TORONTO - Canadian Imperial Bank of Commerce (NYSE:CM) ( CIBC (TSX:CM)) announced Wednesday that it will redeem all outstanding Floating Rate Debentures due 2084 on January 31, 2025. The redemption follows approval from the Office of the Superintendent of Financial Institutions.
The bank will pay the redemption price of US$1,000 for each US$1,000 principal amount, along with all accrued and unpaid interest up to but excluding the redemption date. Additionally, debenture holders are entitled to a full interest payment scheduled for the redemption date, as outlined in the indenture agreement dated July 24, 1985, and supplemented on January 28, 2014.
The redemption will result in the cancellation of the listing of the debentures on the Official List of the United Kingdom (TADAWUL:4280) Financial Conduct Authority and their admission to trading on the Main Market of the London Stock Exchange (LON:LSEG) plc.
The redemption price will be payable upon the presentation and surrender of the debenture certificates at the corporate trust office of Banque Internationale à Luxembourg or through other arrangements consented to by CIBC and the Trustee.
After the redemption date, interest on the principal amount of the debentures will no longer be payable, provided the redemption price is made available on the redemption date or set aside as per the indenture.
This announcement is based on a press release statement and is intended for informational purposes only.
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