/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
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