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TORONTO, Jan. 20, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that, during the conversion notice period which ran from January 1, 2023 to January 16, 2023, 676,578 Non-cumulative Rate Reset Class A Preferred Shares Series 47 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 47 Shares") were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 48 (Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 48 Shares"). As per the conditions set out in the prospectus supplement dated January 11, 2018 relating to the issuance of the Series 47 Shares, since less than 1,000,000 Series 48 Shares would be outstanding on January 31, 2023, after having taken into account all Series 47 Shares tendered for conversion into Series 48 Shares, holders of Series 47 Shares who tendered their Series 47 Shares for conversion will not be entitled to convert their shares into Series 48 Shares. As a result, Series 48 Shares will not be issued at this time.
On January 31, 2023, CIBC will have 18,000,000 Series 47 Shares issued and outstanding. The Series 47 Shares are currently listed on the Toronto Stock Exchange under the symbol CM.PR.S.
The fixed dividend rate applicable to the Series 47 Shares for the five-year period from and including January 31, 2023 to but excluding January 31, 2028 is 5.878%, payable quarterly as and when declared by the Board of Directors of CIBC.
CIBC is a leading North American financial institution with 13 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 with offices 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.