TORONTO, July 9, 2026 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced the public offering in the United States of US$500 million of 6.750% Fixed Rate Reset Limited Recourse Capital Notes Series 10 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs").

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The LRCNs will bear interest at a rate of 6.750% annually, payable quarterly, for the initial period ending on, but excluding, January 28, 2032. 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 2.499%. The LRCNs will mature on January 28, 2087. The expected closing date of the offering is July 13, 2026.

In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 65 (Non-Viability Contingent Capital (NVCC)) (the "Series 65 Shares") to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 65 Shares except in limited circumstances.

CIBC may redeem the LRCNs on January 28, 2032 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days' nor more than 60 days' prior notice.

The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC.

The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc. and Mizuho Securities USA LLC.

A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; Citigroup Global Markets Inc. toll-free at (800) 831-9146; Morgan Stanley & Co. LLC toll-free at (866) 718-1649; Wells Fargo Securities, LLC toll-free at (800) 645-3751; Credit Agricole Securities (USA) Inc. toll-free at (866) 807-6030; or Mizuho Securities USA LLC toll free at (866) 271-7403.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CIBC

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking, 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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