CIBC Establishes Capital Platform and Taps Preferred Share Market

Canadian Imperial Bank of Commerce established a $4 billion capital management platform for the issuance of debt securities, common shares, class A preferred shares and class B preferred shares by way of a shelf prospectus filed in all Canadian jurisdictions on December 6, 2001.

Tim Unwin, Ernest McNee and Shannon O’Hearn of Blake, Cassels & Graydon LLP worked with Michelle Caturay, assistant general counsel, CIBC, in preparing and clearing the unallocated shelf prospectus.

Once established, CIBC completed the issuance of $400 million class A preferred shares pursuant to the shelf prospectus. The series 24 preferred shares, priced at $25 to yield 6 per cent, were successfully offered on December 11, 2001, with the underwriting syndicate exercising its option for an additional four million shares to bring the total offering to $400 million.

Ernest McNee, John Wilkin, Scott Mahaffy and Chris Van Loan (tax) of Blakes worked with Michelle Caturay on behalf of CIBC. John Myers, Todd May, Bernadette Corpuz and Sharon Bennett (tax) of Gowling Lafleur Henderson LLP represented the underwriting syndicate led by CIBC World Markets Inc.