TORONTO, Jan. 27 /CNW/ - CIBC (CM: TSX; NYSE) today announced that as a
result of strong investor demand for its domestic public offering of
non-cumulative Rate Reset Class A Preferred Shares, Series 35 (the "Series 35
Shares"), the size of the offering has been increased to 10 million shares.
The gross proceeds of the offering will now be $250 million.
In addition, CIBC has granted the underwriters an option, exercisable in
whole or in part prior to closing, to purchase up to an additional 3 million
Series 35 Shares at a price of $25.00 per share. Should the underwriters'
option be fully exercised, the total gross proceeds of the financing will be
$325 million. The offering will be underwritten by a syndicate led by CIBC
World Markets Inc.
The expected closing date is February 4, 2009. The net proceeds of this
offering will be used for general purposes of CIBC.
The securities 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.
For further information:
For further information: John Ferren, Vice-President, Investor
Relations, (416) 980-2088; or Mary Lou Frazer, Senior Director, Investor &
Financial Communications, (416) 980-4111