CIBC completes public offering of US$500M of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5
On November 5, 2024, CIBC completed a public offering in the United States of US$500 million of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 (the "LRCNs"). The LRCNs bear an annual interest rate of 6.950%, with quarterly payments for an initial period ending on, but excluding, January 28, 2030. After that date, the interest rate will be adjusted every five years to match the current 5-year U.S. Treasury Rate plus an additional 2.833%.
The joint bookrunners for the offering were CIBC World Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC.
McCarthy Tétrault advised CIBC World Markets Corp. and the bookrunners as Canadian counsel with a team led by Andrew Parker and Jo-Anna Brimmer that included Daryna Kutsyna, Dan Schechner (Business), Kabir Jamal, Len Nesbitt, and Camille Belanger (Tax).
