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TORONTO, July 18, 2019 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced that, during the conversion notice
period which ran from July 1, 2019 to
July 16, 2019, 350,312 Non-cumulative
Rate Reset Class A Preferred Shares Series 39 (Non-Viability
Contingent Capital (NVCC)) of CIBC (the "Series 39 Shares") were
tendered for conversion, on a one-for-one basis, into
Non-cumulative Floating Rate Class A Preferred Shares Series 40
(Non-Viability Contingent Capital (NVCC)) of CIBC (the "Series 40
Shares"). As per the conditions set out in the prospectus
supplement dated June 2, 2014
relating to the issuance of the Series 39 Shares, since
less than 1,000,000 Series 40 Shares would be outstanding on
July 31, 2019, holders of Series 39
Shares who tendered their Series 39 Shares for conversion will not
be entitled to convert their shares into Series 40 Shares. As
a result, Series 40 Shares will not be issued at this time.
On July 31, 2019, CIBC will have
16,000,000 Series 39 Shares issued and outstanding. The Series 39
Shares are currently listed on the Toronto Stock Exchange under the
symbol CM.PR.O.
The quarterly fixed dividend rate applicable to the Series 39
Shares for the five-year period from and including July 31, 2019 to but excluding July 31, 2024 is 3.713%, payable quarterly as and
when declared by the Board of Directors of CIBC.
About CIBC
CIBC is a leading North American global financial institution
with 10 million personal banking, business, public sector and
institutional clients. Across Personal and Small 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