Press Release: CIBC to redeem Non-cumulative Rate Reset Class A Preferred Shares Series 51 (NVCC)

Dow Jones06-20

CIBC to redeem Non-cumulative Rate Reset Class A Preferred Shares Series 51 (NVCC)

Canada NewsWire

TORONTO, June 25, 2024

TORONTO, June 25, 2024 /CNW/ - CIBC (TSX: CM) $(CM)$ today announced its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 51 (Non-viability contingent capital (NVCC)) (Series 51 shares) (TSX: CM.PR.Y), for cash. The redemption will occur on July 31, 2024. The redemption price is $25.00 per Series 51 share.

The $0.321875 quarterly dividend announced on May 30, 2024 will be the final dividend on the Series 51 shares and will be paid on July 29, 2024, covering the period to July 31, 2024, to shareholders of record on June 28, 2024.

Holders of the Series 51 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.

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/June2024/20/c0139.html

/CONTACT:

For further information: Investor Relations: Callen Glass, 647-990-9665, callen.glass@cibc.com; Jason Patchett, 416-980-8691, jason.patchett@cibc.com; Investor & Financial Communications: Erica Belling, 416-594-7251, erica.belling@cibc.com 

Copyright CNW Group 2024

(END) Dow Jones Newswires

June 20, 2024 08:02 ET (12:02 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment