2023-04-13 17:37:06 ET
- Canadian Imperial Bank of Commerce ( NYSE: CM ) on Thursday announced a domestic public offering of C$750M of 5.35% NVCC subordinated debentures due April 20, 2033.
- The debentures will bear interest at a fixed rate of 5.35% per annum, paid semi-annually, till April 20, 2028, and at daily compounded CORRA plus 2.23% per annum, paid quarterly, thereafter till their maturity.
- CIBC ( CM ) may choose to redeem the debentures on or after April 20, 2028 at par, together with accrued and unpaid interest.
- Net proceeds from the offering will be used for general purposes.
- The offering is expected to close on April 20.
- Earlier this month, CIBC ( CM ) redeemed C$1.5B of debentures.
For further details see:
CIBC to issue C$750M of NVCC subordinated debentures