CIBC recently completed the offering of 32 million shares.
Priced at $25 per share, the Basel III-compliant noncumulative Rate Reset Class A Preferred Shares Series 45 (Non-Viability Contingent Capital) (NVCC) are expected to raise gross proceeds of $800 million, according to a press release. CIBC World Markets Inc. led the group of underwriters making the offering. The Series 45 Shares began trading June 2 on the Toronto Stock Exchange under the ticker symbol CM.PR.R.
“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,” CIBC wrote in a statement.
CIBC, a global financial institution based in Canada, conducts business with 11 million clients. Its three major business units, Retail and Business Banking, Wealth Management and Capital Markets, offer comprehensive products and services across the globe.