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The prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering will be accessible through SEDAR+ within two business days.

TORONTO, March 25, 2025 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced a domestic public offering of $1.25 billion 4.15% Debentures due April 2, 2035 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) (the "Debentures"). The Debentures will be issued in Canada and sold through a dealer syndicate led by CIBC Capital Markets.

The Debentures will bear interest at a fixed rate of 4.15% per annum (paid semi-annually) until April 2, 2030, and at Daily Compounded CORRA plus 1.72% per annum (paid quarterly) thereafter until their maturity on April 2, 2035. The expected closing date is April 2, 2025.

CIBC may, at its option, with the prior approval of the Superintendent of Financial Institutions Canada, redeem the Debentures on or after April 2, 2030 at par, together with accrued and unpaid interest, in whole at any time or in part from time to time, on not less than 10 days' and not more than 60 days' prior notice to registered holders of the Debentures.

The net proceeds to the Bank from the sale of the Debentures, after deducting expenses of issue, will be used for general corporate purposes, which may include the redemption of outstanding capital securities of the Bank, and/or the repayment of other outstanding liabilities of the Bank. The Debentures will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated September 20, 2024, to be filed on or about March 26, 2025 with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

Access to the prospectus supplement, the corresponding base shelf prospectus and any amendment thereto in connection with this offering is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment thereto. The prospectus supplement, the base shelf prospectus and any amendment thereto in connection with this offering will be accessible within two business days at www.sedarplus.com.

An electronic or paper copy of the prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from CIBC World Markets Inc., by contacting 416-594-8515 or email at Mailbox.CIBCDebtSyndication@cibc.com, by providing the contact with an email address or address, as applicable.

The Debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or an invitation to purchase or subscribe for any securities in the United States or in any other jurisdiction where such offer is unlawful.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

SOURCE CIBC - Investor Relations

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CIBC to Issue 4.15% NVCC Subordinated Debentures due April 2, 2035