/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 5, 2024 /CNW/ - CIBC (TSX: CM) (NYSE:CM) today announced a domestic public offering of $500 million of Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 57 (Non-Viability Contingent Capital (NVCC)) (the "Preferred Shares"). The Preferred Shares will be sold to certain institutional investors through a dealer syndicate led by CIBC Capital Markets.

The Preferred Shares will be issued at a price of $1,000 per share and will yield 7.334% annually. The Preferred Shares will pay dividends at a rate of 7.337% annually, payable semi-annually, as and when declared by the Board of Directors of CIBC, for the initial period ending on, but excluding, April 12, 2029. Thereafter, the dividend rate on the Preferred Shares will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.90%. The expected closing date of the offering is March 12, 2024.

CIBC may redeem the Preferred Shares during the period from March 12 to and including April 12, commencing on March 12, 2029 and every five years 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 from this transaction will be used for general purposes of CIBC.

The Preferred Shares will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated September 23, 2022, to be filed on or about March 6, 2024 with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

The Preferred Shares have not been, and will not be, registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act). This press release does not constitute an offer to sell or a solicitation to buy securities in the United States or in any other jurisdiction where such offer or solicitation would be 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 and Direct Financial Services businesses, 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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/05/c4092.html

CIBC to Issue Institutional NVCC Preferred Shares