Date Closed

December 11, 2023

Lead Office

Montréal

Value

75.00 Million CAD

On December 11, 2023, Canadian Imperial Bank of Commerce (“CIBC”) and Cogeco Inc. (“Cogeco”) entered into a three-year C$75 million non-revolving term credit facility (the “Term Credit Facility”) in order to finance, in part, Cogeco’s C$280 million repurchase for cancellation of 5,969,360 of its Cogeco subordinate voting shares from Caisse de dépôt et placement du Québec (“CDPQ”), which CDPQ acquired from Rogers Communications Inc. (“Rogers”) along with the entirety of Rogers’ holdings in Cogeco and Cogeco Communications Inc. (“Cogeco Communications”).

CIBC, headquartered in Toronto, Ontario, is one of Canada's largest banks, offering a wide range of financial services, including personal and business banking, wealth management and capital markets.

Cogeco Inc. is a Canadian telecommunications and media company headquartered in Montreal, Quebec, serving over 1.6 million residential and business subscribers. Cogeco operates three main business units; Cogeco Connexion, Breezeline and Cogeco Media.

McCarthy Tétrault LLP advised CIBC with a team led by Marjolaine Hémond-Hotte that included Zachary Masoud (Financial Services), Étienne Guertin, Ariane Monjauze and Stacey Hogan (Business).