.PR.Q.

The fixed dividend rate applicable to the Series 43 Shares for the five-year period from and including July 31, 2020 to but excluding July 31, 2025 is 3.143%, payable quarterly as and when declared by the Board of Directors of CIBC.

About CIBC

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 https://www.cibc.com/en/about-cibc/media-centre.html

SOURCE CIBC