Canadian Imperial Bank of Commerce (CM,CM.TO) said it signed an agreement with a group of underwriters led by CIBC World Markets Inc., pursuant to which it will issue 9 million non-cumulative Rate Reset Class A Preferred Shares, Series 33 priced at $25.00 per Series 33 Share for gross proceeds of $225 million.
Underwriters to the issue were granted an option, exercisable in whole or in part prior to closing, to purchase an additional 3 million Series 33 Shares at the same offering price. If underwriters' option is fully exercised, the total gross proceeds of the financing would be $300 million.
The company said Series 33 Shares will yield 5.35% per annum, payable quarterly, for an initial period ending July 31, 2014. Holders of the Series 33 Shares will have the right to convert their shares into non-cumulative Floating Rate Class A Preferred Shares, Series 34, on July 31, 2014 and on July 31 every five years thereafter.
The company expects to close the financing on September 10, 2008. The net proceeds of this offering will be used for general purposes of the bank.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.