CIBC to Issue NVCC Subordinated Debentures

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

TORONTO, Jan. 19, 2016 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a domestic public offering of $1 billion of 3.42% Debentures due January 26, 2026 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness). The Debentures will be issued in Canada and sold through a dealer syndicate led by CIBC World Markets Inc.

The Debentures will bear interest at a fixed rate of 3.42% per annum (paid semi-annually) until January 26, 2021, and at the three-month Canadian dollar bankers' acceptance rate plus 2.57% per annum (paid quarterly) thereafter until their maturity on January 26, 2026. The expected closing date is January 26, 2016.

CIBC may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Debentures on or after January 26, 2021 at par, together with accrued and unpaid interest, in whole at any time or in part from time to time, on not less than 30 days' and not more than 60 days' prior notice to registered holders of the Debentures.

The net proceeds from this transaction will be used for general purposes of CIBC.

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.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this press release report, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements about the offering and about our financial condition, priorities, targets, ongoing objectives, strategies and outlook. Forward-looking statements are subject to inherent risks and uncertainties that may be general or specific. A variety of factors, many of which are beyond our control, could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements, including general business and economic conditions worldwide; amendments to, and interpretations of, risk-based capital guidelines; and changes in monetary and economic policy. We do not undertake to update any forward-looking statement except as required by law.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com/ca/media-centre/.

SOURCE CIBC - Investor Relations

For further information: Investor Relations: Alice Dunning, 416-861-8870, alice.dunning@cibc.com; Jason Patchett, 416-980-8691, jason.patchett@cibc.com; Investor & Financial Communications, Erica Belling, 416-594-7251, erica.belling@cibc.com


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