PR Newswire
TORONTO, Oct. 29, 2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$500 million of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs").
The LRCNs will bear interest at a rate of 6.950% annually, payable quarterly, for the initial period ending on, but excluding, January 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.833%. The LRCNs will mature on January 28, 2085. The expected closing date of the offering is November 5, 2024.
The information provided here is not subject to any editorial processing. It is prepared fully automatically and enriched with additional information and further research options. The aim of the content is to provide information seekers with the relevant information quickly and easily. A link back to the information provider and owner ensures that the data prepared here can be compared with the source information if required. The newsboard does not show information in real time. Please contact the exchange operator for this information if required. There is no claim to completeness. High availability cannot be guaranteed. If you notice any errors in the functionality, please let us know using the "Report a Bug" form below.
RAW DATA PROCESSING means that raw data is processed without changing the content. The data is supplemented to improve the interpretation of the information in terms of usability.
Note: The newswire cross-link panel at the top allows you to quickly and easily access additional sources of information. In the terminal view, the news is filtered at company level and enables targeted searches.
On behalf of the trading community, we would like to thank the operators of the trading venues for providing information services.