Date Closed

June 25, 2024

Lead Office

Toronto

Value

500.00 Million CAD

On June 25, 2024, CIBC completed a domestic public offering of C$500 million of 6.987% Limited Recourse Capital Notes Series 4 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs").

The LRCNs will bear interest at a rate of 6.987% annually, payable semi-annually, for the initial period ending on, but excluding, July 28, 2029. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.70%. The LRCNs will mature on July 28, 2084. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes.

McCarthy Tétrault advised the syndicate of agents on the issue, which included CIBC World Markets Inc., as lead agent, 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).