CIBC Issues $200M of Rate Reset Preferred Shares

On March 6, 2009, Canadian Imperial Bank of Commerce completed the sale of eight million Non-cumulative Rate Reset Class A Preferred Shares Series 37 for gross proceeds of $200 million. Holders of Series 37 Shares will have the right to convert their shares into Non-cumulative Floating Rate Class A Preferred Shares Series 38 and the holders of Series 38 Shares will have the right to convert their Series 38 Shares into Series 37 Shares in accordance with their terms.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Blackmont Capital Inc., Brookfield Financial Corp., Canaccord Capital Corporation, Dundee Securities Corporation, Laurentian Bank Securities Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.

CIBC was represented by in-house counsel Eddy Mezzetta and by Ernest McNee, Michael Smith and Kym Zelinski (securities) and Chris Van Loan (tax) of Blake, Cassels & Graydon LLP.

The underwriters were represented by Philip J. Henderson and Chris MacIntyre (securities) and Trevor McGowan (tax) of Stikeman Elliott LLP.