CIBC Issues $300M of Rate Reset Preferred Shares

On September 10, 2008, Canadian Imperial Bank of Commerce completed the sale of 12 million Non-cumulative Rate Reset Class A Preferred Shares, Series 33 for gross proceeds of $300 million. Holders of Series 33 Shares will have the right to convert their shares into non-cumulative Floating Rate Class A Preferred Shares, Series 34 and the holders of Series 34 Shares will have the right to convert their Series 34 Shares into Series 33 Shares in accordance with their terms. The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Brookfield Financial Corp. and Laurentian Bank Securities Inc.

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

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